The Fairy Tale of Cheap Nuclear Power

ends, "Electricity produced from nuclear power is cheaper than electricity produced by renewable energies. And power reactors live happily ever after. "

This is not the correct ending. Old reactors are phased out, and cheap electricity is no longer available when they die.

Nuclear power from existing plants was one of the cheapest forms of energy to close the acute supply gaps caused by the discontinuation of cheap Russian gas. The variable electricity generation costs for existing nuclear power plants are 20 to 25 euros per megawatt hour. This includes, for example, the costs of fuel rods and the maintenance and operation of the getting-on-in-years plants.

However, we must not forget the so-called hidden costs of nuclear power. It only appears cheaper than green electricity because the massive taxpayer subsidies for nuclear power - in Germany between 1950 and 2010, more than 200 billion euros - are usually not taken into account.

Nuclear heritage in Germany (©Der Spiegel)

Finally, we must add the costs for the final storage of nuclear waste and incident and accident risks. Nuclear power is one of the most expensive ways of generating electricity if these costs are considered. Today's society and future generations are burdened with accumulated nuclear waste. Taxpayers pay four-fifths of the expenses for its disposal.

 
Still, since most of the old nuclear power plants have been written off, their continued operation is tantamount to a license to print money.

The situation doesn't look so bright for nuclear power plants that recently came into operation or those still under construction.

Long construction periods and increased safety requirements are driving up the costs of building new reactors to the extent that the generation costs per megawatt hour now exceed those for green electricity.

©ZDF

In Finland, the Olkiluoto nuclear power plant cost €11 billion, 4 times more than planned.

©ZDF

Flamanville 3 on the English Channel in France was 6 times more expensive at €19 billion. Electricity will cost 110 to 120 euros per megawatt hour, double the price of the two reactors already in operation. And the new reactor will have to be shut down already in 2026 because its cover must be replaced..

©ZDF

The twin reactor at Hinkley Point in the southwest of the UK was initially expected to cost €21 billion but is now estimated to cost at least €50 billion. By the way, who wants to learn about Nuclear power stations on television at 6:14 a.m.?

Stanford University professor Mark Z. Jacobson wrote, "Investing in new nuclear power is the surest way to climate disaster." He is assisted by Ben Wealer from the Technical University of Berlin, who succinctly said, "[Nuclear] blocks the cash we need for renewables."

Here is a comparison of energy costs.

©US Energy

As the cost of renewables continues to decrease, nuclear power costs are increasing. Between 2009 and 2021, renewables like wind and solar have declined by 90 percent, while nuclear power has increased by 33 percent.

©Der Spiegel

Above is the development of electricity produced in Germany over the years from various energy sources.

©AEE

While Germany boasts that more than 50% of the electricity was produced by renewable energy in 2023, the situation doesn't look so bright on the world scale.

Breakdown of the primary energy consumption from fossil fuels, nuclear, and renewables worldwide
(©Energy Institute)

Even the most optimistic assessments suggest it could take more than 30 years to transition the world to renewable energy. Eventually, the economic question of nuclear energy and renewables becomes furtive. We no longer have 30 years before the climate catastrophe strikes, and even if we increase nuclear power dramatically, it will not shorten the time we have left considerably.

Development of nuclear power in Europe.
France, in particular, is pushing nuclear energy as a "green" energy (©Der Spiegel)

UN Secretary-General Guterres recently called for a dramatic increase in spending on renewables, saying, "Had we invested massively in renewable energy in the past, we would not be so dramatically at the mercy […] of fossil fuel markets."

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