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zozbot234 3 days ago

It's easy to be "unconditionally cheapest" when the sun isn't shining and the wind isn't blowing. "Simple, cheap" power plants that burn a lot of expensive natural gas (or even worse, coal) are the current approach to that problem, which is not working very well. The point is to do better, and nuclear may be a very sensible choice since a single nuclear plant can replace a whole lot of natural gas peakers.

myrmidon 3 days ago | parent | next [-]

Nuclear power plants struggle with economics already at highest possible capacity factors (running 90% of the time).

If they get undercut by renewables most of the time, there is simply no way they can stay competitive.

Nuclear peaker plants are not ever gonna be a thing, because that makes no sense economically: High capex is the last thing you want for that usecase, and it implies that the economics for your plant have to stay decent for the next 30 years. Meanwhile batteries, solar and wind are still getting cheaper every year right now. This is the worst bet you could ever make as an investor.

> nuclear may be a very sensible choice since a single nuclear plant can replace a whole lot of natural gas peakers.

This argument does not help nuclear power if the equivalent number of gas plants is still cheaper than a single nuclear reactor (and built much faster).

throw0101a 3 days ago | parent | next [-]

> Nuclear power plants struggle with economics already at highest possible capacity factors (running 90% of the time).

In Ontario, Canada they are the third-cheapest (after hydro, and nat/methane gas); see Table 2:

* https://oeb.ca/sites/default/files/rpp-price-report-20241018...

In previous years they have often been second-cheapest (after hydro): their 'ranking' depends on methane gas commodity prices.

natmaka 3 days ago | parent | next [-]

Nuclear can be apparently cheap (its TCO is difficult to establish because gov funding, hot waste potentially breaking havoc in a distant future...) but never is when load-following, because load-following reduces the load factor, and a low load factor bumps up production costs.

Moreover nuclear's aptitude to load-following is vastly over-stated because it has too much inertia (even hot). Even France (shock-full of reactors) always needs to produce approximately 10% ( https://ourworldindata.org/explorers/energy?Metric=Share+of+... ) of its juice thanks to fossil fuel, for a non-negligible part ensuring load-following.

throw0101a 2 days ago | parent [-]

> Moreover nuclear's aptitude to load-following is vastly over-stated because it has too much inertia (even hot).

There is load-following thermally and load-following electrically. Newer nuclear designs allow for the steam to be diverted and quenched so they don't reach the generators.

Of course this is inefficient, but as you can see in the following link:

* https://www.ieso.ca/power-data § Supply

the Ontario nuclear plants basically run at full-tilt 24/7 to provide base load.

Hydro-electric is also supplying a bunch of base load, so if more nuclear can be built so that it takes up more of that hydro is doing, hydro can then be used in a more variable fashion (so perhaps (nat/methane) gas can be reduced and we have fewer GHGs released).

natmaka 2 days ago | parent | next [-]

Yes, there are two types of load-following: "bump up the power", or "lower it". This also applies do renewables: not producing (many wind turbines are equipped with a braking system) or wasting an excess of power isn't as challenging as quickly producing more power, then less, then more... fine-tuning and for extended periods of time.

Yes, running at full-tilt 24/7 is way easier for a nuclear reactor than doing the load-following game (on every account: total cost, maintenance, risk...). They are built for it!

Hydro: yes, to an extent because load-following hydro is mainly done by pumped-storage, many dams are of the "run-of-the-river" type and cannot always load-follow: if there is no incoming (upstream) water they cannot produce any power.

ViewTrick1002 2 days ago | parent | prev [-]

Which is a quirk of hindering renewable deployment.

All over Europe nuclear reactors are throttled down or even shut down for days/weeks because renewables lead to too low prices for the reactors to even cover wear and tear and fuel costs.

Given that renewables are the cheapest energy source in human history this will happen in every grid that is based on a free market principle.

In the monopolized markets the distributed aspects of renewables will mean that rooftop solar and storage enables home owners to largely disconnect from the grid if the monopoly starts to force new built nuclear power costs on the ratepayers.

