Nuclear Energy Can Slash Electricity Prices By 75 Says Atomic Association Chief

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World Nuclear Association director-general Sama Bilbao cites the opening of the Olkiluoto 3 nuclear reactor in Finland.
World Nuclear Association director-general Sama Bilbao says Finland’s electricity costs dramatically decreased after its newest reactor came online in 2023.MOSCOW: Nuclear energy can reduce electricity costs by as much as 75%, according to World Nuclear Association (WNA) director-general Sama Bilbao
Speaking at the World Atomic Week International Forum, she cited Finland, where electricity prices fell dramatically after its newest nuclear reactor came online in 2023.
“The very second that nuclear electricity entered the market, the cost of electricity in the country went down.
“For example, in Finland, when Olkiluoto 3 was added into the grid, the cost of electricity decreased by 75%,” she told reporters at a press conference here yesterday.
The Olkiluoto nuclear power plant currently provides about one-third of Finland’s electricity. It consists of two older reactors and the larger Olkiluoto 3, which began commercial operation in 2023.
With a capacity of 1,600 megawatts, it is the most powerful nuclear reactor in Europe and the third largest in the world.
According to Nord Pool, a physical electricity exchange, average spot prices in Finland dropped from €245.98 per megawatt hour in December to €60.55 in April, a fall of 75.38%.
At a separate plenary session, Belarus deputy energy minister Denis Moroz said nuclear power had also helped stabilise his country’s energy tariffs.
“The availability of this reliable energy helped us come up with tariffs for electricity that stimulated consumption.
“This translates into lower costs for industry, which means better competitiveness and greater resilience for the economy,” he said
Belarus commissioned its first nuclear power plant in November 2020, when Unit 1 of the Astravets facility was connected to the national grid.
The World Atomic Week, held from Sept 25 to Sept 28 in Moscow, brings together government leaders, international organisations, industry players and experts to discuss the future of nuclear energy and its role in global development. - FMT

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