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Economics

The selection of electricity production modes and their economic viability varies in accordance with demand and region. The economics vary considerably around the world, resulting in widespread residential selling prices. Hydroelectric plants, nuclear power plants, thermal power plants and renewable sources have their own pros and cons, and selection is based upon the local power requirement and the fluctuations in demand.

All power grids have varying loads on them. The daily minimum is the base load, often supplied by plants which run continuously. Nuclear, coal, oil, gas and some hydro plants can supply base load. If well construction costs for natural gas are below $10 per MWh, generating electricity from natural gas is cheaper than generating power by burning coal.

Nuclear power plants can produce a huge amount of power from a single unit. However, nuclear disasters have raised concerns over the safety of nuclear power, and the capital cost of nuclear plants is very high.Hydroelectric power plants are located in areas where the potential energy from falling water can be harnessed for moving turbines and the generation of power. It may not be an economically viable single source of production where the ability to store the flow of water is limited and the load varies too much during the annual production cycle.