The costs of electricity generated by different sources should include the cost of the plant, the cost of the fuel, and the cost of operation and main­tenance (the economics of nuclear power are considered in detail in Chapter 15 of this book). The cost of the nuclear plant is the most relevant of the three component costs which, all considered, make nuclear power the cheapest producer of base load electricity (though only if discount rates are reasonable and the plant can be put into operation as designed). Long delays caused by licensing requirements, equipment supplies or other causes can change that situation, this being the reason why utilities insist on reli­able licensing processes and government guarantees.

Prices (quoted here in US dollars per kilowatt of electric power) vary considerably. The cost of plants built recently in Japan and South Korea has been quoted as close to $3000 per kW, while the Olkiluoto and Flamanville plants under construction in Finland and France, respectively, may cost more because of delays in construction.

Many national and international institutions constantly estimate the costs of electricity from various sources. The NEA/OECD, in cooperation with the International Energy Agency, estimates costs on a regular basis and provides updates (OECD, 2011). Likewise, industry institutions such as the World Nuclear Association (WNA) also provide updates on nuclear power plant economics (WNA, 2011). In all cases, electricity costs from nuclear power are comparable with those from coal, and are cheaper than those for gas and renewable sources. When a carbon tax is imposed on coal and gas, nuclear power becomes the most competitive source.