Switzerland’s four reactors produced an average of 20.7 TWh a year over 2016–2025, including years with long outages. Losing that output adds to the supply already needed for electrification.

We recommend keeping Gösgen and Leibstadt while safety and owner economics support them, and developing two new reactors now. Beznau’s planned retirement comes before the new plants in our delivery scenarios, so its replacement needs a separate, earlier supply package.

Ten-year operating record · Replacement and delivery dates

Electricity from existing reactors

The record shows substantial production and prolonged outages. Keep useful output while arranging cover for weeks or months without a large unit. The ten-year average includes those interruptions.

Historical data
Definition and limits of the ten-year average
Observed generation · 2016–2025Four reactors. Ten years of electricity.Annual output varies. A long record includes the difficult years as well as the strong ones.

Annual generation in TWh · bars start at zero; full scale 30 TWh

  1. 201617.3
  2. 201716.5
  3. 201821.5
  4. 201922.2
  5. 202023.0
  6. 202118.5
  7. 202223.1
  8. 202323.3
  9. 202423.0
  10. 202518.4

Beznau 1, Beznau 2, Gösgen and Leibstadt throughout. Mühleberg is excluded. All outage years remain included.

BFE generation series · Chart data and arithmetic

BFE’s Gösgen figure for 2025 differs from the operator’s electricity-only total. Definitions and source difference.

Annual plant results and prolonged outages

Capacity factor across three periods

A capacity factor compares actual output with output at full nominal capacity throughout the period. It reflects both operating time and output while running.

On a small screen, scroll the table to see all columns.

Calculated from the BFE generation series. All outage years remain included.
Reactor2016–2025
Ten years
2021–2025
Five years
2025
Beznau 168.0%86.0%91.0%
Beznau 289.2%87.8%77.7%
Gösgen85.3%79.2%38.8%
Leibstadt75.4%80.8%88.5%

Generation and capacity: BFE table 15 and footnotes · Period calculations

How much electricity per year?

BFE generation series, GWh per year. Longer periods show arithmetic means, rounded to the nearest GWh.
Reactor2016–2025
Annual mean
2021–2025
Annual mean
2025
Beznau 12'1772'7512'909
Beznau 22'8552'8072'483
Gösgen7'5527'0123'429
Leibstadt8'0948'6979'558

BFE table 15 · Inputs and arithmetic means . The same four reactors are compared throughout. Mühleberg is excluded, including before its closure.

Gösgen: operating history and the 2025–2026 shutdown

Gösgen stopped for planned maintenance on 24 May 2025. A potential design weakness in the feedwater system delayed restart.

The plant replaced check valves and submitted safety evidence. ENSI approved restart on 23 March 2026, after about ten months offline. ENSI: findings and restart approval

The operator confirms that electricity delivery resumed that day. Gösgen: return to the grid

Gösgen’s capacity factor was 90.4% across 2016–2024, before the extended outage. Across the full 2016–2025 period, including the outage, it was 85.3%. Historical calculations

Gösgen: ten years of output
Calculated capacity factor. Each bar uses the same 0–100% scale.
  1. 201692.1%
  2. 201791.4%
  3. 201892.4%
  4. 201987.7%
  5. 202093.0%
  6. 202188.5%
  7. 202289.2%
  8. 202390.2%
  9. 202489.4%
  10. 202538.8%

2025 includes the extended shutdown. BFE table 15 · Data and calculation

Annual data and calculation method
Each cell shows BFE generation in GWh, then our calculated capacity factor.
YearBeznau 1Beznau 2GösgenLeibstadt
20160 GWh
0.0%
2'994 GWh
93.4%
8'174 GWh
92.1%
6'108 GWh
57.0%
20170 GWh
0.0%
2'768 GWh
86.6%
8'091 GWh
91.4%
5'649 GWh
52.9%
20182'452 GWh
76.7%
3'022 GWh
94.5%
8'178 GWh
92.4%
7'813 GWh
73.1%
20192'815 GWh
88.0%
2'803 GWh
87.7%
7'757 GWh
87.7%
8'820 GWh
82.5%
20202'747 GWh
85.7%
2'930 GWh
91.4%
8'254 GWh
93.0%
9'059 GWh
84.5%
20213'026 GWh
94.6%
2'824 GWh
88.3%
7'828 GWh
88.5%
4'852 GWh
45.4%
20222'521 GWh
78.8%
2'944 GWh
92.1%
7'895 GWh
89.2%
9'753 GWh
91.3%
20232'892 GWh
90.4%
2'780 GWh
86.9%
7'980 GWh
90.2%
9'682 GWh
89.6%
20242'406 GWh
75.0%
3'006 GWh
93.8%
7'929 GWh
89.4%
9'642 GWh
89.0%
20252'909 GWh
91.0%
2'483 GWh
77.7%
3'429 GWh
38.8%
9'558 GWh
88.5%

