Nuclear power is cheap, the nuclear industry boasts. Isn’t time that myth was finally laid to rest? The latest example of nuclear’s false financial promise has emerged in Canada in recent days.

Late last month, the Ontario provincial government announced it was postponing its plans to build new nuclear reactors after it was found that the cost would be "billions" too high compared to what the province is able to pay.

Now it turns out that the price tag is in fact three times higher than what was expected: for two Candu reactors is 26 billion Canadian dollars – 16 billion Euros or eight billion each. Two EPR reactors would cost Ontario 23.6 billion Canadian dollars – 14.7 billion Euros or 7.35 billion each.

When Areva persuaded the Finnish government back in 2002 to build the disaster-prone EPR reactor at Olkiluoto, the price they quoted was 2.5 billion Euros (it’s currently costing five billion and counting). Seven years later and an EPR costs nearly three times as much. Talk about inflation!

The two Candu reactors would cost 10,800 Canadian dollars per kilowatt of power capacity. In 2007 the Ontario Power Authority assumed for a price of $2,900 per kilowatt – a third of the actual cost. The EPR price tag now says €4,587 per kilowatt of power capacity, while the International Energy Agency still tends to use a price of €1,600 per kilowatt in policy recommendations. Can you think of any other walk of life where getting figures so wrong would be tolerated? Thank goodness these guys aren’t in the census business – imagine the chaos they’d cause.

So what has the Ontario provincial government done? That’s right, it’s gone to the national government to ask for a bail-out, like a kid begging daddy for a larger allowance.

‘By simplifying any one submission down to a single number at this point would be very difficult to do and highly speculative,’ said Amy Tang, a spokeswoman for the Ontario energy ministry. She’s absolutely right. No-one can ever be sure how much a nuclear reactor will cost, least of all the nuclear industry whose promises and projections should never be believed, until the thing is completed. Going on previous experience, you should expect those figures to rise sharply.