The Coalition claims its nuclear power plan will save $263 billion compared to Labor’s renewable energy strategy by 2050, resulting in lower electricity costs.
Economic modelling conducted by Frontier Economics estimates the Coalition’s plan, which aims for net zero emissions by 2050, will cost $331 billion.
In contrast, Labor’s renewable energy plan is projected to cost $594 billion according to the modelling.
Opposition Leader Peter Dutton plans to share these findings, stating that the analysis supports their position that Australians will benefit from the Coalition’s approach.
Dutton claims that fewer hidden costs and reduced infrastructure expenses will lead to lower energy prices.
He noted that many advanced economies are increasing their nuclear capabilities and urged Australia to do the same.
Seven plants
The Coalition’s model includes seven nuclear power plants, with renewable energy still providing 54% of the National Electricity Market by 2050 and nuclear contributing 38%.
Labor’s strategy anticipates that 94% of power generation will come from renewable energy by the same year, with 90% of coal-fired power exiting the system by 2034.
However, coal may need to operate longer in the Coalition’s scenario until nuclear power is online.
The Coalition’s plan also suggests a reduced reliance on gas due to a lower number of renewables needing stabilisation.
Dutton committed to constructing and operating seven nuclear plants, with the first expected to be operational as early as 2036.