Annual capacity factor = generation in GWh × 1,000 ÷ (net capacity in MW × calendar hours) × 100.

For several years, divide total generation by the sum of each year’s capacity × hours. Use the underlying energy, capacity and hours before rounding. Leap years have 8,784 hours; other years have 8,760.

Beznau uses 365 MW per reactor and Gösgen uses 1,010 MW. Leibstadt uses 1,220 MW through 2022, then 1,233 MW. These are BFE’s dated nominal net capacities. Table 15, footnotes 1, 4 and 6

BFE’s published utilization rates include heat for Beznau and Gösgen. Our capacity factors are calculated from its generation rows. Hourly and winter reliability require output and outage data at those time scales.

Gösgen’s 2025 total differs between BFE and the operator. Source definitions and difference.

Source definitions and the Gösgen 2025 difference

BFE lists 3,429 GWh for Gösgen in 2025. The operator reports 3,397 GWh of electricity and 31 GWh of process steam in electrical-equivalent units. BFE table 15 · Operator report, page 9

The tables use BFE’s series throughout. The difference from the operator’s figures remains unresolved. Using the operator’s electricity-only figure gives a calculated capacity factor of 38.4%. Calculation and boundaries

Download the data, methods and source notes (JSON) · Download annual rows (CSV)

Long outages in the operating record

Extended outages at Leibstadt or Gösgen overlapped at least 5 of the ten winters from 2016/17 to 2025/26. Some began as planned upgrades and lasted longer than scheduled.

Selected operating records. Winter means October–March.
Plant / winterShutdown and return
Leibstadt
2016/17
August 2016–February 2017

Fuel inspections and an interrupted restart delayed resumed power operation until 20 February.

Operating record Operating record
Leibstadt
2017/18
September–December 2017

Major maintenance was followed by fuel-replacement and approval delays. Grid return: 18 December.

Operating record
Leibstadt
2018/19
September–November 2018

A planned four-week shutdown extended to about seven weeks. Grid return: 2 November.

Operating record
Leibstadt
2021/22
May–December 2021

Major condenser and circulation-system upgrades took longer than scheduled. Grid return: 3 December.

Operating record
Gösgen
2025/26
May 2025–March 2026

Feedwater-system work prolonged the shutdown. Grid return: 23 March, before winter ended.

Operating record Operating record

These events support arranging replacement energy as well as immediate backup power. Their different causes and durations do not establish the probability of the model’s chosen 90-day outage. Returning to the grid can precede full output.

Event dates, evidence coverage and count definition

Continued operation has conditions

ENSI’s national report describes the system for safety assessments and oversight. Our support for existing plants depends on meeting the applicable safety requirements and on a viable operating plan.

ENSI: safety assessment and oversight

We recommend pursuing operation to 80 years at Gösgen and Leibstadt, subject to safety and the owner’s investment decision. The extension study provides an economic basis for pursuing that option. Its maintenance, outage, waste and funding assumptions remain part of the decision.

60-to-80-year extension study

The costs chapter compares Swiss life-extension scenarios, including reduced operation and early closure.

Replace Beznau on its own timetable

Axpo announced operation of Beznau 2 until 2032 and Beznau 1 until 2033. ENSI records these intentions alongside the requirement for continued safe operation.

ENSI national report: introduction and Beznau operating intentions

Together, the plants generated an average of 5.56 TWh a year during 2021–2025, including outages. This gives the scale of the energy to replace. Winter output and reliable supply during difficult hours also matter.

