Response to the Cereme study: 'Comparison of the full cost of electricity generation'

This report has been written to provide a detailed critical analysis of the note 'Comparison of full electricity costs' (Cereme, 2022), which has been widely distributed, particularly to members of parliament. It seeks to prove, using 'the most reliable' sources, that nuclear-generated electricity is less costly than all the others. The analysis proposed by Cereme has the following main biases: - A methodology for calculating LCOE (Levelized Cost Of Energy) that is poorly mastered, as it is applied to historical nuclear power, contrary to the practices of the French Energy Regulatory Commission (CRE) or the French Court of Auditors; - Presentation of results without uncertainty ranges, as is standard practice, whereas LCOE calculations are highly sensitive and depend on numerous parameters; - The use of data with non-homogeneous reference dates, the range extending from 2013 to... 2050; - A poor assessment of the 'systems' costs of integrating technologies; - Capital costs should be differentiated according to the risk associated with the technologies analyzed, whereas the proposed study gives a single value for all technologies. This choice is structuring and does not comply with the basic rules for calculating the cost of infrastructure financing; - Design and construction times for renewable and nuclear energy projects are inconsistent with reality (overestimated for renewable energy projects and greatly underestimated for nuclear energy projects); - Connection and construction costs for solar power plants are significantly overestimated, and construction costs for nuclear power are underestimated in comparison with all the EPRs built in Europe over the last 20 years; - Operating costs are underestimated for nuclear power and overestimated for renewable energies; - Interest and financing costs are poorly evaluated, and deviate from the elementary rules classically used in this type of calculation; - The proposed study ignores the gains in terms of greenhouse gas reduction brought about by the use of renewable energies and greatly overestimates the impact of renewable energy projects on biodiversity, while neglecting the environmental impact of nuclear power plants; - The study overlooks the hidden costs of the nuclear power industry, such as the budget of the CEA, the cost of the Bure disposal site, the cost of the complete renewal of the La Hague site, the (currently blocked) takeover of GE Steam turbine, etc. By way of example, the recent study by the French Court of Auditors (2025) provides a stinging illustration of the extent of the discrepancy between reality and the 'considerably simplified' Cereme study. The LCOE for Flamanville, for example, comes out at between Euros 122/MWh and Euros 176/MWh, according to the Court, whereas it is estimated at Euros 103/MWh by the Cereme, which also evaluates new nuclear power at Euros 64/MWh without any tangible basis, i.e. at a lower price than that charged by EDF for historical nuclear power that has already been amortized