CANBERRA – Replacing Australia’s coal-fired power stations with small modular nuclear power reactors would cost A$387 billion (S$340 billion), according to Climate Change and Energy Minister Chris Bowen.

The high cost makes such a transition, advocated by the country’s opposition, a “unicorn and a fantasy,” he said on ABC Radio National on Monday. 

Australia would need 71 small modular reactors to replace the 21 gigawatts of coal-fired power in the system, he said, discussing analysis from the Climate Change Department. “I can’t think of a worse fit for Australia than nuclear power,” Mr Bowen added.

Backers of small modular reactors include Mr Bill Gates and Mr Warren Buffett, though there is currently only a handful of operating plants, and key developers have recently flagged cost challenges. BLOOMBERG