There is strong interest in nuclear power worldwide. There are currently 440 operable reactors in 32 countries. There are a further 50 countries interested in adding nuclear power to their mix. In recent years there have been major announcements signalling strong global interest in nuclear power including 31 countries signing a pledge to triple nuclear power by 2050, 14 of the biggest banks and funds committing to supporting nuclear power and some of the world's biggest tech companies including Microsoft, Amazon and Google announcing investments to power their data centres.
A balanced energy mix is crucial for a lower cost energy mix. Whilst solar panels and wind turbines might be cheap to install, the cost to build a grid dominated by renewables is expensive as a result of firming (gas, pumped hydro and batteries) needed to ensure the the lights stay on when the sun isn't shining and wind isn't blowing. Furthermore, a renewable dominate grid requires more transmission and distribution upgrades.
There have been many reports including from the US Department of Energy finding that nuclear in the mix can lower system costs by as much as 37%. When modelling the Australian grid Frontier Economics found nuclear in the mix could be 25% cheaper than a grid based on solar and wind.
Power bills are rising in Australia as more solar panels and wind turbines are added to the grid. Worldwide, nuclear power has been demonstrated to lower power bills for families and businesses. For example, in the US nuclear power saves consumers on average 6% on their power bills and in Finland when they switched on their newest nuclear power plant wholesale prices dropped by 75%.
The official International Atomic Energy Agency estimate for a new to nuclear country (like Australia) to establish a nuclear power programme is 10 to 15 years. This timeline includes community consultation, regulatory work, construction and commissioning. It is consistent with the views of experts such as nuclear lawyer Helen Cook who predicts Australia could commission its first reactor in as little as 10 years.
Fortunately, Australia is not starting from scratch. We already have a developed regulatory framework, nuclear experience and nuclear workforce as a result of the AUKUS submarine agreement. Indeed, Australia's recent research reactor at Lucas Heights took only 4 years and 4 months to construct.
There are many lessons Australia could take from the rest of the world to reduce the cost and time for establishing a civil nuclear power program.
