This data-file models the costs of a nuclear power project, based on technical papers and past projects around the industry. An up-front capex cost of $6,000/kW might yield a levelized cost of 15c/kWh. But could 6-10c/kWh be achievable via next-generation nuclear designs?
Nuclear power plants generate 2,800 TWH per year, which is 10% of the world’s electricity and around c4% of the world’s total energy supply. Nuclear’s share of global electricity demand peaked at 17.5% in 1996 and has since lost share.
The historical challenges have included high capex costs and long construction cycles. This means that a CO2 price of $270/ton is required before new nuclear projects would outcompete new gas projects, on an apples-to-apples basis.
Again, this is why capex deflation matters, in order to unlock a renaissance in the nuclear industry, especially amidst persistent energy shortages, and growing demands for low-carbon, baseload power.
The capex costs of nuclear plants are explored in depth in this data-file, across studies, past projects, bottom-up estimates, and learning curve effects for small modular reactors. Please see our recent note into Nuclear SMR costs.
Uranium only comprises 3% of total levelized costs (at $50/lb U3O8 prices), which makes nuclear power economics less sensitive to fuel costs than combustion-based power technologies.
Energy efficiency of nuclear power projects can be quantified and stress-tested in the data-file in GWH/ton and percentage terms.
Levelized costs also have limitations as a metric. Economics can be compared with coal, gas, hydrogen, wind or solar. Further nuclear details are in our recent nuclear research.