Five-year generation average and original records

Our recommendation: arrange replacement supply before these retirements, independently of the first new reactor. Advance viable generation, efficiency and voluntary demand flexibility. Contract remaining winter supplies and reserves with their costs and availability stated. Imported electricity can help during the transition; reliance on it must remain visible in the sovereignty assessment. See the replacement timeline and the reserve services to procure.

Plan for the whole delivery period

Use 2047 as the working date for a first new station, with supply arrangements that can survive a delay to 2053 or later. This selects the planning case from our illustrative schedules. It is a programme assumption, conditional on legal change, approvals, suppliers and finance. The accelerated case, with commercial operation in 2042, remains an opportunity rather than electricity credited to the earlier bridge.

Scenario dates and dependencies Chosen scheduling reference

Start reversible development work now: establish the owner team, assess candidate sites, compare designs and test customer interest in long-term electricity contracts. Make construction depend on the required permissions and a funded delivery plan.

Three scenarios · one first projectStart now. Prepare for different arrival dates.Each case starts preparation in 2026. The dates follow assumed approval and construction periods, with no probability assigned.
Preparation and approvalsConstruction to first gridCommissioning after first grid
  1. Favourable caseCommercial operation 2042

    Timely decisions, a prepared site and secured suppliers. First concrete: 2034. First grid: 2041.

  2. Planning illustrationCommercial operation 2047

    Longer assessment and construction, with some work in parallel. First concrete: 2037. First grid: 2046.

  3. Delayed caseCommercial operation 2053

    Legal or licensing delays, followed by difficult construction. First concrete: 2041. First grid: 2052.

The delayed case passes 2050. Greater delay or cancellation is possible. Further units need their own sites, suppliers, workforce and finance.

All timeline assumptions and dependencies
Analyst assumptions, not an official timetable or developer commitment.
StageFavourable casePlanning illustrationDelayed case
Legal availability assumed202820282031
General licence process2028–20322029–20352032–2039
Construction licence and design work2030–20342033–20372037–2041
Construction start to first grid7 years9 years11 years
Commissioning after first grid1 year1 year1 year

Design and application preparation overlap in these cases. Permission must precede the work that depends on it. Legal change, site approval, a suitable design, supplier slots and financing are conditions in every case.

First grid connection means commissioning electricity can enter the network. These scenarios count the unit’s planned annual contribution from commercial operation.

Download all three schedules (CSV)

Schedule assumptions and calculations

The referendum has qualified. DETEC expects a vote in 2027. Voters must approve the change before new nuclear projects can proceed under it. Plant licensing follows separately.Referendum qualification, 19 October · DETEC: vote expected in 2027

Grid approvals and trained people also determine delivery

The grid-law amendment has a referendum deadline of 21 January 2027. Faster procedures depend on commencement and implementation. No guaranteed project time saving follows from that deadline. Grid-law deadline and commencement

Fund recruitment, qualification and continuing training alongside the reactor project. ENSI’s September B10 draft covers operating staff, maintenance personnel, contractors and decommissioning. Consultation runs until 15 January 2027. It provides a planning checklist; final requirements depend on adoption. Public evidence still lacks project-specific headcounts, salaries and simulator costs.

Draft qualification and training scope · Consultation dates

Our proposed programme develops two standardised units, with working operation dates of 2047 and 2050. The second requires overlapping construction. The programme chapter shows the budget, owner financing and the supply still needed alongside them.

Two-unit planning case and delivery conditions

All three cases arrive after Beznau’s announced retirements. A replacement programme therefore needs both near-term supply and long-term construction. If a project misses a key approval or financing milestone, update its expected contribution and secure the resulting gap immediately.

Start with designs that have operating references

Compare AP1000, APR1400 and EPR designs in a competitive Swiss feasibility study. Each has operating reference plants in the records below. Assess site, cooling, grid, supplier capacity and financing before selecting a project.

Reference designs, construction dates and source records
Completed reactors · observed datesConstruction experience varies widelyTime from construction start to commercial operation. Planning and licensing before construction add to the full project timeline.

Years · common scale from zero to 20

Fuqing 5
China · HPR1000
5.7 years
Barakah 1
United Arab Emirates · APR-1400
8.7 years
Taishan 1
China · EPR-1750
9.1 years
Sanmen 1
China · AP-1000
9.4 years
Vogtle 3
United States · AP-1000
10.4 years
Olkiluoto 3
Finland · EPR
17.7 years

These examples include faster builds and major delays. Country, design, contractors and project organisation differ. The range gives useful stress tests for a Swiss plan.

