A new report by the Swiss Academies of Sciences estimates the cost of constructing a nuclear power plant in Switzerland at between 14 billion and 43 billion Swiss francs. The wide range reflects varying assumptions about reactor size, construction conditions and financing costs.
The researchers based their estimates on current large-reactor costs of roughly 11,500 to 12,000 francs per kilowatt of capacity. They evaluated two reactor models: a 1,250-megawatt unit from U.S. vendor Westinghouse and a 1,630-megawatt design from France’s EDF. In an optimistic scenario with minimal delays, costs would total 14 billion francs for the Westinghouse reactor and 21 billion francs for the EDF model. Under a less favorable scenario with typical construction setbacks, expenses could rise to 25 billion and 43 billion francs, respectively.
The report notes that recent nuclear projects in Europe and the U.S.—such as Olkiluoto in Finland, Flamanville in France, Hinkley Point in the U.K. and Vogtle in the U.S.—have consistently exceeded both budgets and timelines, often by significant margins. Cost overruns in some cases have doubled or tripled original estimates. The lower-cost scenario assumes an idealized project execution with streamlined designs, completed planning before construction begins, stable supply chains and minimal delays.
Given the scale of investment, the report concludes that private operators in Switzerland are unlikely to fund such a project independently. The financial risks—including high upfront capital requirements, prolonged construction periods without revenue and uncertain long-term electricity prices—are typically beyond the capacity of private actors. International experience suggests state involvement is necessary to mitigate these risks.
The report also highlights a domestic factor: potential operators such as Axpo and BKW are partially or fully owned by Swiss cantons, meaning public authorities would share financial exposure regardless of ownership structure. For a new plant to begin operations by the early 2050s, tendering would need to commence by the early 2030s, contingent on a political decision to lift the current moratorium on new nuclear builds.
Switzerland’s parliament has already voted to lift the ban, but opponents have launched a referendum. Voters are expected to decide on the matter no earlier than February 2027. If approved, the tender process would likely focus on large, third-generation pressurized water reactors from EDF/Framatome of France or Westinghouse of the U.S. Geopolitical constraints rule out Chinese and Russian vendors, while South Korea’s KEPCO/KHNP faces legal barriers to independent sales in Europe.
Small modular reactors (SMRs) are not currently considered a viable alternative due to insufficient real-world cost and timeline data outside China and Russia. Recent high-profile cancellations, such as NuScale’s U.S. project, underscore the technology’s early-stage status and lack of economic certainty for near-term deployment in Switzerland.