In other words: Nuclear power is fucked unless it can either get the marginal cost to zero like a solar panel, i.e. impossible or get CAPEX low enough to act like a fossil gas peaker which again seems near impossible given the past 70 years of nuclear powers history and commercialization.

throw0101a a day ago | parent | next [-]

> Given that renewables are the cheapest energy source in human history

Not according to the energy contracts in Ontario as shown in the OEB report linked above.

ViewTrick1002 a day ago | parent [-]

Yes, the OEB report is for a paid off fleet. Sure, some investment in recent years but not even close to a new build.

The cost for the Darlington SMR is somewhere in the 25-35 cents/kWh range with the calculation assuming large learning effects to subsequent reactors and that the entire project goes on time and on budget.

Does that sound cheap to you?

natmaka 2 days ago | parent | prev [-]

Indeed!

Experts (International Energy Agency, McKinsey, etc.) are clear: renewables will produce the majority of electricity by 2050.

https://www.iea.org/commentaries/tripling-renewable-power-ca...

https://www.mckinsey.com/industries/energy-and-materials/our...

This is inevitable (no other possibility is realistic), and this applies to France, where RTE (EDF's subsidiary that manages the electricity grid) has emphasized that 100% nuclear power is out of the question, and that more than 60% nuclear power would be utopian.

This trend is already clearly visible and welcomed by investors.

https://ourworldindata.org/grapher/electricity-fossil-renewa...

The cost of producing renewable electricity is increasingly lower than that of nuclear power.

https://www.lazard.com/research-insights/levelized-cost-of-e...

During their operation, they do not consume fuel, produce waste, or expose people to a major accident, and are therefore and will be preferred.

https://www.bloomberg.com/news/articles/2024-04-09/european-...

The surplus electricity sometimes produced by renewables will be leveraged by increasing storage capacity (electric vehicles, hydro pumped storage, etc.) as well as green hydrogen. It will gradually replace nuclear electricity, which is supposed to compensate for their variability, especially since the latter cannot adjust its production quickly and frequently enough ( https://news.ycombinator.com/item?id=41796580 ).

All of this will reduce the nuclear load factor and therefore increase its production cost (it is only profitable with a high load factor), with strong feedback (the higher the load factor, the more likely it will be).

This will increasingly favor the deployment of a system based primarily on renewables, meaning that nuclear electricity will become less and less useful and more and more expensive, making its fate (and therefore the profitability of the heavy investments required for its infrastructure) easy to predict.

A renewable-nuclear mix will doom the latter.

https://www.youtube.com/watch?v=udJJ7n_Ryjg

pfdietz 3 days ago | parent | prev | next [-]

The figures you give don't appear to reflect the fully loaded cost of providing power from new nuclear power plants. It looks to me like they just reflect operating costs on assets that are already paid for, or mostly paid for.

throw0101a 2 days ago | parent [-]

> It looks to me like they just reflect operating costs on assets that are already paid for, or mostly paid for.

In Ontario there used to be a government-owned utility, Ontario Hydro. They built all the nuclear plants (and everything else).

But at some point things were re-jigged so parts of Ontario Hydro could be privatized (the government still owns shares), but because of how it was broken up its debt could not be split up or given to any of the resulting components.

* https://www.oefc.on.ca/debtmanage.html

So a separate legal entity was created where the debt is now held, and rate payers give money to that corporation to pay off old debt (both nuclear and non-nuclear) as part of their rate.

Also worth noting that the nuclear plants in Ontario are going through a refit currently, so it's not like the plants were built and nothing has done with them except for OpEx; there's a whole bunch of CapEx happening right now (and has been for the last few years):

* https://www.brucepower.com/life-extension-program-mcr-projec...

* https://www.ans.org/news/article-6280/bruce-power-refurbishm...

* https://www.opg.com/projects-services/projects/nuclear/darli...

bryanlarsen 3 days ago | parent | prev | next [-]

Yes, nuclear can be cost competitive if you ignore the bulk of the costs: aka construction and decomissioning.

Ontario is now planning on building another plant. Their own document says it won't pay for itself for 50 years, and that's assuming there are no cost overruns, which is a laughable assumption.

throw0101a 2 days ago | parent [-]

> Ontario is now planning on building another plant. Their own document says it won't pay for itself for 50 years, and that's assuming there are no cost overruns, which is a laughable assumption.