Milestones, selection and source differences

Six completed units span four designs and four countries. This selection illustrates variation; it gives no probability of a Swiss completion date.

All intervals use IAEA PRIS dates and calendar days divided by 365.25. First grid connection precedes commercial operation while commissioning continues.

Dates reported by IAEA PRIS, snapshot of 17 September 2026.
UnitConstruction startFirst gridCommercial operationSource
Fuqing 52015-05-072020-11-272021-01-30IAEA PRIS
Barakah 12012-07-192020-08-192021-04-01IAEA PRIS
Taishan 12009-11-182018-06-292018-12-13IAEA PRIS
Sanmen 12009-04-192018-06-302018-09-21IAEA PRIS
Vogtle 32013-03-022023-03-312023-07-31IAEA PRIS
Olkiluoto 32005-08-122022-03-122023-05-01IAEA PRIS

For Olkiluoto 3, the operator’s regular-production date differs from the PRIS commercial date. This chart consistently uses PRIS’s milestone.

Download the dates and intervals (CSV)

Selected records, primary sources and arithmetic

The faster examples show what some projects achieved. The delayed examples show the consequences a Swiss owner must prepare for. Neither outcome transfers automatically to Switzerland.

Keep small modular reactors as an option. Give them a construction commitment when reference performance, suppliers and executable offers justify it. The first project should earn its place through demonstrated capability and acceptable commercial terms.

Build on Switzerland’s earlier proposals

Start the site comparison with Beznau, Mühleberg and Niederamt. Their earlier proposals contain geological investigations, flood studies, cooling concepts and generic plant layouts. This work gives a new owner a concrete starting point for assessing locations.

ENSI: scope of the earlier assessments
Historical proposals · applications withdrawnThree candidates for a fresh site comparisonThe earlier proposals give each location a starting design and a record of questions to resolve.
Proposed electrical power in the 2008 applications. MW measures power; annual electricity would depend on operation.
ProjectProposed powerHistorical findings to check against later work
Beznau1'450 MWFlood protection, including effects on neighbouring nuclear facilities.
Page 2, hydrology paragraph
Mühleberg — Niederruntigen1'450 MWSlope stability, landslides and rockfall.
Page 1, final paragraph
Niederamt — near Gösgen1'100 MW or 1'600 MWRegional geology and reliable grid connection, with any necessary network expansion.
Printed page 28, recommendations 4.1.6 and 4.1.7

Each listed power class allowed ±20%. Niederamt’s two sizes were alternatives for one plant. All three proposals included cooling towers.

ENSI: proposed power, cooling and site conditions, pages 1–2 Download the proposal data (CSV)

How far did the earlier projects get?
  1. 2008
    Applications submitted

    Three projects enter the general-licence process. Source

  2. November 2010
    Site assessments

    ENSI finds geological conditions suitable in principle and requires further investigations. Source

  3. March 2011
    Procedures suspended

    The government suspends the procedures after Fukushima. Source

  4. October 2016
    Applications withdrawn

    Owners cite changed market conditions and the political direction. Source

These were general-licence applications: an early assessment of the site and project outline. The withdrawn applications provide no current permission to build.

BFE: application history Owners: withdrawal announcement

Fund a comparative site study with a decision at the end: select a feasible project or stop that option.

What must a fresh comparison establish?
  • Safety and land: check present site conditions, earthquake and flood hazards, available land and the space a proposed reactor needs.
  • Cooling: test water availability, heat discharge, electricity used by cooling equipment and costs during hot, dry conditions.
  • Connection: establish how reliably the plant can feed the grid, what network expansion it needs and when that work can finish.
  • Delivery: identify a willing owner, a suitable reactor and suppliers, current approvals, finance and responsibility for overruns.

These are our recommended checks. ENSI’s earlier findings and the Nuclear Safety Commission’s Niederamt recommendations provide specific starting questions.

ENSI: site findings KNS: owner, geology and grid recommendations, page 28

The value of reuse depends on how much earlier work remains applicable. A credible estimate of years or money saved is still missing. The delivery scenarios above therefore assume no time saving from these dossiers.

