Techno-economic analysis of advanced small modular nuclear reactors

Asuega, Anthony; Limb, Braden J.; Quinn, Jason C.

doi:10.1016/j.apenergy.2023.120669

Techno-economic analysis of advanced small modular nuclear reactors

Journal Article · Fri Jan 20 00:00:00 EST 2023 · Applied Energy

DOI:https://doi.org/10.1016/j.apenergy.2023.120669· OSTI ID:2423972

Asuega, Anthony ^[1]; ^[1]; ^[1]

Colorado State University, Fort Collins, CO (United States)

Here, small modular nuclear reactors (SMRs) represent a robust opportunity to develop low-carbon and reliable power with the potential to meet cost parity with conventional power systems. This study presents a detailed, bottom-up economic evaluation of a 12 × 77 MW_e (924 MW_e total) light-water SMR (LW-SMR) plant, a 4 × 262 MW_e (1,048 MW_e) gas-cooled SMR (GC-SMR) plant, and a 5 × 200 MW_e (1,000 MW_e total) molten salt SMR (MS-SMR) plant. Cost estimates are derived from equipment costs, labor hours, material inputs, and process-engineering models. The advanced SMRs are compared to natural gas combined cycle plants with and without post-combustion carbon capture and a conventional large nuclear reactor. Overnight capital cost (OCC) and levelized cost of energy (LCOE) estimates are developed. The OCC of the LW-SMR, GC-SMR, and MS-SMR are found to be $$\$$4,844$/kW, $$\$$4,355$/kW, and $$\$$3,985$/kW respectively. The LCOE of the LW-SMR, GC-SMR, and MS-SMR are found to be $$\$$89.6$/MWh, $$\$$81.5$/MWh, and $$\$$80.6$/MWh respectively. A Monte Carlo analysis is performed, for which the OCC and construction time of the LW-SMR is found to have a lower mean and standard deviation than a conventional large reactor. The LW-SMR OCC is found to have a mean of $$\$$5,233$/kW with a standard deviation of $$\$$658$/kW and a 90 % probability of remaining between $$\$$4,254$/kW and $$\$$6,399$/kW, while the construction duration is found to have a mean of 4.5 years with a standard deviation of 0.8 years and a 90 % probability of remaining between 3.4 and 6.0 years. The economic impact of economies of scale, simplification, modularization, and construction time for SMRs are discussed. Additionally, policy implications for direct SMR capital subsidies and the impact of a carbon tax on natural gas emissions are explored.

View Accepted Manuscript (DOE)

Research Organization:: Oak Ridge National Laboratory (ORNL), Oak Ridge, TN (United States)

Sponsoring Organization:: USDOE Advanced Research Projects Agency - Energy (ARPA-E)

Grant/Contract Number:: AC05-00OR22725

OSTI ID:: 2423972

Journal Information:: Applied Energy, Journal Name: Applied Energy Vol. 334; ISSN 0306-2619

Publisher:: ElsevierCopyright Statement

Country of Publication:: United States

Language:: English

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