Government confirms renewables will be massively cheaper than Hinkley C nuclear power even including system integration costs. A Government report issued last month confirms that renewables would be at least one third cheaper than a Hinkley C type nuclear project, and that is even despite the fact that the report ignores the cheapest available storage technologies. The report, issued by BEIS tries to take into account the extra system costs of absorbing renewable energy. In doing so the report completely ignores what many people think are going to be the cheapest way of integrating renewables, but such is the cheapness of renewable energy sources such as offshore wind, solar pv and onshore wind, even then renewables comes out much cheaper than Hinkley C. In the case of offshore wind, for example the report says that in 2035 the ‘enhanced’ levellised cost of offshore wind, including integration and balancing costs will be ’59 to 79′ £/MWh (middle range figure = £69 per MWh). This is expressed in 2018 prices, so to compare with Hinkley C you have to convert the much quoted £92.50 in 2012 prices to 2018 using the consumer price index. This produces a 2018 cost of Hinkley C of just over £102 per MWh. This, obviously is a lot higher than the mid range total cost of offshore wind of £69 per MWh and nearly double the mid range cost of solar pv (as stated by BEIS) of £53 per MWh.
100% Renewable UK 13th Sept 2020 read more »