When Peter Dutton went full throttle on the Coalition’s plans to actually take the nuclear option on nuclear energy, it conjured up the satirical ABC comedy, a show based on a fictional government body, the Nation Building Authority, charged with building infrastructure projects.
The big investors have already got behind the Albanese government’s legislated target for 2030 to have 82 per cent of the grid powered by renewables and made long-term investment decisions on that basis. When Dutton spoke this week about his plan to give nuclear power primacy in the renewable mix, that investment certainty vaporised.For investors that have poured tens of billions of dollars into the wind, solar and battery assets supposed to provide the framework for decarbonisation, the left-field nuclear announcement creates confusion and uncertainty around the billions more that they have already earmarked to invest.
Even if one were to successfully argue that nuclear power is a good option, trying to introduce it now, rather than 10 years ago, is financially reckless. At this stage, they believe the nuclear notion is fanciful and don’t want to give it any credibility or oxygen, and they strongly believe changing the renewable goalposts would mean serious sovereign risk damage for Australia.
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