Energy in Context
We need all of these. For clean baseload power, the toolbox is incomplete.
What does power really cost?
LCOE (levelized cost of energy) is the average lifetime cost per MWh of a plant. Useful — but misleading without context.
Wind (onshore)
37–86 $/MWh
Solar (utility)
38–217 $/MWh
Gas (CCGT)
48–109 $/MWh
Wind (offshore)
72–140 $/MWh
Nuclear (new build)
141–220 $/MWh
MSR(projected)
40–140 $/MWh
Why LCOE isn’t the whole story
- •LCOE ignores firmness. Cheap solar/wind is intermittent; the cost of storage and back-up isn’t included. A $38 solar MWh is not a like-for-like comparison with firm 24/7 nuclear.
- •Projected ≠ demonstrated. No commercial MSR operates yet — every MSR cost figure is a forecast, not a measurement.
- •Financing and geography dominate. Nuclear is driven by build time and cost of capital; these figures are US-centric.
- •What’s excluded: carbon price, subsidies, waste, decommissioning and grid connection — each hits sources differently.
Source: Lazard LCOE+ 2025 (unsubsidized, US, $/MWh). MSR figures are projections.
Solar
StrengthDaytime distributed power, rapidly falling costs
LimitationIntermittent, needs storage for baseload
CO₂~45 g/kWh lifecycle
Wind
StrengthExcellent at scale, offshore potential
LimitationIntermittent, location-dependent
CO₂~11 g/kWh lifecycle
Natural Gas
StrengthFlexible, fast to deploy
LimitationCO₂ emissions, methane leakage
CO₂~490 g/kWh
Uranium (PWR)
StrengthProven at scale, reliable baseload
LimitationLong-lived waste, pressurized systems
CO₂~12 g/kWh lifecycle
Thorium (MSR)
StrengthClean baseload, waste reduction, inherently safe
LimitationNo commercial reactor yet, engineering challenges
CO₂~12 g/kWh (projected)
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