Technological readiness, fuel cycle analysis, levelized cost evaluation, and comparative assessment of very small modular reactors (vSMRs)
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With the increasing adoption of renewable energy and energy storage technologies, even in affluent regions like the Gulf, the issue of grid connectivity for microgrids and off-grid systems remains critical. Nuclear energy, with its established track record as a primary energy source, provides an effective solution for remote and off-grid locations, particularly through the innovative concept of very small modular reactors (vSMRs). Thus, it is essential to assess the economic feasibility of these reactors, assuming technological challenges have been addressed. The initial focus of this study is on identifying technology readiness levels (TRLs) for vSMRs, outlining both their benefits and limitations. Following this, an economic assessment of a 10 MW modular reactor is conducted, taking into account various factors such as performance, fuel expenses, maintenance and operational costs, capital investment, and decommissioning expenditures. The overall levelized cost of the fuel cycle, encompassing both upstream and downstream processes, is calculated, and cumulative expenditures are illustrated using an S-curve. Additionally, the load pattern and levelized cost of electricity are estimated. Finally, a comparison between different SMR and vSMR designs is made to evaluate their cost-efficiency. Findings from this research indicate that vSMRs meet the necessary economic benchmarks, supporting their suitability for deployment.
Abstract
With the increasing adoption of renewable energy and energy storage technologies, even in affluent regions like the Gulf, the issue of grid connectivity for microgrids and off-grid systems remains critical. Nuclear energy, with its established track record as a primary energy source, provides an effective solution for remote and off-grid locations, particularly through the innovative concept of very small modular reactors (vSMRs). Thus, it is essential to assess the economic feasibility of these reactors, assuming technological challenges have been addressed. The initial focus of this study is on identifying technology readiness levels (TRLs) for vSMRs, outlining both their benefits and limitations. Following this, an economic assessment of a 10 MW modular reactor is conducted, taking into account various factors such as performance, fuel expenses, maintenance and operational costs, capital investment, and decommissioning expenditures. The overall levelized cost of the fuel cycle, encompassing both upstream and downstream processes, is calculated, and cumulative expenditures are illustrated using an S-curve. Additionally, the load pattern and levelized cost of electricity are estimated. Finally, a comparison between different SMR and vSMR designs is made to evaluate their cost-efficiency. Findings from this research indicate that vSMRs meet the necessary economic benchmarks, supporting their suitability for deployment.