Nuclear is able to compete on merit and has been forever, but we chose to create a legal environment in which one or two dedicated NIMBYs could stall a project indefinitely. That's the entire reason why "the economics aren't there." We aren't talking about costs of building a reactor or risk of it melting down, we're talking about the cost and risk of 1001 strategically sequential ground squirrel environmental impact studies pushing the project duration out to infinity. Allowing this is a political choice, not an evaluation of the technology.
I tend to agree with you that the ship has sailed, though. If we had just kept building at the same pace as 40 years ago (linear extrapolation, not exponential) then we'd recently have celebrated the completion of a zero-emission grid. Unfortunately, we chose to pump the atmosphere full of CO2 instead. Ugh.
It's not really the ahead of time NIMBY complaints but the potential for future liability shifts which existing plants will not be exempt from. A good number of plants constructed in the 60s and 70s hit their EOL (after getting a a bunch of lifetime extensions from governments) and then had their nice glittering warchest of profits eaten away by cleanup expenses (which sometimes exceeded the cash left in those contingency funds with the deficit falling on state & local governments). There have been issues with water contamination due to poor holding pool sealing and due to unforseen natural disasters.
Nuclear power requires millions in its initial investment. It has a not-insignificant profit margin over other power sources, but it also has a significant chance for large liabilities (more often due to changing laws than meltdowns). The result is an investment with an extremely high investment threshold (you don't build small nuke plants) with a decent short term prospect and a poor long term prospect that's extremely hard to get out of. This makes nuclear a really bad option for private investors when held up in comparison to tech and the like.
Meltdowns can happen and they're catastrophic but the bigger impediment is the unpredictable legal and fiscal liabilities involved. And, honestly, it's my personal opinion that a fair amount of these post-de-facto fiscal liabilities are extremely just and fairly applied - they're externalities we were ignoring decades ago.
This is a segment of the market where we need government funding and guarantees to get things done - and we should do so since nuclear is an extremely safe and clean option for power generation.
Let's ask the ad engineers. :) I don't like the historical alternatives but our current society (in general) approach for social-economical organization reached it's threshold and made us waste human potential tackling artificial problems while ignoring those that were right in front of us. But who knows as those "blind investments" generated knowledge that might be critical for the next decades.
"Hinkley Point C nuclear plant to run £2.9bn over budget"
> Last week, prices for new wind power delivered by 2025 were set at prices as low as £40 per megawatt hour. By comparison, power from Hinkley Point C is expected to cost £92.50 per megawatt hour.
I don't think NIMBYs are the only problem. Nuclear is just too expensive to build and maintain, especially with dirt-cheap renewables and storage coming down too. I have some hope that SMRs or something will end up working out, but like you say, I think it's mostly too late.
Only because any accidents, while rare, are incredibly high profile.
Where's the compensation for all the deaths due to coal plants? Unlike nuclear, they spew carcinogenic crap in the atmosphere by design. And some radioactivity too.
I tend to agree with you that the ship has sailed, though. If we had just kept building at the same pace as 40 years ago (linear extrapolation, not exponential) then we'd recently have celebrated the completion of a zero-emission grid. Unfortunately, we chose to pump the atmosphere full of CO2 instead. Ugh.