Reuse assessment and remaining uncertainty

Make owner financing a condition

A reactor owner must earn revenue on the output it can sellA conditional owner calculation: CHF 10,000/kW plant cost, 5% real required return, and an extra CHF 10 per generated MWh for geological disposal.
Required average receipt per sold MWh, in 2026 CHF
Annual output as a share of full powerAll output earns revenueOnly 75% earns revenue
70%192256
85%163217
93%151201

Lower availability and unsold output both raise the price the owner needs. The 75% case keeps costs fixed and gives the remaining output zero revenue. It is a sales-risk sensitivity, not a prediction of nuclear curtailment or electricity prices.

The disposal allowance is an explicit assumption, pending a site-specific fund assessment. The original owner case uses 85% annual output; the separate financing demonstration uses 90% to isolate financing effects. Neither replaces observed reactor histories or the hourly supply cases with explicit maintenance and outages.

Owner cashflows, formulas and assumptions

Recent European projects justify a wide cost range

EDF’s 2025 accounts put Hinkley Point C’s two-reactor project estimate at £35 billion in 2015 money. EDF’s Flamanville figure of €13.2 billion in 2015 money covers construction. The comparison below shows the broader investment totals in the French audit. These project estimates support testing finance and overruns; a Swiss project needs its own scoped offer.

EDF accounts, completion estimates and price years

Flamanville 3 · dated investment estimatesOne plant. Different cost boundaries.

Billion euros at 2015 prices · each bar is a different total for the same project

  1. Construction estimate13.2
  2. Plant and owner costs before financing15.6
  3. EDF total including financing19.3
  4. Broader auditor estimate20.4

Financing and owner costs change the investment an owner must recover. These totals overlap; adding the bars would count the same costs several times.

Estimate dates and scope

The January 2025 audit reproduces EDF’s November 2023 estimates, then gives a broader auditor total. These are estimates, not final accounts. First-cycle operating costs and Swiss project conditions need separate treatment. All bars use 2015 euros; values in 2023 euros differ.

Cour des comptes: Table 2 and reconciliation

Our preferred financing route

Start with an owner consortium and long-term customer contracts. Require owners and suppliers to carry defined construction risks. If viable offers still require public price support, compare a capped, two-way contract: support below an agreed price, repayment above it. Publish the maximum public exposure, end date and overrun allocation before approval.

This is our proposed negotiating position. Evidence does not yet establish an affordable guarantee cap or prove that public support is unavoidable. We would not promise unlimited overrun cover or automatic customer charges during construction.

Require customers, owners and suppliers to agree who carries delays, outages and overruns. Long-term electricity contracts must leave enough income for maintenance, fuel, waste and closure. Compare offers with alternatives delivering the same dependable supply.

Conditions for committing to construction
  • A suitable design and permitted site, with cooling, grid and safety requirements costed.
  • Reserved supplier capacity and a schedule covering commissioning and delay allowances.
  • A complete price with currency, price year, finance and contingency stated.
  • Named parties responsible for overruns, delays and reduced output.
  • Funded fuel, maintenance, insurance, waste and dismantling obligations.

Public guarantees or price support would transfer risk to taxpayers or customers. Any such proposal needs a separate, explicit decision. The cost chapter shows how financing and construction duration change the price a plant must recover.

Costs, waste and supply dependence

Fuel independence needs more than a reactor

Nuclear fuel can be stocked ahead of use, but Switzerland depends on foreign uranium, conversion, enrichment and fuel fabrication. Axpo reports Canadian and Kazakh uranium contracts and a Western processing chain. It also reports strategic stocks of Russian origin. Public evidence does not establish an audited duration for those stocks.

Our requirement: diversify the complete fuel chain and contract reloads and stocks before counting dependable generation. Axpo fuel-chain explanation, June 2026

Fund waste services for the full reactor lifetime

The repository application includes reserves for longer operation of existing reactors, including an 80-year case. It explicitly excludes new reactors. Each new project therefore needs its own funded plan for interim storage, fuel packaging and final disposal. Application inventory · Nagra: existing and new reactors

Make these services and their costs part of the investment decision. Owners must fund the obligations, and the regulator must approve the relevant capacity and safety case. Our added disposal-cost allowance remains an assumption until a project-specific assessment is available. Licence and funding conditions · Disposal-cost assumption

What the existing reserves cover, and why timing matters

The proposed maximum is 2'500 m³ of unpackaged high-level waste. It starts from a rounded 1'550 m³ baseline and includes 550 m³ for 80 rather than 60 years of existing-reactor operation, plus other margins. Packaging and the space needed to dissipate heat are separate. The application quantity establishes no approved capacity for new units.