Well the current plants have been running for 4-5 decades and are in the middle of being refurbished to run for another 4-5 decades.

Only paying for itself for the life of the plant is actually a good thing: it means that it is basically being run at-cost with minimal profits being extracted from the public.

AtlasBarfed 3 days ago | parent | prev [-]

No wind? In Canada? With or without subsidies?

weregiraffe 3 days ago | parent | prev [-]

>Nuclear power plants struggle with economics already

Because they are over-regulated. Why? Because of nucleophobia, which is fueled by fossil fuel producers.

epistasis 3 days ago | parent | next [-]

That's simply untrue and focusing on it will continue to result in nuclear failure after nuclear failure.

Nobody has some sort of proposal of a different regulatory scheme that is somehow cheaper. Even France, which built a ton decades ago, has completely failed for more than a decade at building. South Korea has been somewhat successful at building, but also sends execs to jail for faking parts approvals. But perhaps that would be cheap to fix.

What has changed since the mid 20th century is that construction labor is far more expensive in comparison to other things that can be done with that labor. Construction productivity has remained roughly constant over time, as manufacturing and other productivity has gone through the roof.

Nuclear is fundamentally a big construction project. SMRs weresypposed to be an attempt to make nuclear power a manufacturing project, not a construction project. But it turns out that construction projects like the BWRX300 are the only real SMRs that can be produced, after a decade of hype. Manufacturing SMRs like 747s is not any more real today than it was when the nuclear PR machine turned to it in the wake of the financial and construction disaster of the AP1000s at Summer and Vogtle.

The real story of nuclear is the need for super cheap labor, and excellent high-tech construction capacity. These two requirements are at odds with each other, because in societies with high tech construction skills, labor quickly becomes expensive.

Even places like China with lots of successful nuclear projects is only building a tiny tiny amount of nuclear when compared to their wind, solar, and batteries. China does everything, and they won't abandon nuclear completely because a nuclear workforce is essential for a country with superpower ambitions, but the nuclear power is there for the superpower ambitions, not the electricity generation.

seec 12 hours ago | parent | next [-]

It's funny you say that. Renewables are "cheap" precisely because a lot of the labor cost is offloaded to cheap labor countries with low regulations. There is basically no solar panel market outside of China, and that says something. It's a very messy process and benefits largely from China's willingness to not care.

Every single big renewable project is heavily backed by government and subsidies. Wind is big in Germany, because gov pushed it very hard, not because it's naturally competitive.

So far, I see a lot of ideologues pushing the "cheaper" argument even though it hasn't been true at all, and the long-term prospect don't look very good compared to nuclear. But it has more political support, so it is made to be more "competitive" and that's basically all there is to it.

Even residential solar only makes sense when people who install it get paid a lot more than the bulk electricity actually cost, if people had to pay themselves for both panels and storage it is largely a loss compared to regulated market price for electricity in many places in Europe.

AtlasBarfed 3 days ago | parent | prev | next [-]

I just don't think smrs work without figuring out Lftrs. Because lifters can use almost all the fuel, are inherently meltdown proof, you basically take away the two worst dangers of nuclear.

The issue with degradation of the piping and everything from the molten salts can probably be solved by a replacement cycle.

But to be fair, I have no idea how China's MSR is going

pas 2 days ago | parent | prev [-]

If the EU and US would each commit to build, fund 100+ NPPs over the next years then it would make sense to gear up for a scheme.

Unfortunately each plant is a fucking special snowflake. Due to new sites somehow requiring changes which is absurd, since the containment and everything under it should be 1:1 copy, right? Yes, because the NRC doesn't work like that. Designs are tweaked.

Anyway as you said it's a very expensive bespoke weld and pour festival.

SoftTalker 3 days ago | parent | prev [-]

They are also built and run by public or quasi-public utilities. I don't think we have a lot of examples of the private sector building nuclear generating plants. Maybe they can do it better, when it's their own money on the line, and they don't have a legally granted monopoly protecting them.

two_handfuls 3 days ago | parent [-]

Privatizing electricity in California resulted in massive underinvestment and forest fires as a result of poor maintenance.

