Benchmarking of nuclear economics tools

Benchmarking of the economics methodologies developed by the Generation IV International Forum (GIF) and the International Atomic Energy Agency's International Project on Innovative Nuclear Reactors and Fuel Cycles (INPRO), was performed for three Generation IV nuclear energy systems. The Economic Modeling Working Group of GIF developed an Excel based spreadsheet package, G4ECONS (Generation 4 Excel-based Calculation Of Nuclear Systems), to calculate the total capital investment cost (TCIC) and the levelised unit energy cost (LUEC). G4ECONS is sufficiently genetic in the sense that it can accept the types of projected input, performance and cost data that are expected to become available for Generation IV systems through various development phases and that it can model both open and closed fuel cycles. The Nuclear Energy System Assessment (NESA) Economic Support Tool (NEST) was developed to enable an economic analysis using the INPRO methodology to easily calculate outputs including the TCIC, LUEC and other financial figures of merit including internal rate of return, return of investment and net present value. NEST is also Excel based and can be used to evaluate nuclear reactor systems using the open fuel cycle, MOX (mixed oxide) fuel recycling and closed cycles. A Super Critical Water-cooled Reactor system with an open fuel cycle and two Fast Reactor systems, one with a break-even fuel cycle and another with a burner fuel cycle, were selected for the benchmarking exercise. Published data on capital and operating costs were used for economics analyses using G4ECONS and NEST tools. Both G4ECONS and NEST predicted comparable TCIC and LUEC; with some variation in fuel cycle costs. The benchmarking exercise was also useful to understand the differences in the two methodologies for potential harmonisation opportunities in the future. (C) 2017 Elsevier Ltd. All rights reserved.