Coalition pushes for nuclear power in Australia
Australia’s Federal coalition party continues to step up its push for the nation to include nuclear power in its future energy mix.
While Australia has the world’s largest economically demonstrated resources of uranium and is the world’s third-largest uranium producer, at present the nation has no plans for a domestic nuclear power industry due to policy restrictions, but that may change under a coalition government.
Led by the Shadow Minister for Climate Change and Energy, Ted O’Brien, the coalition is making a switch to nuclear energy a key plank in its 2025 energy policy.
The coalition says nuclear power can provide a clean energy solution to Australia’s need to reduce its CO2 emissions and has highlighted the potential to replace the nation’s significant coal-fired power plants.
‘Time to Talk Nuclear’
Mr O’Brien, the voice behind the ‘Time to Talk Nuclear’ push, says that it’s time Australia kept up with other leading nations in giving nuclear power strong consideration.
According to the coalition energy leader, as many as 50 countries are exploring nuclear energy for the first time, while 33 other economies are already using nuclear power technology.
“It’s time for a mature conversation about the possibility of including new nuclear energy as part of Australia’s future energy mix,” he declared.
Australia’s nuclear potential and challenges
Mr O’Brien describes Australia as a nuclear nation already, however, he says we are not taking advantage of technology that can provide next-generation, zero-emissions nuclear energy.
“In fact, Australia has 70 years of world-leading nuclear science experience and is known as one of the world’s most sophisticated nuclear nations.”
In his ‘Time to Talk Nuclear’ proposal, he states that Australia’s energy system is coming under growing pressure and that the nation’s families and businesses will pay the price.
“Reducing emissions while delivering low-cost, reliable, and clean energy will require a balance of technologies working together,” he said.
“It’s time for a mature national conversation about the possibility of introducing advanced nuclear technology into Australia’s energy mix.”
“There is no greater prerequisite for nuclear energy than consent from the Australian people and this is why we need a national conversation.”
Opposition leader’s support
Mr O’Brien has received strong support from opposition leader Peter Dutton who earlier this year highlighted a switch to nuclear as clear energy policy for his party.
Mr Dutton also pointed to the introduction of rapidly developing new nuclear technology options as an opportunity that must be investigated.
He identified small modular reactors as a technology that could help overcome concerns over the cost of introducing nuclear power.
He suggested that a number of small modular reactors could be installed on the sites of ageing coal-fired power plants and using transmission systems already in place on Australia’s east coast.
South Australian opposition leader on board
South Australia’s opposition leader, David Speirs, has also put up his hand to support a switch to nuclear power.
Earlier this year he told the South Australian parliament that Australian governments need to have an open mind when considering nuclear power as a potential energy option.
“It may very well be that consideration of nuclear energy in some form, likely small modular reactors, will be necessary,” he said.
Boss Energy buoyed by positive thoughts
South Australian uranium mine developer Boss Energy (ASX: BOE) is just one of many local juniors that are watching the opposition’s moves with interest.
The company is on target for the re-opening of its Honeymoon uranium project following the recent arrival on-site of the first set of NIMCIX loading and elution columns for the project’s new Ion Exchange (IX) circuit.
Managing director Duncan Craib said the IX circuit would drive efficiencies at Honeymoon, increasing production throughput to nameplate capacity of 2.45Mlb/annum of U3O8 while reducing ramp-up time and technical risks. It will also reduce operating costs to industry benchmarks, including a forecast AISC of US$25/lb and cash costs of less than US$20/lb.
“Honeymoon is one of the world’s most advanced uranium development projects and is being fast- tracked to re-start production in Q4 2023. The first set of loading and elution columns will be sufficient to enable Boss to commission the project and commence production. Another five sets will be added as part of the subsequent production ramp-up,” he said.