According to a recent report, India’s energy consumption will rise by 156 per cent between 2017 and 2040. India generates more than 80 per cent of its energy from fossil fuels. These fuels – coal, oil and gas – create major greenhouse gas (GHG) emissions, causing air pollution, health hazards and harsh climate impacts.
Global fossil fuel dependency is predicted to decrease by 13 per cent by 2040. To fill this gap, nonconventional and sustainable energy generation such as solar power, wind, hydro, geothermal and nuclear energy need to be pushed forward. Nuclear power can be an emerging clean energy source in India. It is a sustainable, environmentally friendly and economically viable option which can replace fossil fuel-derived energy and augment renewable energy sources.
Nuclear power stations are expensive to build but cheap to operate. The economy of power generation is analysed according to “Levelised Cost of Electricity” (LCOE). LCOE accounts for the overall building cost, cost of operation and the cost of waste management in respect to the overall electricity output of the station over its lifetime.
As per this analysis, nuclear power plants are the most cost- effective mode of renewable energy generation and have low greenhouse gas emissions. Capital costs account for 60 per cent of nuclear power’s LCOE.