Let us start with availability. Electricity consumption varies depending on the time of year and the time of day, but demand must be always met. A well-balanced energy system is flexible to fluctuations in demand. As the share of production with intermittent renewables increases, hydropower has a vital role in balancing the energy system in the Nordic countries. A flexible system, however, needs a stable foundation, and nuclear power provides that.
Nuclear power is a valuable resource also for industrial operators precisely because of its reliability. In fact, we are currently working with industrial operators to explore what role nuclear power could play in decarbonising their operations.
Nuclear power does not produce climate emissions
What about the cleanliness of nuclear power? One of the main advantages of nuclear power is that it does not produce greenhouse gas emissions. When it comes to mitigating climate change and preventing global warming above 1.5 degrees Celsius, all existing emission-free forms of energy should be used. The target cannot be reached with renewables alone.
Nuclear power production generates waste, but most of it is normal industrial waste. Spent fuel, i.e. high-level radioactive waste, accounts for a small share. The Finnish Posiva is the first company in the world to commission in this decade a geological final repository for high-level radioactive fuel; the meticulously researched solution is designed to also withstand future glaciations.
So nuclear power differs from fossil fuels in that the waste generated in nuclear power production is isolated from the biosphere where necessary, while the pollutants produced by fossil fuels are spewed into our atmosphere. It is not difficult to see why nuclear power is also an environmentally responsible solution to the energy trilemma.
Nuclear power stabilises electricity system
The formation of electricity prices is rather complex and is affected by several factors. But generally speaking, reliable and stable production tends to reduce the overall price volatility. This is important for consumers and for industry – and for the national economy. Stable production with nuclear power plays a significant role in stabilising volatility in the electricity system.
The energy crisis has shown us how the price of fossil fuels has caused electricity market prices to temporarily soar. This is not anticipated with nuclear power because the fuel accounts for only a small proportion of the total cost of production.
So nuclear power is a convenient answer to all the challenges of the energy trilemma and is an important part of the whole. A functioning energy system is like the plate model we are all familiar with. Just as humans do not fare well on carbohydrates alone, the energy system cannot function optimally on renewables – or nuclear power – alone. A well-balanced plate includes the right proportion of all forms of emission-free energy!
Read previous parts of the blog series:
Loviisa provides steady electricity and Finnish nuclear expertise for the decades to come
Nuclear power offers decarbonised stability for our daily lives
