LIVE MOMENT: Coalition Nuclear Costings

Friday December 13 12:00pm AEDT

Media Release | Nuclear Cost Revealed: A 44% Reduction Backed by Analysis from Frontier Economics and the US Department of Energy

Australia is on the cusp of a transformational energy breakthrough as an independent analysis from Frontier Economics reveals that integrating nuclear energy into our energy mix could save $263 billion. This aligns with findings from the US Department of Energy's "Nuclear Liftoff Report," which underscores nuclear energy’s unparalleled value in achieving net-zero emissions.The report confirms that using AEMO’s "Progressive Change" scenario, nuclear energy reduces costs from $437 billion to $331 billion—a 44% reduction compared to Labor’s preferred "Step Change" scenario, which projects a staggering $594 billion. This translates to an average annual saving of $10 billion for Australian taxpayers over the modelling period.Modelling by the US Department of Energy, showed a 37% cost reduction with nuclear introduced to the energy mix. This was highlighted through their Nuclear Liftoff Report, referenced below. 

Key Findings from the Frontier Energy Report

1. Massive Cost Savings:
   • Under AEMO’s "Progressive Change" scenario, the inclusion of nuclear energy reduces costs from $437 billion to $331 billion, saving $106 billion.
   • Compared to Labor's preferred "Step Change" scenario, nuclear offers a $263 billion saving, equivalent to $10 billion annually over the modeling period.
2. Efficient Energy Mix:
   • By 2050, nuclear energy would supply 38% of Australia’s energy needs, complemented by 53% from renewables, significantly improving grid reliability and reducing emissions.
3. Global Validation:
   • The findings align with the US Department of Energy’s analysis, which also emphasizes nuclear’s role in delivering affordable, reliable, and clean energy.
4. Infrastructure and Stability Benefits:
   • Unlike renewables, nuclear co-locates with existing infrastructure, avoiding the extensive and costly grid upgrades Labor’s plan requires.
   • Nuclear ensures always-on power, reducing reliance on gas and storage solutions.

Quotes:

Dr. Adi Paterson, Chair of Nuclear for Australia, stated:

"This analysis shatters the myth that nuclear is too costly for Australia. By adopting nuclear, we not only secure reliable, affordable power but also reduce emissions at a scale unmatched by any other energy source.""This modelling is based on AEMO's Progressive Change Plan which is widely accepted and endorsed by the Government, showing that low carbon nuclear will provide 44% cost reduction that achieves Australia energy and climate targets."

Will Shackel, founder of Nuclear for Australia, added:

"The data speaks volumes: nuclear is the pragmatic, cost-effective choice. The government’s adherence to flawed modeling risks burdening future generations with unnecessary expenses and unreliable power."

US Department of Energy 37% cost reduction with nuclear

The US DOE report highlights that nuclear’s long lifespan, high capacity factors, and minimal land-use requirements make it indispensable for a sustainable energy future. Similarly, the Frontier Economics study underscores nuclear’s unmatched ability to stabilize costs and ensure energy reliability. Together, these reports provide a compelling blueprint for Australia to adopt a nuclear-powered future.

Reference: https://liftoff.energy.gov/advanced-nuclear-2/

Our team of experts are available for comment, op-eds, grabs, pre-record, and live interviews.

Media contact details:

Email: [email protected]

Friday December 13 10:40am AEDT

SUMMARY: Here's your summary of the coalition's nuclear costings

Main Points

• The Frontier Energy report is based on AEMO's ISP which has multiple scenarios for Australia's future energy mix by 2050
• The coalition favours AEMO's 'Progressive Change' scenario whilst Labor favours the 'Step Change' scenario
• Using AEMO's progressive change scenario with nuclear energy in the mix costs according to the model are reduced from $106 billion from $437 billion to $331 billion
• Using the progressive change scenario with nuclear energy in the mix cost would be 44% cheaper than Labor's AEMO step change scenario ($263 billion cheaper) which is estimated to cost $594 billion (a saving of $10 billion per annum on average over the modelling period)
• Nuclear would contribute 38% of the energy mix by 2050 with 53% from renewables (remainder gas and storage)
• The coalition plan would have lower emissions by 2050

By Will Shackel

Friday December 13 10:15am AEDT

WATCH LIVE: Coalition nuclear costings announcement

The press conference will begin at 10:30am AEDT.

By Will Shackel

Friday December 13 10:11am AEDT

Nuclear costings are a positive development

While no energy economics model will be perfect, it’s good to see some modelling showing a more holistic system costs of the energy plans being proposed in Australia. The sheer scale and volume of renewable projects required to meet Australia’s energy needs means the full system cost is high to get electricity to cities and towns. As the nuclear community has been saying for a while, the energy density of nuclear means less sites are required, resulting in less transmission lines and lower overall system costs.

By Jasmin Diab

Friday December 13 9:15am AEDT

Dutton to speak at 10:30am AEDT

According to the Guardian, Peter Dutton will unpack the details of the coalition's nuclear costings in a press conference at 9:30am AEST (10:30am AEDT) in Brisbane. We will have a link available to watch live when it becomes available. 

By Will Shackel

Friday December 13 7:10am AEDT

What we know so far

According to a report in The Australian, the coalition's nuclear policy will save $264 billion with a total cost of $331 billion by 2050 compared to their findings that Labor's energy policy would cost $594 billion. The findings are based off a report conducted by Frontier Economics. 

Other key details:

• 14GW of nuclear would be installed by 2050
• Nuclear would contribute 38% of the energy mix by 2050 with 53% from renewables (remainder gas and storage)

The report is expected to be released this morning. 

By Will Shackel