Does Nuclear Power Make Financial Sense for Ireland?
Does Nuclear Power Make Financial Sense for Ireland?
11th January 2022
This webinar examined the economics of nuclear energy from financing, contracting, and policy perspectives. Our speakers shared insights from Estonia's SMR development plans and international nuclear project financing, exploring whether nuclear makes financial sense for Ireland's energy transition.
Expert Speakers
Kalev Kallemets
Co-founder & CEO, Fermi Energia
Kalev co-founded Fermi Energia in early 2019 to develop Small Modular Reactor (SMR) deployment in Estonia. He holds a Ph.D. from Tallinn University of Technology in energy economics and brings extensive experience from both private and public sectors, including work with an Estonian energy company, the Ministry of Economic Affairs, the Geological Survey of Estonia (as deputy director), and service as a Member of Parliament of Estonia. His work focuses on the practical economics and policy frameworks needed for successful nuclear deployment.
Paul Warren
Energy Finance Consultant
Paul is a consultant specializing in energy finance, contracting, and negotiation. From 2011 to 2019, he served as an energy and environmental economist with the International Atomic Energy Agency (IAEA). Previously, he represented the Ministry of Finance in Ontario, Canada, in negotiations with nuclear technology vendors, where he chaired the Commercial Team. Paul brings deep expertise in the complex financial structures and contractual arrangements that underpin nuclear projects.
Discussion Topics
- Capital Costs & Financing: Understanding upfront investment, construction timelines, and financing models
- Levelized Cost of Energy: Comparing nuclear LCOE with other low-carbon technologies over full lifecycle
- Small Modular Reactors: How SMRs change the financial equation with lower capital requirements
- Risk Allocation: Contractual structures for managing construction, operational, and market risks
- System Costs: Grid integration, backup capacity, and total system costs of different energy mixes
- Estonia Case Study: Lessons from a small country pursuing nuclear as part of its energy strategy
- Policy Frameworks: Government support mechanisms, carbon pricing, and regulatory approaches
Watch the Webinar
The full discussion and Q&A session, moderated by Denis Duff (Co-founder, 18for0), is available on YouTube.
Watch on YouTubeKey Insights
While nuclear has high upfront capital costs, its long operational lifetime (60-80 years), stable fuel costs, and high capacity factors make it competitive with other low-carbon technologies when evaluated over full lifecycles. Small Modular Reactors offer new financial models with reduced capital requirements and factory manufacturing economies. For Ireland, the financial case depends not just on nuclear costs in isolation, but on total system costs of achieving reliable, zero-carbon electricity while maintaining energy security and affordability.