The Institute for Energy Security (IES), says generating electricity from wind and solar is more environmentally friendly and economical than nuclear. To this end, it is reiterating its advice to the government to halt its efforts to generate electricity using nuclear.
According to the IES, the potential savings that will be attained by generating electricity from renewables as a substitute for nuclear power could be close to 288 percent for wind and utility-scale solar photovoltaic.
The analysis did not take into account potential, social and environmental externalities or reliability-related considerations with the alternative energy options.
The IES said its trend analysis based on Lazard’s Levelized Cost of Energy between 2010 and 2019 shows that new unsubsidized wind and solar power were cheaper than some already running resources like coal, nuclear and gas.
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It said the cost decline is rendering solar PV and wind increasingly attractive resources relative to conventional generation technologies with similar generation profiles. It said while capital costs for a number of alternative energy generation technologies are currently in excess of some conventional generation technologies, declining costs for many alternative energy generation technologies, coupled with uncertain long-term fuel costs for conventional generation technologies, it is ideal to invest in renewables.
The IES reiterated that it does not support the government’s move to switch the country’s energy base-load from Akosombo and Kpong hydropower to nuclear. It said the government is seeking to introduce nuclear into the country’s energy mix at a time when many countries around the world, including Germany, Spain, Portugal, Belgium, Greece, and Italy, have either shut down or are in the process of pulling the plugs off nuclear plants because of complicated relationships with nuclear power.
The Institute sees the push for nuclear power as backward, given that times have changed to favour solar and wind energies, instead of nuclear power, based on economics, safety and security risks as well as investment hurdles.
By: Dominic Hlordzi.
