Fuel cost
$4.97 / MWh
Base O&M + Capital
$35.00 / MWh
Total running cost
$39.97 / MWh
Even a 99 % discount on fuel trims only a few $/MWh—illustrating how little uranium price shocks move the overall cost needle.
Back‑of‑the‑envelope non‑fuel cost math: Overnight cost 4 500 $/kWe; 5 % real WACC; 60‑year life ⇒ CRF ≈ 5.3 %. Annual capital charge 4 500 × 0.053 = 239 $/kWe‑yr. Dividing by 8 760 h × 90 % = 7 884 kWh gives ≈ 30 $/MWh. Add fixed+variable O&M ≈ 5 $/MWh → total non‑fuel ≈ 35 $/MWh (the figure used above).
Why is nuclear expensive? Not the atoms! The bespoke, one‑off builds and ever‑thickening rulebooks that balloon capital costs. A fit‑for‑purpose regulatory framework that embraces standardised, modular designs would let fission ride a tech‑style cost curve and accelerate decarbonisation well before fusion matures.
Sources: World Nuclear Association (2024); U.S. EIA LCOE 2024.
Questions or comments? Something wrong with the math? Contact me on X: x.com/joonaheino