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Nuclear Power Not Cost-Effective in Australia, Science Body Says

^{Published on 2024-12-09 09:03:08 - bnnbloomberg}
 

• Nuclear power isn't a cost-effective solution for Australia to decarbonize its energy mix, according to the country's national science agency.

The Australian Academy of Technological Sciences and Engineering (ATSE) has concluded that nuclear power is not a cost-effective solution for Australia's energy needs, primarily due to the high costs associated with building nuclear reactors and the country's abundant renewable energy resources. The ATSE's report highlights that renewable energy sources like solar and wind, combined with battery storage, offer a more economical and faster path to decarbonization. The analysis points out that the construction of nuclear facilities would take too long and be too expensive, especially when compared to the rapidly declining costs of renewable technologies. Furthermore, Australia's lack of a nuclear industry infrastructure adds to the economic and logistical challenges of adopting nuclear power. The report suggests that focusing on renewables would better serve Australia's goal of achieving net zero emissions by 2050.

Read the Full bnnbloomberg Article at:
[ https://www.bnnbloomberg.ca/investing/commodities/2024/12/09/nuclear-power-not-cost-effective-in-australia-science-body-says/ ]

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