The results of the updated study, which Eletronuclear provided technical support for, have been sent by the nuclear power plant operator to the Minister of Mines and Energy, who is expected to forward it on to the National Energy Policy Council (CNPE), which will make the ultimate decision on whether or not to complete the power plant.
Eletronuclear says that the study projects the cost of abandoning the Angra 3 project at between BRL22 billion (USD4.1 billion) and BRL26 billion (with a cost of BRL1 billion per year just to maintain the project) which it says compares with an estimated cost of BRL23.9 billion to complete the project.
Under scenarios considered, the break-even tariff is put at a range of BRL778.86-BRL817 per MWh, which Eletronuclear says remains "lower than the average cost of most large-scale thermal power plants in the country, considering the Unit Variable Costs (UVC) plus the Fixed Revenue for availability (measured even without dispatching the plant)". That tariff estimate is higher than last year's estimate of BRL653.31 per MWh, with the rise put down to delays in the project and revision of financing costs.
Eletronuclear stressed the job creation and wider economic benefits of completing the project, including helping meet the growing energy demands of data centres while also minimising carbon emissions, saying: "The study also highlights that Angra 3 will offer clean, stable, and long-term energy, contributing to energy security and the decarbonisation goals of the Brazilian electricity matrix."
The government in Brazil has been split on whether to go ahead with the Angra 3 project. The latest update from Eletronuclear says that if the go-ahead is given, the target completion date would now be 2033.
The background
Brazil has two operating reactors - Angra 1 and Angra 2 - which generate about 3% of the country's electricity. Work on the Angra 3 project - to feature a Siemens/KWU 1405 MW pressurised water reactor - began in 1984 but was suspended two years later, before construction began. The scheme was resurrected in 2006, with first concrete in 2010. However, amid a corruption probe into government contracts, construction of the unit was halted for a second time in 2015, when it was 65% complete.
The project resumed again in November 2022 - at the time of the project's revitalisation, Eletronuclear's aim was to start operations by the end of 2026. However, work halted again in April 2023 after disputes with the municipality of the City of Angra dos Reis over agreements relating to "environmental compensation" payments and also changes relating to the granted planning permission.
The company says the unit's generating capacity will be sufficient to supply 4.5 million inhabitants and has also noted that about BRL800 million in Angra 3 equipment was used in Angra 2 and between BRL500-600 million in nuclear fuel, which had been initially purchased for Angra 3, had been used in Angra 2.
The CNPE has discussed the Angra 3 project on three occasions since December 2024, with the president of the Council, the Minister of Mines and Energy in favour, but other members requesting further reviews and postponing a decision.
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