Core argument Cost
New reactors put taxpayers and investors on the hook
New large reactors need huge sums upfront, then years of financing before they sell any power. The IPCC found that first-of-a-kind projects in North America and Europe took more than 13 years to build and cost three to four times their original budgets.
Modern reactors can technically follow changes in demand. The OECD/NEA nevertheless calls steady baseload operation the most economical mode: reducing output cuts electricity sales while most financing and fixed operating costs continue.
Why it matters for new builds
When climate budgets are limited, projects with more reliable costs and completion dates should come first.
What to keep in mind
Existing reactors are a separate case and can be cost-competitive. The construction record also varies by region. Standardised projects in East Asia have been faster, so overruns are not inevitable. Flexible nuclear operation is technically possible and can support the grid.
Sources (4)
- IPCC AR6 WGIII, Chapter 6: Energy Systems Section 6.4.2.4 covers construction times, project overruns, upfront investment and regional counterexamples.
- IEA, The Path to a New Era for Nuclear Energy (2025) The executive summary covers financing, delivery risk, fuel-cycle concentration and conditional SMR scenarios.
- IEA, Nuclear Power and Secure Energy Transitions (2022) The executive summary assesses the economics of extending existing reactors separately from new construction.
- OECD/NEA, Technical and Economic Aspects of Load Following with Nuclear Power Plants (2021) The abstract and report explain that reactors can follow load, while steady baseload operation remains the simplest and most economical mode.