Financial Case Studies on Small- and Medium-Size Modular Reactors

Progress in Nuclear Energy

Bingham

Mancini

2014

Self Cite

182

A key challenge for engineers and scientists over the coming decades is to develop and deploy power plants with sufficient capacity and flexibility to meet the growing demand for energy (mainly electrical) whilst simultaneously reducing emissions (primarily greenhouse gases). With fusion-based power plants not currently being considered viable for large-scale deployment for at least 40 years, other technologies must to be considered. Renewable and high efficiency combined gas-fired plants, along with nuclear solutions, are regarded as the most suitable candidates, with Small Modular Reactors (SMRs) developing as a favoured choice. However, two main impediments to the current deployment of SMRs exist: (1) safety concerns, particularly following the Fukushima accident, and (2) their economic models, with high capital costs only being available through a limited number of investors. The goal of this paper is to provide a review and a holistic assessment of this class of nuclear reactor, with specific focus on the most common technology: the Light Water Reactor (LWR). In particular, the paper provides a state-of-the-art assessment of their life cycle, along with a comparison of their relative merits with other base-load technologies. It is shown that SMRs are a suitable choice when the power to be installed is in the range 1-3 GWe and the social aspects of the investment, such as the creation of new employment positions, is a goal of policy makers. The paper thereby provides governments and stakeholders with key economic and social boundaries for the viable deployment of SMRs.

Section: Overall Life Cycle Economicsmentioning

confidence: 99%

Section: Overall Life Cycle Economicsmentioning

confidence: 99%

Small modular reactors: A comprehensive overview of their economics and strategic aspects

Progress in Nuclear Energy

Bingham

Mancini

2014

Self Cite

182

“…When these factors are taken into account, the capital cost might not be a discriminant between the two technologies. (Boarin et al 2012) provide a full economic analysis reaching the same conclusions for a large plant vs. SMR plant comparison; (Locatelli & Mancini 2011a) offer a portfolio level analysis of large versus SMR plants. (Locatelli & Mancini 2011b) nonfinancial parameters such as electric grid vulnerability, public acceptance, the risk associated with the project, on the evaluation of the best reactor size for investment in the nuclear sector.…”

Section: The Key Idea: Load Following By Cogenerationmentioning

confidence: 99%

Cogeneration: An option to facilitate load following in Small Modular Reactors

Progress in Nuclear Energy

Fiordaliso

Boarin

et al. 2017

Self Cite

Nuclear Power Plants (NPPs) have been historically deployed to cover the base-load of the electricity demand. Nowadays some NPPs might perform daily load cycling operation (i.e. load following) between 50% and 100% of their rated power. With respect to the insertion of control rods or comparable action to reduce the nuclear power generation, a more L F C of power, respect to the electricity demand, to an auxiliary system. A suitable cogeneration system needs:1. To have a demand of electricity and/or heat in the region of 500 MWt 1 GWt;2. To meet a significant market demand;3. To have access to adequate input to process; 4. To be flexible: cogeneration might operate at full load during the night when the request (of) for electricity is low, and be turned off during the daytime.From the economic standpoint, it is essential that the investment in the auxiliary system is profitable. This paper provides a techno-economic assessment of systems suitable for coupling with a NPP for load following. The results show that district heating, desalination and hydrogen might be technically and economically feasible.

“…integral primary loop) and economies of multiples (i.e. the unitary cost saving of deploying more than one unit) [9]. IRIS is a PWR integral design where every primary system component is integrated into the vessel (including fully internal primary pumps); this containment is designed to be thermodynamically coupled with the integrated primary system during accident conditions and the overall design is focused first and foremost on simplicity [10].…”

Section: Introductionmentioning

confidence: 99%

Load following with Small Modular Reactors (SMR): A real options analysis

Boarin

Pellegrino

et al. 2015

Energy

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a b s t r a c tLoad following is the potential for a power plant to adjust its power output as demand and price for electricity fluctuates throughout the day. In nuclear power plants, this is done by inserting control rods into the reactor pressure vessel. This operation is very inefficient as nuclear power generation is composed almost entirely of fixed and sunk costs; therefore, lowering the power output doesn't significantly reduce generating costs and the plant is thermo-mechanical stressed. A more efficient solution is to maintain the primary circuit at full power and to use the excess power for cogeneration. This paper assesses the technical-economic feasibility of this approach when applied to Small Modular Reactors (SMR) with two cogeneration technologies: algae-biofuel and desalinisation. Multiple SMR are of particular interest due to the fractional nature of their power output. The result shows that the power required by an algae-biofuel plant is not sufficient to justify the load following approach, whereas it is in the case of desalination. The successive economic analysis, based on the real options approach, demonstrates the economic viability of the desalination in several scenarios. In conclusion, the coupling of SMR with a desalination plant is a realistic solution to perform efficient load following.