The existing programme’s reference schedule places high-level waste in the repository in 2060–2074. A new reactor starting in 2050 and operating for an assumed 60 years produces its final spent fuel around 2110, before cooling and disposal. Its storage, packaging and disposal services must remain available beyond the existing programme’s reference intake period.

Safety report, Appendix A · Reference inventory schedule, section 2.5 · Lifetime illustration and its assumptions

Existing-fleet closure costs

The submitted 2026 cost study estimates CHF 23.602 billion for decommissioning and disposal, including federal waste and costs already incurred. A separate CHF 1.629 billion covers post-operation activities after electricity production ends. These are lifecycle estimates at January 2026 prices, not the remaining bill or a fund shortfall.

Independent review precedes final contribution decisions. These existing-fleet estimates do not price our proposed new reactors or 80-year extensions. Those need separate cost and inventory assessments.

KS26: lifecycle totals and assumptions · Submission and review status

Unlimited liability is not unlimited insurance

Swiss operators have unlimited liability for nuclear damage. Required cover starts at EUR 1.2 billion, plus 10% for interest and legal costs. Operator assets beyond that cover remain exposed. Federal cover fills specified private-insurance gaps; international supplementary compensation has a separate limit.

The ordinance permits certain exclusions or limits for exceptional natural events, war, terrorism and late claims. It does not disclose each plant’s private policy. Any new project must show its actual insurance, federal premiums and remaining exposure. An extreme loss could still require a parliamentary decision on public intervention.

BFE: liability and compensation · Liability ordinance, Article 7

What Swiss system models tell us

The ETH–PSI study finds that construction cost, required returns and policy decide whether its models choose new nuclear. Its market-driven cases disagree on that choice. Some modelled net-zero systems use no new nuclear. The study does not test how either mix supplies electricity during restricted imports and simultaneous outages.

Study results and limits

Our conclusion: develop a real Swiss offer and test its delivery, costs and winter service. The study helps identify favourable terms; it cannot establish that a supplier will offer them.

ETH–PSI: assumptions, model differences and excluded supply tests

Construction cost, finance and policy affect whether new nuclear earns a place in the electricity mix. The June 2026 ETH–PSI study compares four computer models, including nuclear alongside hydro, renewables, storage and electricity trade. It also finds modelled net-zero systems without new nuclear, using renewables, flexibility, storage and trade.

ETH–PSI: methods and conclusions, pages 6–16 and 27–28
ETH–PSI · conditional modelling for 2050The nuclear result depends on the dealThese construction, financing and policy assumptions apply together.
Construction inputCHF 5'000/kW

In 2024 money, before construction financing.

Financing input5% above inflation

Lower investment risk, such as through public guarantees.

Policy input45 TWh/year

Non-hydro renewables and new nuclear share the target. Both receive support to meet it.

New nuclear chosen across the four models2.6–4.9 GW

A model result for this low-cost case. Actual projects need supplier prices, finance and approval.

The financing rate is the average annual return required by lenders and investors. Researchers call it the weighted average cost of capital, or WACC. Higher construction costs reduce the nuclear capacity selected in this case.

Report: pages 21–22, Figure 6 Appendix: financing and policy definitions, pages 7–11

ETH–PSI · alternative policy for 2050Nuclear without a minimum Swiss generation targetCheaper finance helps, but the models still disagree about whether to include new nuclear.

The previous case requires 45 TWh a year from renewables excluding hydro and from new nuclear, together. This comparison removes that requirement.

The models can choose how much electricity Switzerland generates or imports, within their other assumptions. The net-zero emissions rule remains.

Policy change and retained climate rule, pages 10–11

Each row is a computer model. These tools calculate a low-cost energy system under chosen assumptions. Their names identify different tools, whose scope is explained beside each result.

