Earlier this month, the Ministry of Economy, Trade and Industry (METI) announced the results of a review of energy production costs, which concluded that nuclear will remain the cheapest alternative for Japan over the next 15 years while pointing out that the calculations took into consideration the government’s new safety measures. By 2030, the cost of producing a kilowatt hour of electricity in a nuclear plant is expected to increase from ¥8.9 to ¥10.1. This estimate also incorporates the presumed savings resulting from those new safety measures, which, METI assumes, will reduce the “frequency” of reactor accidents.
In comparison, energy derived from coal will cost ¥12.9 per kilowatt hour and from LNG ¥13.4, though these figures are based on price increases predicted in 2011. More significantly, the cost of solar will rise from ¥12.4 to ¥16, and wind from ¥13.9 to ¥33.1. Geothermal comes in at ¥19.2. METI said these high costs will “affect development” of renewables, implying that there isn’t much of a future for them.
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