[T]he report’s executive summary certainly gets to the heart of their findings.
“The rhetoric from small modular reactor (SMR) advocates is loud and persistent: This time will be different because the cost overruns and schedule delays that have plagued large reactor construction projects will not be repeated with the new designs,” says the report. “But the few SMRs that have been built (or have been started) paint a different picture – one that looks startlingly similar to the past. Significant construction delays are still the norm and costs have continued to climb.”
Extremely cheap per kilowatt? Every statistic out there that I’ve seen and that includes government funding, as well as construction and deconstruction costs, paints a different picture. Nuclear is only competitive with coal or the relatively underdeveloped solar thermal.
In 2017 the US EIA published figures for the average levelized costs per unit of output (LCOE) for generating technologies to be brought online in 2022, as modelled for its Annual Energy Outlook. These show: advanced nuclear, 9.9 ¢/kWh; natural gas, 5.7-10.9 ¢/kWh (depending on technology); and coal with 90% carbon sequestration, 12.3 ¢/kWh (rising to 14 ¢/kWh at 30%). Among the non-dispatchable technologies, LCOE estimates vary widely: wind onshore, 5.2 ¢/kWh; solar PV, 6.7 ¢/kWh; offshore wind, 14.6 ¢/kWh; and solar thermal, 18.4 ¢/kWh.
Emphasis mine, source: https://world-nuclear.org/information-library/economic-aspects/economics-of-nuclear-power
If you scroll down literally like. A paragraph past that you will see a very nice table showing the spread of nuclear costs. Some (including in the US, which is used for the EIA figures) are quite expensive, but others (notably South Korea) are very much cost-competitive or better than renewables. Also worth noting, the renewable estimates have spread themselves, and do not include overinstallation/storage required to behave as firm power.
Which is to say:
A - there certainly are quite a few places that nuclear doesn’t make sense, at least currently. Including the US
B - equally, there are a lot of places around the world where nuclear is competitive
C - we should perhaps look at why the US is so expensive relative to other countries; it’s not some law of nature, we can change it. And it’s probably not just because other countries under-regulate them (I’d buy that for some of the countries listed)
I specifically picked the statistic that claimed to have included the full cost of installing something new. Most other statistics only include prolonging the life of existing plants, thus ignoring the installation costs completely. You can just quote the paragraphs that prove your point the same way I have and then we can discuss further. Maybe I made a mistake, who knows.
Or you could… Actually read the entire source you linked? It’s a pretty good article and goes into a lot of detail on why LCOE estimates vary significantly between countries and depending on discount rate assumptions, so quoting one specific number is useful context but not the full story.
The problem isn’t whether the LCOE numbers you quote consider the capital costs - they do, and that’s correct - so do the ones in the table below it. It’s that those are average values taken from the USA, which has among the highest capital costs for installing new reactors in the world. At best that tells us that fusion isn’t cost competitive in the USA right now.
