April 5 (SeeNews) - A new study shows that onshore wind and solar photovoltaics (PV) can generate as much as the Hinkley Point C nuclear power plant (NPP) at a far lower cost.
The Intergenerational Foundation thinktank’s report, quoted by the Guardian, says that producing the same amount of power as the NPP would over 35 years, but with onshore wind farms, would cost GBP 31.2 billion (USD 44.4bn/EUR 39bn) less. Betting on solar PV would result in GBP 39.9 billion of savings.
The calculations in the report take into account the cost to build and operate the power plants. It also takes into account Bloomberg projections for the decline in wind and solar power costs in the future.
The thinktank says that Hinkley Point C would be the “most expensive building on Earth”. The NPP will get a strike price of GBP 92.5 per MWh for 35 years. Electricite de France (EPA:EDF) is to make a final investment decision on the project next month.
Andrew Simms, a co-author in the report, was quoted as saying that the UK’s current plans for new nuclear capacity will break spending records, and pass the burden of high costs and unknown economic risks onto future generations.
(GBP 1 = USD 1.424/EUR 1.251)