Antinuclear

Nuclear a ‘rent-seeking parasite’ that will push up power prices: Kean

Hannah Wootton  https://www.afr.com/policy/energy-and-climate/nuclear-a-rent-seeking-parasite-that-will-push-up-power-prices-kean-20241104-p5knu5—

Climate Change Authority head Matt Kean has slammed the nuclear power industry as a rent-seeking parasite, warning that developing plants in Australia would just drive up electricity bills and accusing those wanting to do so of vested interests.

The former NSW treasurer said the alternative energy source was “old outdated technology” and only “a very brave person” would bet on it, building on months of criticism of nuclear since taking the CCA job.

Mr Kean believes nuclear power will be too expensive and take too long to develop to meaningfully contribute to Australia’s energy transition. Last month, he said the opposition’s controversial plan to extend coal-fired power stations until nuclear plants could be built was a “wild fantasy”.

He said this plan and any development of a nuclear industry would stymie investment in renewables, accusing those promoting either of being “delay mongers”.

On Monday, Mr Kean told Senate estimates that those who wanted to fund nuclear plants or prolong coal-fired power stations just wanted “to pay a lot of rent to these vested interests”.

“There’s no bigger rent-seeking parasite than the nuclear industry,” he said.

“If you want to see who is trying to pull one over the eyes of the Australian public it’s the nuclear industry, who are there propping up the coal industry who want to extend their business models, squeeze out the last bits of profits at the expense of Australian consumers.

“They’re coming to the people of Australia for a handout … but here’s no business case or economic case for it.”

Dramatic reductions in the cost of batteries and energy storage also meant the business case – “not that there was one” – for Australia to invest in nuclear power was even less than it previously had been.

“Battery technology is falling so rapidly that it’s eating other technologies’ lunch – or it will certainly do so,” he said.

Mr Kean said nuclear reactors would not be built quickly enough to replace coal-fired generators anyway, and that shifting to renewables was a faster and cheaper way to decarbonise the economy.

Nationals senator Ross Cadell rejected this, despite the CSIRO and Australian Energy Market Operator both finding that renewables are much cheaper than nuclear energy.

He accused Mr Kean of failing to properly scrutinise these findings, calling for a balanced energy mix in the transition.

But Mr Kean called on the opposition to back renewables, saying nuclear power would “drive up the cost of electricity for millions of Australians across the country”.

November 6, 2024 - Posted by Christina Macpherson | politics