Greenpeace activists from eight countries, during the International Conference on Nuclear Energy for New Europe (NENE), held in Portorož, sent the message, “Nuclear fairy tale, costly reality!”
In a referendum to be held in November, Slovenian citizens will vote on the construction of NE Krško 2. One of the most important issues to be resolved before the referendum is related to the financing of this new nuclear reactor, and Greenpeace Slovenia has been loudly warning in recent months about the importance of addressing all uncertainties before the referendum.
Compared to other energy infrastructure projects, nuclear power plant projects have a very specific investment risk profile due to high initial capital requirements and long construction timelines.
According to estimates published so far, the investment in NE Krško 2, with a reactor of 1,000 MW, would cost 9.3 billion euros, while a larger 1,650 MW reactor would cost over 15 billion euros.
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The construction deadlines can extend up to 20 years, and the final price will remain officially unknown for several more years because, based on the experiences of other countries, nuclear investments always end up costing more and are typically delayed.
A review of current and projected financing models for nuclear reactors in Europe shows that the costs of nuclear power plants have been steadily rising over recent decades. One of the most striking examples is Hinkley Point C in the United Kingdom, where the initial project estimate was between 18 and 19 billion pounds, only to rise to an incredible 46 billion pounds.
Similarly, the costs of the Belene nuclear power plant project in Bulgaria were initially estimated at four billion euros, but they rose to 10-12 billion euros, leading to the project’s cancellation, according to Greenpeace.
While the costs of electricity produced by nuclear power plants continue to rise, renewable energy sources are experiencing continuous cost reductions. The cost of solar power is 60 dollars per megawatt-hour (MWh), while wind power costs 50 dollars per MWh. At the same time, nuclear energy costs have risen to 180 dollars per MWh.
The high cost of nuclear projects is not the only drawback of nuclear energy. In addition to its infrastructure being too expensive and slow to build, nuclear energy is neither renewable nor sustainable, nor is it safe. It raises more questions and problems than it solves, concluded this environmental organization.
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