UK energy review: nuclear power costs underestimated and renewables’ potential overlooked

According to "Mirage and Oasis" reported from nef (the new economics foundation) on finishing June 2005, the cost of new nuclear power has been underestimated by almost a factor of three and the potential of small scale renewables critically overlooked according to a report from nef (the new economics foundation),

Nuclear power has been promoted in the UK and globally as the answer to climate change and energy insecurity. But, as Mirage and Oasis reveals, as a response to global warming, nuclear power is too slow, too expensive and too limited. And, in an age of terrorist threats, it is more of a security risk than a solution. Instead, renewable energy offers as safe, secure and climate-friendly energy supply system. It leaves no toxic legacy and is abundant and cheap to harvest both in the UK and globally.

The UK nuclear industry have systematically underestimated the cost of new nuclear power, the report says by almost a factor of three – without even taking into account the wider risks associated with nuclear such as proliferation, insurance, pollution and terrorist threats. More realistic estimates for construction, delays and overruns, the cost of early reactors and actual performance – all push the likely costs of new nuclear power up. Mirage and Oasis also points out that:

* Renewable technology is in its infancy compared to nuclear, meaning that research and development invested in renewables will reap exponentially more benefits than for nuclear.

* And, even if a commitment were made now to new power stations, nuclear power could not come on line in time to assist the UK in meeting its climate change targets

* In addition, nuclear energy is capital intensive and one of the least labour intensive methods of energy generation. By contrast, renewable energy has rich potential for job creation

* The UK has an over-abundance of resources to meet the Government’s target of cutting greenhouse gas emissions and increasing the uptake of renewable energy. Without even taking account of savings from effective measures for energy conservation and increased efficiency that reduce demand.

More info in nef