Nuclear more costly and could ‘sound the death knell’ for Australia’s decarbonisation efforts, report says

A Bloomberg report says even if nuclear power stations were successfully constructed in Australia power prices would still be much higher than renewable energy.A Bloomberg report says even if nuclear power stations were successfully constructed in Australia power prices would still be much higher than renewable energy.

Bloomberg also found that assuming the opposition’s seven plants had a generation capacity of 14 gigawatts, they would supply only a fraction of the total market. “This report speaks for itself. It’s another example of experts confirming that nuclear energy is too slow, too expensive and too risky for Australia,” the energy minister, Chris Bowen, said.“The Albanese government’s plan is the only plan backed by experts to deliver clean, cheap, renewable power available 24/7, and get us to net zero by 2050.”ANZ, meanwhile, expects residential electricity prices to begin to see big falls starting from next month as federal and state rebates take effect.

The Coalition says the rest of the G20 is powering ahead with nuclear – it’s just not true | Adam MortonThe Australian Competition and Consumer Commission will also release its annual market inquiry report on Friday. It showed that without the federal government’s energy rebates in the May 2023 budget median residential energy bill would have been 14%, or $46.64, higher across all regions.

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