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

Nuclear power is competitive with other energy sources in terms of total generating costs, but it differs significantly in terms of initial capital costs and fuel costs.

1. **Total Generating Costs**: Nuclear power's total generating cost was $31.76 per megawatt-hour (MWh) in 2023, which is comparable to or lower than some fossil fuel-based power generation costs, especially in regions with high carbon taxes or emissions trading regimes. For instance, the average cost of electricity generation from nuclear power in the U.S. was $30.92 per MWh in 2022.
2. **Capital Costs**: Nuclear power plants are more capital-intensive and have higher construction costs than coal- or gas-fired plants due to the need for special materials and sophisticated safety features. The capital costs for nuclear power are significantly higher than for coal or gas, with the cost of finance being particularly important for the overall economics.
3. **Fuel Costs**: Nuclear power plants have fuel costs that are a minor proportion of total generating costs. In contrast, fossil fuels account for a large portion of the operating costs for fossil fuel-based power generation.
4. **Comparative Costs**: The levelized cost of electricity (LCOE) for nuclear power is generally higher than for renewables like wind and solar, especially for onshore wind, which is often the cheapest source of energy. However, nuclear power can be competitive with renewables in some regions and is the least cost option for low-carbon generation in many countries when considering long-term operations.
5. **Recent Trends**: The cost of renewable energy has declined significantly, making it competitive with and in some cases cheaper than fossil fuels and nuclear power. For example, the cost of solar panel installations has decreased, with the average cost for a 10.8 kW system being $20,948.

In summary, nuclear power is competitive with other energy sources in terms of total generating costs, but its high capital costs and relatively low fuel costs set it apart from fossil fuels. Renewable energy sources, particularly wind and solar, have become increasingly cost-competitive and in some cases cheaper than nuclear power and fossil fuels, making them attractive options for electricity generation.