heating oil and natural gas are indeed substitutes in electricity generation and certain industrial uses which induces fuel switching and price correlation in the short or medium terms in electricity generation for instance gasfired plants exhibit a very high sensitivity to fuel prices as a twofold increase in the fuel cost can augment the cost of generating electricity by over a third ieanea on the contrary for nuclear power plants the fuel price risk is generally much lower than for fossilfuelled plants since fuel costs are a small share of total cost indeed even a doubling of the cost of uranium would only increase the share of fuel costs from to about implying an increase of about in the total cost of electricity produced by a nuclear plant this translates into stable costs over the lifetime of a plant and depending on market structure potentially into stable electricity prices in the ratio of spot to total deliveries in the eu was euratom annual report