Nuclear more costly and could ‘sound the death knell’ for Australia’s decarbonisation efforts, report says

A Bloomberg report says even if nuclear power stations were successfully constructed in Australia power prices would still be much higher than renewable energy. Photograph: Mark Baker/AP

A nuclear-powered Australian economy would result in higher-cost electricity and would “sound the death knell” for decarbonisation efforts if it distracts from renewables investment, a report by Bloomberg New Energy Finance (BNEF) argues.

The report comes as ANZ forecast September quarter power prices will dive as much as 30% once government rebates kick in. A separate review by the market watchdog has found household energy bills were 14% lower because of last year’s rebates.