this post was submitted on 09 Nov 2023
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It's been a while since I looked it up, but back then the projected price of SMR energy was about double the cost of current solar.
I'm not sure, if that changed much over the last month.
Anyway, wind, solar and hydro combined can produce energy pretty inexpensively. The power grid isn't exactly simple with nuclear reactors either, so it's not like you're winning that much from this perceived reduction of complexity.
I’m certainly not arguing nuclear is a panacea that everyone in all the governments have somehow missed (even ignoring the risks mentioned its only a potential fit for a small subset of the grid these days, there’s no way building a 100% nuclear grid would make sense today).
The point I’m making is that currently there are energy production needs we effectively can’t fulfil with renewables because the costs would be impractical (eg the last 10% of usage on dark windless nights at the wrong time of year). Some cases do fit nuclear better currently (not all, nuclear usually wants constant usage, can’t help with surges).
Nobody really cares about that though for 2 reasons: 1. There’s plenty of opportunities that renewables still can fill and 2. The cost of storage is projected to drop a lot over time, which should fill in the gaps and squeeze out many of the last opportunities for nuclear.
Quite possibly by the end the remaining slice where nuclear could fit will be so thin it can’t actually sustain an industry (and given the industry has been half dead for decades, it’d take a big win to justify reviving it), so yeah, at the moment it looks like lots of risks and questionable rewards. Nonetheless the current prices aren’t really the problem, it’s just that things are risky, and projected to get worse over time, so why invest?
Ironically it’s not that different to the fossil fuel industry, just with a lot less existing infrastructure.
One massive point that most people are completely blind to is that with energy considerations we are aggressively pursuing two very different goals that in many regards are directly at odds with one another.
The first goal is electrification, which can largely be accomplished by increasing renewables, investing in battery technology, etc. But in the US, we have also been accommodating the desire for electrification by massively increasing natural gas capacity.
The second goal is decarbonization. This requires us to also nix natural gas from the equation at some point. In addition to the problems others have already mentioned (like the fact that renewables aside from hydro are not viable base load power options right now), there is a significant chunk of our energy infrastructure that simply cannot be satisfied in any regard purely with renewables. Like the huge number of industrial processes that need process heat to achieve their end product.
So the best solution is energy portfolio diversity. We can steadily continue to phase out heavy polluters for electrification, but if we want to truly decarbonize, industry demands a solution that can still produce high heat without emissions. Nuclear is a woefully under-exploited technology in that regard, but it is potentially a great solution.
Yup, it’s hard to predict what the mix will look like, but 100% solar would be a very costly solution for sure.
I used to be very pro nuclear, and I still think it could have been a big piece of the puzzle, but I do worry we’ve missed the boat, it could’ve been the first wave of decarbonisation 20 (or more) years ago, I’m not sure how well it can compete growing from almost nothing now with the renewables eating all the easy money. nuclear plants need to run 100% to be successful, and renewables have dropped a bomb on the concept of baseline demand. Maybe as we kill gas we’ll have to start giving massive bonuses to on demand power that isn’t pumping co2, but the absolute lid on that market is the price of storage, which is high enough now, but will drop, it’s unclear how long the gap for nuclear will exist there.
Certainly willing to be wrong though, there’s lots of unknowns with nuclear, quite possibly it could be multiple times cheaper if only we’d invest into it properly.