The columns set the annual return that lenders and investors require on money invested in new nuclear. The study uses 8% above inflation to represent private investment. Its 5% case assumes reduced investment risk, such as through government support.

Both columns test the same assumed construction prices: CHF 5'000, 8'000 and 12'000 per kilowatt of generating capacity.

For an illustrative 1 GW station, those prices mean CHF 5 billion, 8 billion or 12 billion. These are construction assumptions in 2024 money, before financing costs. Scale calculation

Does the model include new nuclear in its lowest-cost mix for 2050?
Model and what it coversHigher financing cost8% above inflationLower financing cost5% above inflation
STEMSwiss TIMES Energy System ModelElectricity, heating, transport and other energy uses. It follows the transition over time.Includes new nuclearAt all three construction prices.Includes new nuclearAt all three construction prices.
Nexus-eElectricity supply, networks and trade with neighbouring countries for a chosen future year.No new nuclearAt any of the three construction prices.Includes new nuclearOnly at CHF 5'000/kW.
SESSwiss EnergyScopeElectricity, heating and transport together, for a chosen future year.No new nuclearAt any of the three construction prices.No new nuclearAt any of the three construction prices.
SES-ETHSwiss EnergyScope — ETH variantA separately developed version of EnergyScope, also covering electricity, heating and transport for a chosen future year.No new nuclearAt any of the three construction prices.No new nuclearAt any of the three construction prices.

STEM includes new nuclear at every tested price. Nexus-e includes it only when both construction and financing are at the lower tested levels. The two EnergyScope versions choose other sources in these cases.

The tools differ in demand, renewable potential, trade and operation as well as scope. Their results describe those assumptions; an actual plant needs an owner, suppliers and finance.

Model descriptions, pages 1–3; financing, pages 8 and 13; results, Figures 21 and 25 System costs and owner decisions, page 15 Results for every price and financing case (CSV)

Reliability and delivery need their own tests

The study excludes security-of-supply stress analysis and leaves the 5 TWh winter net-import goal out of all models. Its nuclear and no-new-nuclear cases therefore leave our sovereignty test open: dependable supply during import shortages, difficult weather and coincident outages.

Security-of-supply scope, page 2 Winter import goal and reasons for exclusion, pages 7 and 11

New nuclear starts in 2050 by assumption, and the study excludes extensions of existing reactors. For our plan, continued safe operation and the actual delivery of new stations remain separate decisions, with the timetables in the delivery section above.

Start year and plant lifetimes, page 10
How to interpret the capacities and model differences

The models choose capacity continuously from a minimum of 300 MW, using generic light-water reactor assumptions. A real programme needs discrete reactor sizes and suitable sites.

Demand treatment, renewable resource limits, trade representation and operating assumptions differ between models. Each result reflects those choices as well as its model structure.

The selected scenarios allow carbon removal abroad to offset some emissions. Their net-zero result depends on that accounting choice.

The appendix also leaves implementation questions about SES construction-finance treatment, some solar financing rates and STEM dismantling costs. It notes that nuclear operating-cost assumptions based on high use may understate costs at lower use.

These questions need the exact model inputs and code. The published results are useful conditional evidence; we have not independently reproduced the models.

Tables 2–3 and methods, pages 3–12 Selected findings, assumptions and unresolved implementation questions

Continue to the cost of dependable electricity.

