Cost and performance of nuclear technology ‘has not yet been demonstrated’
The least risky option if Australia plans to deploy small modular reactors would be to wait until after several designs have been commercialised and successfully operated in other countries, a report by the Australian Academy of Technological Sciences & Engineering (ATSE).
The report, Small Modular Reactors – The technology and Australian context explained, says SMRs could potentially form part of Australia’s future low-carbon energy mix, using existing transmission infrastructure and contributing to baseload power, or providing dispatchable power in a high-renewables grid.
But the report notes that as an emerging technology, in 2024 the cost and operational performance of this technology “has not yet been demonstrated”.
It says SMR development globally in “a nascent state” with associated uncertainty in costs and timelines. The report also highlights the relatively small size of the Australian nuclear-capable workforce.
According to the report, commercial releases of SMRs could begin by the late 2030s to mid-2040s, with a mature market likely emerging during the mid to late 2040s, depending on regulatory approvals and investment and resource allocation.
Sourcing either an “in-development” or a prototype SMR is a higher-risk proposition for both technical and commercial reasons, the report concludes.
“An Australian government that wished to pursue a prototype SMR earlier than the 2040s would need to undertake legislative reform, acquire social licence, work directly with developers, and build the requisite skilled workforce.”
ATSE president Katherine Woodthorpe said: “Overall, the associated timescales, expense, skills gap, legal and regulatory barriers, and social acceptance of nuclear power means the technology is high-risk when compared to existing energy options.”
Nuclear power is becoming a key issue in the next general election. Australia’s federal Coalition leader Peter Dutton announced recently that the opposition party wants to build seven large-scale nuclear power plants and two SMRs.
He said new nuclear will “cost a fraction” of the ruling Labor party’s power plans. He said the cost would be released “in due course”, but did not commit to it before the next general election, which will be held on or before 27 September 2025.
