Tuesday 3 March 2020

Time to Think Nuclear Again?

Edie reported last week that low carbon generation in the UK edged to 51% in 2019. This is a 2% growth on 2018 so things are moving in the right direction, but oh so slowly. Think 2050!! Is it time to reconsider the nuclear option? The UK has 8 nuclear plants, most of which are due for retirement in the coming decade. There are just Hinkley C and Sizewell C on the stocks for the future. Of course, one of the problems facing nuclear is the falling cost of renewables. The required subsidy for an off-shore wind farm in UK waters is now half that agreed for Hinkley C. While we have an (almost) totally economics-based decision-making framework nuclear is going to struggle. Perhaps we should be reframing the question. Both PV and wind generation are inherently unreliable. Perhaps with good, and large, storage facilities these problems can be overcome but nuclear is available now (or, at least, over an extended build time) and is stable, potentially close to infinite and scalable. Is it time for low-tax government to come to an end and for legislators to properly grasp the zero-carbon nettle?

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