Tech revolution in nuclear power may slash costs below coal
“A report by UBS said the latest reactors will be obsolete by within 10 to 20 years, yet Britain is locking in prices until 2060.”
Ambrose Evans-Pritchard, International Business Editor of The Daily Telegraph
The cost of conventional nuclear power has spiralled to unjustifiable levels.
All the reactors being built across the world are variants of mid-20th century technology, inherently dirty and dangerous, requiring exorbitant safety controls.
The World Nuclear Industry Status Report for 2014 found that 49 of the 66 reactors under construction - mostly in Asia - are plagued with delays, and are blowing through their budgets. Meanwhile, average costs have risen from $1,000 per installed kilowatt to around $8,000/kW over the past decade for new nuclear.
Scientists in Britain, France, Canada, the US, China and Japan have already designed better reactors based on molten salt technology that promise to slash costs by half or more, and may even undercut coal. They are much safer, and consume nuclear waste rather than creating more. What stands in the way is a fortress of vested interests.
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Frequently Asked Questions about this Article…
The costs of conventional nuclear power are rising due to the outdated mid-20th century technology used in current reactors, which are inherently dirty and dangerous. These reactors require expensive safety controls, and many projects are experiencing delays and budget overruns.
The main challenges include significant delays and budget overruns. According to the World Nuclear Industry Status Report for 2014, 49 out of 66 reactors under construction are facing these issues, leading to increased costs.
Molten salt reactors are a newer technology that promises to be much safer and more cost-effective than conventional reactors. They consume nuclear waste rather than creating more, potentially reducing costs by half or more and even undercutting coal.
Countries like Britain, France, Canada, the US, China, and Japan are at the forefront of developing molten salt reactor technology, which could revolutionize nuclear power by making it safer and more economical.
Molten salt reactors could be more cost-effective than coal because they promise to significantly reduce nuclear power costs by consuming nuclear waste and requiring fewer safety controls, potentially slashing costs by half or more.
Vested interests pose a significant barrier to the adoption of new nuclear technologies like molten salt reactors. These interests may resist change due to existing investments in conventional nuclear power infrastructure.
According to a report by UBS, the latest nuclear reactors may become obsolete within 10 to 20 years, yet some countries, like Britain, are locking in prices for much longer periods, until 2060.
Molten salt reactors offer environmental benefits by consuming nuclear waste instead of producing more, which could lead to a cleaner and safer nuclear power option compared to conventional reactors.
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