References

  1. Winter supply, lake access and nuclear fleet comparisons
    WattInfo · Calibrated hourly scenarios, 26 September 2026
  2. WattInfo electricity programme: 66 hourly cases, delivery dates and owner finance
    WattInfo · Conditional programme, 19 September 2026
  3. WattInfo proposed supply path: decisions and supporting calculations
    WattInfo · Proposed priorities and fixed-charging supply screen, 18 September 2026
  4. Economics of extending Gösgen and Leibstadt to 80 years
    BFE commissioned research · Report dated 12 March 2026; publication date not established
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    WattInfo · Visual chapter data and explicit teaching assumptions
  6. Swiss Electricity Statistics 2025
    Swiss Federal Office of Energy (BFE) · 2025
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    Swiss Federal Nuclear Safety Inspectorate (ENSI) · Tenth report
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    WattInfo / Niko Storni · Historical comparison v1
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    Swiss Federal Nuclear Safety Inspectorate (ENSI) · Restart decision of 23 March 2026
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    Kernkraftwerk Gösgen · 2026-03-23
  11. Gösgen annual report 2025
    Kernkraftwerk Gösgen-Däniken AG · 2025 annual report
  12. Nuclear construction records and conditional Swiss delivery cases
    WattInfo · Delivery evidence, 17 September 2026
  13. IAEA PRIS country units CN
    International Atomic Energy Agency · Snapshot retrieved 17 September 2026
  14. IAEA PRIS country units AE
    International Atomic Energy Agency · Snapshot retrieved 17 September 2026
  15. IAEA PRIS country units US
    International Atomic Energy Agency · Snapshot retrieved 17 September 2026
  16. IAEA PRIS country units FI
    International Atomic Energy Agency · Snapshot retrieved 17 September 2026
  17. DETEC current nuclear policy and referendum status
    DETEC / UVEK · Snapshot retrieved 17 September 2026
  18. ENSI comparison of the three proposed nuclear plants
    ENSI; archived by BFE · 2010-11-15
  19. Niederamt: Nuclear Safety Commission opinion
    KNS; archived by BFE · KNS document dated 15 December 2010; BFE publication date 10 January 2011.
  20. Swiss nuclear development and the withdrawn applications
    BFE · Snapshot retrieved 17 September 2026
  21. Owners withdraw the nuclear general-licence applications
    Alpiq, Axpo and BKW · 2016-10-12
  22. Historical nuclear proposals: selected data and reuse assessment
    WattInfo · Historical proposals, reviewed 18 September 2026
  23. ETH–PSI: Nuclear Power and the Future Swiss Energy System
    ETH Zurich and PSI; 19 authors including Manera · 2026-06-29
  24. ETH–PSI: nuclear white paper modelling documentation
    ETH Zurich and PSI · 2026-06-29
  25. ETH–PSI study: conditions, model inputs and reading notes
    WattInfo · Study review, 18 September 2026
  26. ETH–PSI comparison: model scopes, financing and construction-price examples
    WattInfo · Reader explanation checked against the June 2026 documents, 18 September 2026
  27. EDF 2025 consolidated financial statements
    EDF · Selected primary-source passages
  28. Auswirkungen neuer KKW auf das Tiefenlagerprojekt
    ENSI · Selected primary-source passages
  29. Where does the uranium for Beznau and Leibstadt come from?
    Axpo · Selected primary-source passages
  30. Nuclear Energy Liability Ordinance
    Swiss Confederation · 2024-01-01
  31. Nuclear energy liability
    BFE · Undated page; checked 2 October 2026
  32. Swiss energy consumption and production: nuclear policy status
    DETEC · 2026-06-29
  33. Supply scale, fuel and nuclear owner-cost sensitivities
    WattInfo · 2026-10-02
  34. NTB24-01: General licence application safety report
    Nagra / SFOE archive · 2025-05
  35. Sind neue Kernkraftwerke im Tiefenlager eingerechnet?
    Nagra · 2024-09-04
  36. NTB22-05 Model radioactive-waste inventory for repository application
    Nagra · 2023-04
  37. Measured heating demand and repository planning boundaries
    WattInfo · 2026-10-04
  38. Federal Chancellery nuclear and electricity-law referendum observations
    Federal Chancellery / LINDAS · Official snapshot modified 13 October 2026; checked 14 October
  39. ENSI B10 personnel draft, September2026
    ENSI · 2026-10-09
  40. ENSI B10 consultation announcement, rendered browser excerpt
    ENSI · 2026-10-09
  41. Kernenergiegesetz: Referendum zustande gekommen
    Federal Chancellery · 2026-10-19
  42. UVEK current votes: nuclear-law referendum in 2027
    UVEK · 2026-10-23
  43. Electricity Act network acceleration amendment, adopted 2 October 2026
    Federal Assembly / Fedlex · 2026-10-23
  44. Kostenstudie 2026: Mantelbericht
    swissnuclear · 2026-09-30
  45. Kostenstudie 2026 eingereicht
    STENFO · 2026-09-30
  46. EPR industry: renewed momentum and persistent risks — full audit report
    Cour des comptes · 2025-01-14

Find definitions, calculations and model inputs in the source register.