atommythen_thomas - NO. 2 DEC 2005 ENGLISH VERSION The...

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Unformatted text preview: NO. 2 DEC 2005 ENGLISH VERSION The Economics of Nuclear Power Nuclear Issues Paper No. 5 B Y S TEVE T HOMAS C o n t e n t s 3 Introduction 4 The World Market for Nuclear Plants 10 Current Designs 15 Key Determinants of Nuclear Economics 25 Recent Studies on Nuclear Costs 29 Need for and Extent of Public Subsidies 30 Conclusions 34 Appendix 1: Discounting, Cost of Capital 36 Appendix 2: Nuclear Reactor Technologies 38 Appendix 3: Nuclear Reactor Vendors 40 Appendix 4: Decommissioning The Author Stephen Thomas is a Senior Research Fellow at the Public Services International Research Unit in the University of Greenwich, London, where he leads the energy research. He has a BSc in Chemistry (Bristol). He has worked as an independent energy policy researcher for more than 20 years. From 1979-2000, he was a member of the Energy Policy Programme at SPRU, University of Sussex and in 2001, he spent 10 months as a visiting researcher in the Energy Planning Programme at the Federal University of Rio de Janeiro. He is a member of the Editorial Board of Energy Policy (since 2000), the International Journal of Regulation and Governance (since 2001), Energy and Environment (since 2002) and Utilities Policy (since 2003), and he is a founder member of a network of academics in Northern European countries (the REFORM group) examining policy aspects of the liberalisation of energy systems. He was a member of the team appointed by the European Bank for Reconstruction and Develop- ment to carry out the official economic due diligence study for the project to replace the Cher- nobyl nuclear power plant (1997). He was a member of an international panel appointed by the South African Department of Minerals and Energy to carry out a study of the technical and economic viability of a new design of nuclear power plant, the Pebble Bed Modular Reactor (2001-02). Nuclear Issues Papers, No. 5: The Economics of Nuclear Power By Steve Thomas Heinrich Bll Foundation 2005 All rights reserved Co-published by The following paper does not necessarily represent the views of the Heinrich Bll Foundation. A publication of the Heinrich Bll Foundation Regional Office for Southern Africa, in co-operation with the Heinrich Bll Foundation headquarter. Contact: Heinrich Bll Foundation Regional Office for Southern Africa, PO Box 2472; Saxonwold, 2132; South Africa. Phone: +27-11-447 8500. Fax: +27-11-447 4418. info@boell.org.za Heinrich Bll Foundation, Rosenthaler Str. 40/41, 10178 Berlin, Germany. Tel.: ++49 30 285 340; Fax: ++49 30 285 34 109; info@boell.de; www.boell.de/nuclear Introduction The severe challenge posed by the need to reduce emissions of greenhouse gases, especially in the electricity generation sector, has led to renewed interest in the construction of new nu- clear power plants. These would initially replace the ageing stock of existing reactors, then meet electricity demand growth, and eventually replace some of the fossil-fired electricity generating plants. In the longer term, the promise is that a new generation of nuclear power generating plants....
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atommythen_thomas - NO. 2 DEC 2005 ENGLISH VERSION The...

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