Peter Dutton outlines ‘significant’ cost nuclear plan, says Labor’s option is ‘economic self-harm’
Peter Dutton has declared a renewable-only energy policy is an act of “economic self-harm”, as he ramped up his argument for Australia to add nuclear to the mix.
In a speech to the Committee for Economic Development of Australia on Monday, Mr Dutton warned nuclear was our “only chance to reach net zero by 2050”, and offered up international examples as he pitched what he described as a more “pragmatic approach” to energy policy.
Mr Dutton announced in June a plan to build seven nuclear reactors to be operational by 2050 – two small modular reactors and five large-scale reactors – but has yet to release details about how much it would cost or how much electricity it would generate.
He said on Monday the upfront cost would be “significant”, and would release more details “at a time of our choosing”.
“But, I can give you this guarantee; our nuclear plan will cost a fraction of the Government’s reckless $1.3 trillion plan,” he said.
He said a Coalition government would treat nuclear and renewables as “companions, not competitors”, warning that Labor’s approach of renewables only was “doomed to fail”.
“We can have cheaper, cleaner and consistent energy if we adopt nuclear power. And zero-emission nuclear power is our only chance to reach net zero by 2050,” Mr Dutton said.
“Nuclear power is better for our environment. We can maximise the highest yield of energy per square metre of environmental impact and minimise environmental damage.”
Camera IconPeter Dutton says nuclear is the only way for Australia to reach net zero by 2050. Credit: Diego Fedele/AAP
He offered up an example of the UAE, which recently completed a nuclear power plant with an output of 5.6 gigawatts, which he said was enough to supply 60 per cent of NSW’s energy needs using 617 acres.
To produce the same energy, he claimed 52 million solar panels across 192,000 acres would be needed.
“In other words, the nuclear plant delivers the same energy using less than 1 per cent of the land needed for solar.”
Two new pieces of analysis, out last Friday, cast doubt over the Coalition’s plan. Independent think tank Institute for Energy Economics and Financial Analysis found nuclear power could increase household power bills by $665 a year on average.
Meanwhile, government modelling forecasted the Coalition’s energy policy would contribute to a demand-supply gap of between 18 and 49 per cent by 2035.
The energy regulator’s reliability standard is 0.002 per cent.
Mr Dutton on Monday said the modelling was “an attempt to manipulate and mislead Australians”.
Speaking ahead of Mr Dutton’s speech, Prime Minister Anthony Albanese called on the Opposition Leader to come clean on the details.
“We know it doesn’t add up,” Mr Albanese said.
More to come.
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