Canada has a $6 Billion Nuclear Industry and is a Role Model for Australia, says Royal Commissioner

Uranium (Nuclear Minerals) / Nuclear Power - Economics, Design, & Industry

Date posted: 07/25/15

Simon Evans reports that nuclear power used for generating electricity in populated areas still has a potential future in Australia. With the arrival of domestic battery storage, this will give renewable energy such as wind and solar a competitive edge in the outback and very remote regions of Australia. According to the Royal Commissioner investigating the nuclear industry for the South Australian government, Kevin Scarce, says that an Australian nuclear industry can be future-proofed against the potentially massive changes coming to the energy sector. Mr. Scarce has just returned from a visit to the United States and Canada where he has been examining the nuclear industry. His inquiry comes as the Tesla Corporation, run by Elon Musk in California, launched a commercial home battery pack which will allow retail customers to store renewable-generated power, especially in remote regions. Mr Scarce, a former South Australian governor, admits the high cost of traditional large-scale nuclear reactors of up to $10 billion may make it difficult for an industry to be set up in Australia, unless there is a price put on pollution. But he said the rapid advances in smaller-scale nuclear reactors which are about four to five years away from being commercially available, appear a much better option. They are much smaller and more efficient and safer to operate, he says. The lower upfront investment required with smaller reactors, which is likely to be in the region of less than 10 per cent of the cost of a large-scale reactor, is an important element in being flexible enough to ensure the future viability of a fast-changing energy market if renewable power ever becomes competitive with nuclear. South Australian Premier Jay Weatherill made the surprise announcement on February 8 this year that the State would hold a royal commission on whether it should expand from just being a miner of uranium, and broaden its reach into power generation and waste storage, etc.