Abstract
Small modular reactors (SMRs) are currently being considered as future investments for commercial entities due to perceived advantages over traditional large-scale power reactors, particularly their considerably lower capital costs. One strategy for lowering the levelized cost of electricity (LCOE) of SMRs is to increase their burnup by utilizing high-assay low-enriched uranium (HALEU) fuels, which range from 5 to 20 weight percent (w/o) of U-235. By increasing fuel enrichment to HALEU levels, with higher specific fuel costs compared to standard enrichment, a plant may achieve an increased capacity factor by extending its fuel cycle and thereby reducing average yearly fuel supply costs. It is expected that the benefits of optimizing fuel enrichment to extend a reactor’s fuel cycle outweigh the added cost due to more expensive fuel. In this paper, the net benefit of extending an SMR’s fuel cycle by enriching uranium fuel to HALEU levels was estimated using 2017 nuclear fuel production market data with NuScale’s 160 MWt SMR design as a case study. It was found that, for NuScale’s design, plant LCOE decreased with increasing cycle length enabled by higher fuel enrichment. It was also observed that doubling cycle time from 24 months to 48 months netted each reactor a 1.23 $/MWh reduction in LCOE. The total savings for a 12-module SMR design were estimated to be around $5,840,000 per year. Therefore, utilizing HALEU fuel in SMRs can vastly improve their economic efficiency.
Highlights
Many small modular reactors (SMR) and microreactors are actively being pursued by various entities worldwide for a variety of applications, ranging from civilian applications to specialized military purposes [1, 2]. e performance and economic market requirements for these reactors are not yet well defined, but one common trend observed among them is that most the conceptual designs are considering the use of high-assay low-enriched uranium (HALEU) fuel in the potential near deployment
Since the application of HALEU fuels is primarily considered for potential economic benefits, it is necessary to understand how effective HALEU fuel may be in improving the economic efficiency of a nuclear power plant. e key economic benefits of using higher enriched fuel include increasing revenue from a higher capacity factor of the reactor and reducing overall refueling costs
For every 1% increase in the fuel prices listed in Table 1, there is expected to be a corresponding 10.7% increase in total plant savings. is is something to keep in mind when analyzing the long-term economic effects of implementing HALEU fuel into the design of a reactor
Summary
Small modular reactors (SMRs) are currently being considered as future investments for commercial entities due to perceived advantages over traditional large-scale power reactors, their considerably lower capital costs. One strategy for lowering the levelized cost of electricity (LCOE) of SMRs is to increase their burnup by utilizing high-assay low-enriched uranium (HALEU) fuels, which range from 5 to 20 weight percent (w/o) of U-235. It is expected that the benefits of optimizing fuel enrichment to extend a reactor’s fuel cycle outweigh the added cost due to more expensive fuel. The net benefit of extending an SMR’s fuel cycle by enriching uranium fuel to HALEU levels was estimated using 2017 nuclear fuel production market data with NuScale’s 160 MWt SMR design as a case study. For NuScale’s design, plant LCOE decreased with increasing cycle length enabled by higher fuel enrichment. Erefore, utilizing HALEU fuel in SMRs can vastly improve their economic efficiency
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