Japan’s atomic power cost set to rise by 50 per cent by 2030

The cost of nuclear generated electricity in Japan is set to skyrocket due to the Fukushima disaster but will remain cheaper than alternative energy sources,

According to the Nikkei, quoting a draft of a government panel report nuclear is estimated to soar by at least 50 to 70 per cent by 2030 compared to 2004 levels.

The panel’s estimates will help Japan formulate a new energy policy by next summer as its reassesses the role of nuclear power in the wake of the world’s worst atomic disaster in 25 years.

After the disaster, then prime minister Naoto Kan floated ambitious targets for renewable energy, pledging to wean Japan away from atomic power but his successor Yoshihiko Noda has not gone that far, only acknowledging that public concerns will make it tough to build new reactors.

Prior to the diaster, Japan had planned to raise the share or nuclear generated power to 53 per cent from a third by 2030.

The government panel has estimated that cleaning up the Fukushima disaster and compensating its victims could cost as much as 20 trillion yen ($257 bn), which would boost he price of nuclear generated power by 8.9 to 10.2 yen per kilowatt hour compared to 2004 levels.

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