Nuclear Power vs. Renewables: a scale perspective

Abstract

A low carbon electricity generating technology can only contribute to the net-zero energy transition if it is able to scale up. From that perspective, we compare nuclear, wind and solar power wrt. the size of a typical power plant, across the criteria of physical scalability, building experience and financial lumpiness. As size differs by 3 orders of magnitude between each of these technologies, markedly different findings obtain, providing a convincing rationale for the relative successes and failures of the industries behind each. We conclude that smaller devices such as solar panels allow for more innovation, more financing and thus a faster uptake. By the same token, we see no end in sight for the problems afflicting nuclear power in the global north. We make a modest case for the novel modular concept even though it falls pray to the same essential defects. Lastly, we observe that the tendency toward gigantism afflicting wind power may brings forth the difficulties nuclear power has long faced.

Keywords: Nuclear Reactor; Wind Turbine; Solar Photovoltaic; Electricity Generation; Overnight Cost

JEL Classification: D81; L51; D61; Q2