Nuclear power plants (NPPs) produce radioactive waste and decommissioning this waste entails additional cost; determining these costs for various types and specifications of radioactive waste can be challenging. The purpose of this study is to identify major determinants of the decommissioning cost and their impact on NPPs. To this end, data from defunct NPPs were gathered and 2SLS (Two Stage Least Squares) regression models were developed to investigate the major contributors depending on the reactor types, viz. PWR (Pressurized Water Reactors) and BWR (Boiling Water Reactors). Additionally, cost estimations and the Monte Carlo simulation were performed as part of performance validation. Our study established that the decommissioning costs are primarily influenced by the level of radioactivity in the decommissioned waste, which can be realized from operational factors like operation period, overall efficiency, and plant capacity, as well as from duration of decommissioning and labour cost. While our study provides an improved statistical approach to recognize these factors, we acknowledge that our models have limitations in forecasting accurately which we envisage to bolster in future studies by identifying more substantive factors.