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Focus on renewables, not nuclear, to fuel Canada’s electric needs

Relying on nuclear power goes against the evidence. The smart money is on renewables. Solar and wind energy make much more sense.

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Policy Options, by Martin Bush, September 1, 2023

The demand for electricity continues to rise as countries transition to an electrified economy. To ensure an adequate and reliable supply during peak hours, governments must decide which energy technologies should be prioritized and developed to help with this transition.

Nuclear power is certainly in the running for providing this essential service, but it’s not the best option. Refurbishing aging CANDU reactors and investing in unproven nuclear technology, such as small nuclear reactors (SMRs), will waste money that could otherwise be invested in renewable energy solutions.

That’s where the smart money is – renewables – and all the evidence points to why.  Electricity from nuclear energy is too expensive.

According to the World Nuclear Industry 2022 Status Report, nuclear energy’s share of global electricity generation in 2021 was 9.8 per cent – its lowest level in four decades – and substantially below its peak of 17.5 per cent in 1996.

Nuclear energy is being outpaced by non-hydro renewables, which in 2021 increased their share of global power generation to 12.8 per cent.

Between 2009 and 2021, utility-scale solar energy costs plummeted by 90 per cent, while similar wind energy costs dropped by 72 per cent. In contrast, nuclear costs increased by 36 per cent.

The cost of electricity generated by solar and onshore wind is in the range of 2.4 to 9.6 U.S. cents per kilowatt hour, (¢/kWh) while the cost of electricity from nuclear is estimated as anywhere between 14 and 22 ¢/kWh. It’s not even close.

In 2021, total investment in non-hydro renewable electricity capacity reached a record US$366 billion, 15 times the reported global investment in nuclear power plants of US$24 billion. Investments in solar energy were 8.5 times and wind six times the investments in nuclear energy.

Globally, the cost of renewable-produced electricity is now significantly below not only nuclear power but also gas. According to an analysis by Bloomberg New Energy Finance, wind and solar power are now the cheapest form of new electricity in most countries, including Canada. Bloomberg anticipates it will be more expensive to operate existing coal or fossil gas power plants within five years than to build new solar or wind farms.

Unsurprisingly, it is wind farms and large solar installations that are being built in record numbers……………………………………………………………………………………… more https://policyoptions.irpp.org/magazines/september-2023/renewables-not-nuclear-electric-canada/

September 3, 2023 - Posted by Christina Macpherson | Canada, renewable