Official announcements from the Australian government or financial reports

Coalition's A$331 Billion Nuclear Plan Aims to Decarbonize Grid, Critics Question Cost

Dec 13, 2024, 12:05 AM

The Coalition in Australia has unveiled a A$331 billion ($211 billion) plan to establish a taxpayer-funded nuclear power industry within a decade, aiming to reduce energy costs and decarbonize the electricity grid. Opposition Leader Peter Dutton claims that nuclear energy will be significantly cheaper than Labor's renewables-only policy, with a potential saving of $264 billion to reach net zero emissions by 2050. However, experts and critics argue that the Coalition's costings are misleading, pointing out that renewable energy is more cost-effective and that nuclear power would likely increase electricity prices. The plan includes converting seven end-of-life coal-fired plants into nuclear reactors, promising to make electricity more reliable and consistent. Despite this, the CSIRO's GenCost report indicates that nuclear energy generation would be 1.5 to two times more expensive than large-scale solar, casting doubt on the Coalition's economic projections.