“PETER DUTTON’S NUCLEAR numbers have more holes than Swiss cheese, leaving out big ticket items like the costs of dealing with radioactive waste,” says the Climate Council CEO Amanda McKenzie, slamming the Federal Coalition’s misleading modelling.
“Dutton must be honest with the Australian people. CSIRO tells us nuclear is double the cost of renewables, no amount of dodgy accounting can change the facts.”
Nicki Hutley, Climate Councillor and economist, said: “It’s shocking to see the Federal Coalition knowingly mislead Australians on the true costs of nuclear. If we’re going to debate the economics of energy it must be based on real-world evidence–not dodgy modelling that obscures the real price tag.”
The Climate Council has identified four ways that the Federal Coalition appear to be cooking the books with their dodgy nuclear numbers:
1) Ignoring the costs of keeping our ageing coal-fired generators operating for longer, which would cost a bomb in constant maintenance and fault repairs, and produce far more climate pollution.
2) Failing to account for Australia’s growing electricity needs, producing up to 45% less power than our current plan by 2050. The Australian Electricity Market Operator expects power generation to double by 2050, and assuming any less is inaccurate.1
3) Underestimating the cost and timeline of building nuclear reactors, which international experience has shown cost on average 2.2 times more to build than their initial estimate, and take at least 15 years for construction alone.
4) Excluding significant and certain costs from their estimates, including the costs of managing highly radioactive nuclear waste.
Nicki Hutley, Climate Councillor and economist, said: “Nuclear doesn’t add up for Australia. The CSIRO tells us that nuclear energy will cost twice as much as renewables, and the risks of further budget and bill blowouts are simply not worth it. International experience has proven that nuclear is a financial black hole, with the average project costing more than double its original estimate, and projects like the UK’s Hinkley Point C costing triple. We’re already seeing renewables deliver power faster and at lower cost today.”
Amanda McKenzie, CEO of the Climate Council, said: “The Federal Coalition’s nuclear scheme would send our kids’ future up in smoke. Waiting up to 20 years for nuclear reactors means burning coal and fossil gas longer—adding 1.5 billion tonnes of climate pollution by 2050. That means more deadly bushfires, floods, and heatwaves.”
Greg Bourne, energy expert and Climate Councillor, said: “Australians can’t afford to wait 20 years for nuclear. All our coal-fired generators are due to close before even the first nuclear reactor could be built, and keeping our old coal clunkers running past their use-by-date presents a critical risk to our energy security. We need more renewables backed by storage now so it’s online before more coal is retired.”
Amanda McKenzie, CEO of the Climate Council, said: “Investing in renewable power backed by storage is the only way we can tackle climate change and replace our ageing coal fleet this decade. More than four million Australian households have already put solar panels on their roofs, saving $3 billion a year on electricity bills. Expanding access to rooftop solar will cut bills further, reduce climate pollution, and drive a cleaner, safer energy future. Let’s focus on what’s already working.”
1 Based on total generation implied by 14 GW of nuclear capacity, providing 38% of total generation at an 89% capacity factor.
ENDS
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