Costs associated with the construction
of new nuclear reactors may pose
the greatest roadblock to the global expansion
of nuclear power. Recent experience
with construction of the newest
generation of reactors in the West
has met some difficulties. In Finland,
Areva, the French nuclear company,
is building its European Power Reactor
(EPR) at the Olkilouto facility. The
project is now 50 percent over budget
(originally 3 billion Euros) and 2 years
behind schedule (it was to open in 2009)...
Costs for new EPR plants are
now estimated to exceed $6.5 billion.23
Most of the costs associated with nuclear
power are capital costs associated
with plant construction and licensing...
Experience in the U.S. also shows
that increased construction times lead to
greatly increased costs from accumulating
interest costs.26 And construction
time has not improved that much.
Average construction time globally, in most
recent experience between 2001β2005,
was 6.8 years; at best it was five years,
on average.