NUCLEAR ENERGY PLANT DESIGN PROJECT: The Environmental

0,66

MB

and Economic Challenge

56

stron

4707

ID

Massachusetts Institute of Technology

2000

rok

Table of Contents

List of Figures v

List of Tables v

1. Introduction 1

2. Executive Summary 4

3. Assessment of the Issues and Needs for a New Plant 8

4. Reactor Design Options 11

4.1 AP600 11

4.2 System 80+ 13

4.3 Advanced Boiling Water Reactor (ABWR) 14

4.4 High Temperature Gas Reactor. 15

4.5 Other Options Reviewed 18

4.5.1 Lead Bismuth Reactors 18

4.5.2 Thorium Breeder . 18

4.5.3 Liquid Metal Breeder Reactor 18

5. Evaluation Process Used to Select Design Type to be Developed . 19

5.1 Summary of Decision Criteria 19

5.1.1 Safety: HTGR, AP600, ALWR 19

5.1.2 Economics: AP600, ALWR, HTGR. 19

5.1.3 Payback: AP600, HTGR, ALWR. 20

5.1.4 Government Support: HTGR, AP600, ALWR . 20

5.1.5 Local Support: HTGR, AP600, ALWR 20

5.1.6 Construction Time: AP600, HTGR, ALWR. 20

5.1.7 Modularity: AP600, HTGR, ALWR 20

5.1.8 High Efficiency: HTGR, AP600, ALWR. 21

5.1.9 Regulatory Transparency: HTGR, AP600, ALWR. 21

5.1.10 Fuel Integrity: HTGR, AP600, ALWR. 21

5.1.11 Staff Size: HTGR, AP600, ALWR. 21

5.1.12 Low Level Waste output: HTGR, AP600, ALWR 21

5.1.13 Refueling Time: HTGR, AP600, ALWR 21

5.1.14 Burn Up: HTGR, AP600, ALWR 21

5.1.15 Operating Cycle Length: HTGR, ALWR, AP600. 22

5.1.16 Decommissioning: AP600, HTGR, ALWR 22

5.1.17 Proliferation: HTGR, AP600, ALWR 22

5.1.18 Ease of Replacement: AP600, HTGR, ALWR . 22

5.1.19 Simple Design: HTGR, AP600, ALWR . 22

5.1.20 Once Through Fuel Cycle: HTGR, ALWR, AP600 22

5.1.21 Life of Plant: AP600, ALWR, HTGR 22

5.1.22 Electrical Conversion: HTGR, AP600, ALWR 23

5.1.23 Spent Fuel: HTGR, AP600, ALWR . 23

5.1.24 Contamination: HTGR, AP600, ALWR. 23

5.1.25 Production line capability: HTGR, AP600, ALWR 23

5.1.26 Other considerations that have equal weight across all designs: 23

5.2 Conclusions 23

6. Conceptual Description of Reactor Plant Design 26

6.1 General Plant Overview 26

6.2 Indirect Cycle Plant 29

6.3 Direct Cycle Plant 29

6.4 "Naturally Safe" By Fuel Design 31

6.5 Modularity and Construction 32

7. Economic Analysis 33

7.1 Introduction. 33

7.2 Cost Estimate Ground Rules. 33

7.3 Cost Estimates 34

7.3.1 Capital Cost . 34

7.3.2 Operating and Maintenance Costs 34

7.3.3 Fuel Cost . 35

7.3.4 Decommissioning Cost 35

7.3.5 Total Generation Cost 35

7.4 Comparison with Alternatives 36

8. Financing Construction 38

8.1 Concept of Cost of Capital . 38

8.2 Financial Parameters 39

8.2.1 Analysis of Annual Revenue Requirements . 39

8.2.1.1 Calculation of 15 Year Amortization Annual Revenue Requirements. 41

8.2.1.2 Calculation of 30 Year Amortization Annual Revenue Requirements. 42

8.2.1.3 Consortium Approach 42

8.3 Generation of Revenues to Cover Debt Service 43

8.4 Optimal Capital Structure . 44

8.5 Concerns Associated with Investments and Financing in Maturing Technologies . 45

8.6 Less-Than-Expected Efficiency of Commercial Operation . 45

8.7 The Issue of Safety. 46

8.8 Project Non-Completions . 46

8.9 Conclusions 46

9. Has The Challenge Been Met? . 47

9.1 Unique Features of Design That Will Make The Pebble Bed HTGR Desirable . 47

10. Conclusions . 50

Appendix A: Guest Lecturers 51