Opposition Leader in Australia Discloses $210 Billion Nuclear Initiative
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Sydney, Dec 13 (NationPress) The leader of the federal opposition in Australia, Peter Dutton, has announced that his nuclear energy initiative would necessitate an expenditure of hundreds of billions of dollars.
Dutton, who heads the Coalition, unveiled the long-anticipated cost analysis of his proposal to construct seven nuclear reactors at the locations of decommissioning coal plants, contingent on his election as Prime Minister (PM) in the 2025 general election, as reported by Xinhua news agency.
As per the independent cost assessment, the initiative is projected to cost 331 billion Australian dollars (approximately $210.7 billion).
Under Dutton's strategy, the first two publicly-owned reactors are expected to commence operations by the mid-2030s, with existing coal-fired power plants bridging the generation gap until then.
By 2050 -- when the remaining five reactors are anticipated to be operational -- Dutton indicated that nuclear energy would represent 38 percent of Australia’s electricity generation, with renewable sources constituting 54 percent and the final 8 percent sourced from a mix of storage and gas.
The ruling Labor Party has pledged to focus exclusively on renewable energy, which the Coalition asserts would incur costs exceeding 600 billion AUD (about $381.9 billion).
"This is a strategy that will support the economic prosperity of our nation for the next century," Dutton stated to reporters on Friday.
"This will ensure electricity is reliable. It will enhance consistency. It will reduce costs for Australians, and it will aid in our decarbonization efforts as a trading economy -- which is essential."
Since 1998, Australia has maintained a ban on nuclear energy; however, Dutton has expressed intentions to repeal this ban and initiate the construction of the reactors within two years of assuming office as PM.
A report released by the national scientific authority, the Commonwealth Scientific and Industrial Research Organization (CSIRO), along with the Australian Energy Market Operator (AEMO), indicated on Monday that nuclear reactors would incur costs double that of wind and solar energy over a 60-year period.
The annual report concluded that the timeline for developing a nuclear reactor in Australia would require at least 15 years.
The Australian Energy Council, representing electricity retailers and generators, informed an ongoing government inquiry on Thursday that it is highly improbable for nuclear energy to serve as a feasible substitute for coal-fired power within the next 10-15 years.
