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Report by Matt Bowen, Emeka Ochu & James Glynn • December 07, 2023
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Models that run decarbonization scenarios to meet mid-century goals for mitigating climate change almost always include a significant role for nuclear energy. The source’s projected level of deployment, however, remains uncertain, largely due to a wide range of estimated costs for new builds. Other factors that make it hard to gauge nuclear’s portion of the future energy mix include whether policies advancing low-carbon technologies will be enacted, the degree of public support for transmission siting and available low-carbon energy sources, whether new reactor technologies and fuels will change the investment equation, and how quickly “competitor” sources such as carbon capture and sequestration, renewables, and storage reduce costs.
This report, part of ongoing research into nuclear energy at the Center on Global Energy Policy at Columbia University SIPA, examines the economics of new nuclear facilities for electricity generation—whether building them out makes sense financially as part of efforts to reduce greenhouse gas emissions as power demand grows across the globe. Insights into costs can be gleaned by reviewing the history of construction delays and cost overruns in the United States, international experiences that have fared better and worse, and studies that model a transitioning energy system. Studies reviewed in this report estimate new US reactor costs generally ranging from $3,000/kilowatt (kW) to $6,200/kW based on a variety of reactor designs and cost reduction curves assumed for subsequent years. Internationally, new reactor costs vary significantly by country, depending in part upon factors such as the cost of labor and whether projects involve multiple reactor builds (with attendant efficiencies in manufacturing and construction).
Additional findings from this report include the following:
India’s SHANTI Act opens the nuclear power sector to private participation while retaining state oversight of strategic assets. The move addresses limits of the state-led model and supports India’s goal of reaching 100 GW of nuclear capacity by 2047. Stronger regulation and private investment could accelerate nuclear expansion, strengthen energy security and aid decarbonisation.
On June 22, the United States announced that it had signed a nuclear cooperation agreement with Saudi Arabia. This type of agreement broadly authorizes
The Trump administration and Saudi leadership have reportedly agreed to a nuclear agreement that could enable US nuclear technology transfers to Saudi Arabia.
Full report
Report by Matt Bowen, Emeka Ochu & James Glynn • December 07, 2023