Electricity expenses may increase due to proposed nuclear energy project
Electricity bills would need to rise significantly to recoup costs associated with building and running nuclear plants in Australia, new analysis suggests.
Updated 2024-Oct-06 23:00
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AAP stated that the majority of plants constructed in the western world were approved based on predicted costs and time frames that ended up being significantly underestimated.
Edis pointed out that nuclear energy is commonly believed to be economical due to its extensive global deployment.
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Report co author Tristan Edis mentioned that the bill shock may be exacerbated due to positive assumptions such as overlooking mid life refurbishments and not accounting for financial safeguards against construction risks and Australia s restricted nuclear capacity.
During times of high living expenses rising bills such as this can have a significant impact. Bowyer stated that households that consume more electricity would experience greater increases in their bills with nuclear power.
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The study looked into the effects on household expenses in NSW Victoria southeast Queensland and South Australia revealing that the yearly rise varied from $260 to $1259.
The expenses of nuclear construction and financing are not reflected in the energy bills of nuclear countries because either the plants are old and their costs have been mostly covered or governments have already recovered the costs through taxes unrelated to electricity rates the report stated.
Household electricity bills could go nuclear if the energy source was introduced into Australia’s electricity mix a new report claims.
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The coalition’s plan to build seven small nuclear reactors across five states on the sites of coal fired power stations could cause electricity prices to rise by hundreds of dollars research from the Institute for Energy Economics and Financial Analysis shows.
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This would lead to a significant rise in wholesale market prices that would subsequently impact household bills.
Ms Bowyer stated that in order for nuclear power plants to be economically sustainable without government aid and produce electricity continuously prices would have to increase to enable the plants to cover their expenses.
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Nuclear electricity in eastern Australia could cost 1. 8 times more than current generation with construction costs reaching $90 billion based on international examples according to report co author Johanna Bowyer.
No small modular reactors like the ones proposed by the coalition had been completed successfully so their experience could not be studied.
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Electricity bills could spike under nuclear plan.