Privatization only saves money if you ignore the price paid by surrounding communities.

I would not like to see a fully private nuclear plant.

AtlasBarfed 3 days ago | parent | next [-]

Privatization of electricity hands a company a monopoly

ViewTrick1002 2 days ago | parent | prev [-]

Depends on how you do it. The electrical supply and demand markets can be privatized and that works quite well with few ancillary services needed.

Privatizing the grid is a shit show since it is a natural monopoly.

Tade0 3 days ago | parent | prev | next [-]

> which is not working very well

It's actually working great. Gas peakers are expensive to run, but not nearly as expensive and time consuming to deploy as nuclear - you could deploy a solar installation with matching gas capacity and still spend less and have it years earlier than the least expensive, fastest deploying nuclear power plant.

On top of that storage has been undercutting gas lately in terms of cost - especially now that it scaled up.

That is all affecting the economics of nuclear.

AtlasBarfed 3 days ago | parent [-]

Combined storage and solar/wind will probably drop under combined cycle gas in a couple years, certainly it will for China.

ViewTrick1002 3 days ago | parent | prev | next [-]

> The point is to do better, and nuclear may be a very sensible choice since a single nuclear plant can replace a whole lot of natural gas peakers.

This does not align with reality.

Take a look at France. They generally export quite large amounts of electricity. But whenever a cold spell hits that export flow is reversed to imports and they have to start up local fossil gas and coal based production.

What they have done is that they have outsourced the management of their grid to their neighbors and rely on 35 GW of fossil based electricity production both inside France and their neighbors grids. Because their nuclear power produces too much when no one wants the electricity and too little when it is actually needed.

Their neighbors are able to both absorb the cold spell which very likely hits them as well, their own grid as the French exports stops and they start exporting to France.

seec 12 hours ago | parent [-]

You should check your sources. Very often the reverse is actually true. The recent years are not really representative because a lot of reactors were put on hold waiting for repairs and improvement.

There is also the fact that France added millions of people while not building new nuclear capacities, so of course at some point there is going to be overload without renewed investment.

Bug people like seems to want to put more money on renewable so that we can import even more electricity from Germany's coal plants (that makes up to 40% of their electricity generation in the winter when the wind is nowhere to be found).

I'm very curious where you find your data, because it's not at all what I have been able to get. If there is some source that clearly shows renewable superiority in the winter, I would really like to see it.

To be self-sufficient without coal, Germany needs to install 150GW of wind power still, and at current rate it will take at least 10 years. But I'm very curious what is their solution for when they get no wind for weeks on end, like it has happened recently. So far it seems to be, fire up the coal plant and take the cheap nuclear from your neighbor while posturing and virtue signaling about your superiority of not using nuclear.

ethagknight 3 days ago | parent | prev [-]

Seems like people confuse the old school "gas peakers" which are basically just simple generators burning gasoline or diesel designed to be used intermittently, and advanced combined cycle natural gas, which are incredibly efficient. Natural Gas is super cheap in many markets, and it appears to be common theory that markets with limited natural gas simply haven't been explored sufficiently due to other fuels being cheaper (coal).

ACC Natural Gas + Solar/Wind + Batteries + actively priced load shedding market seems like a tremendous quartet.

AtlasBarfed 3 days ago | parent [-]

Yes it's super cheap because there isn't carbon taxes.

In the US it is also super cheap because it is a byproduct of our fracking in The Dakotas.

ethagknight a day ago | parent [-]

It's a byproduct of a lot of oil production while also having its own reserves. My office used to look at an oil refinery that was miles away, and they were just burning the natural gas off in a huge plume, not worth trying to capture and combust for production.

The fracking is also in Arkansas and Texas and many other states. An amazing amount of gas continues to be discovered. I am not a geologist but assume that Australia could dedicate resources to explore fracking gas reserves and would come up with quite bit.

sidebar, but I just realized that Australia doesnt really have mountains to speak of. Tallest mountain is around the elevation of the typical Colorado Rockies valley towns. Australia may not have the 'cap traps' required to retain large amounts of gas in the various layers going down under ground.