The argument to re-examine the merits of nuclear power in Australia has been countered with concerns about the high cost of building the plants. But the rising uranium price is another issue — and Australia being a major supplier doesn't guarantee cheap power, writes Ian Verrender.
Cast your mind back, not into the dim, dark recesses of your memory but just a little, to shortly after we emerged from the COVID pandemic.
Retail fuel and electricity prices remain elevated despite a collapse in global oil, coal and gas prices and continue to prop up stubbornly high inflation levels. But there are other cost issues involved. And an important consideration is the cost of the raw material needed to fuel nuclear power plants.
A quick look at the above graph illustrates that prices have already risen to $US100 a pound with US investment banking giant Citi tipping prices to average $US110 next year and broking firm Shaw looking at prices topping $US150.The larger and more complex the project, the longer it is likely to take and the more it's going to cost, particularly when it comes to finance.
That contradicts other studies that identify renewables as the cheaper option. But it is in furious agreement with almost every other study that higher interest rates can turn nuclear power into a financial disaster.Given Australia is one of the world's biggest sources and suppliers of uranium, you'd think it logical it could be a cheap source of energy to generate electricity.
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