Rauli Partanen, Founder of Think Atom presenting at NNWI

WNN: Costs and financing key to Europe’s nuclear future

07 November 2019

Nuclear has a place in Europe’s energy mix, but rising costs – even if only perceived – need to be addressed to ensure future growth, speakers agreed at the New Nuclear Watch Institute’s (NNWI’s) first annual forum, held in London on 7 November 2019.

Keeping nuclear cost competitive

“We, the industry, need to get on top of rising costs – or the perception of rising costs – and demonstrate a downward cost trajectory, in the same way as some of the other sources of low-carbon generation have done to their benefit over recent years,” said Peter Hall of Norton Rose Fulbright. “We need to demonstrate that we can deliver these projects, complex as they are, on time, on budget, and certainly at least on a cost-competitive basis”.

However, Kirsty Gogan, executive director of Energy for Humanity, stressed: “The vast majority of nuclear new build that’s happening around the world today is extremely competitive and being built over sensible schedules.”

In order to attain the UK’s target of net-zero by 2050, a median of about 45 GWe of new nuclear capacity will be needed, she said. This will require a build programme to begin in earnest in 2021, building on average 1.5 new projects every years from 2021 to 2044, with an average of six years for construction.

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