How does the cost of nuclear power compare to other energy sources?

The cost of nuclear power is generally comparable to, or slightly higher than, other energy sources, depending on various factors such as location, technology, and operational costs. Here's a comparison of nuclear power costs with other energy sources:

1. **Nuclear Power**:
* Capital costs for nuclear power plants are significantly higher than for coal- or gas-fired plants due to the need for special materials and sophisticated safety features.
* Fuel costs for nuclear plants are a minor proportion of total generating costs.
* System costs for nuclear power are very much lower than for intermittent renewables.
* Nuclear power plants are expensive to build but relatively cheap to run.
2. **Coal Power**:
* The cost to generate coal-fired electricity has increased faster than inflation, with a 28% increase from 2021 to 2024.
* Coal power costs are around $4.074 to $6.695 per megawatt-hour (MWh), higher than nuclear power's range of $6.695 to $7.547 per MWh.
* Coal power's cost disadvantage is due to rising operational and maintenance costs, as well as environmental concerns.
3. **Gas-Fired Power**:
* Gas-fired power plants have lower capital costs than nuclear plants but higher fuel costs.
* The cost of natural gas has a significant impact on the cost of gas-fired power.
4. **Renewable Energy Sources**:
* Solar photovoltaic (PV) electricity costs around $1.327 to $2.743 per MWh, with federal tax credits reducing the average cost to $20,552 after incentives.
* Wind power costs range from $1.718 to $6.041 per MWh, with offshore wind being more expensive.
* Hydropower remains the lowest-cost source of electricity worldwide, with levelized costs ranging from $0.05 to $0.10 per MWh.
5. **Other Energy Sources**:
* Biomass power costs around $4.524 per MWh, with higher costs due to the variability of biomass feedstocks.
* Geothermal power costs around $3.076 to $6.753 per MWh, with higher costs for enhanced geothermal systems.

In summary, nuclear power is generally more expensive to build than fossil fuels but cheaper to operate, resulting in lower system costs. Renewable energy sources, especially hydropower, are often the cheapest options, while solar and wind costs are decreasing rapidly with technological advancements.