Economics

An Integrated Nuclear Energy Model is central to standardized and credible economic evaluation of Generation IV nuclear energy systems. The innovative nuclear systems considered within Generation IV require new tools for their economic assessment, since their characteristics differ significantly from those of current Generation II & III nuclear power plants. The current economic models were not designed to compare alternative nuclear technologies or systems but rather to compare nuclear energy with fossil alternatives.

This project will upgrade existing nuclear-economic sub models, and develop new ones where needed. In this project, a model will be updated or developed that addresses each of the following five economic areas: Capital/Production Cost Model (or Cost Model), Nuclear Fuel Cycle Model (or Fuel Model), Optimal Scale Model, and an Energy Products Model. A more detailed description of each of these models is given in the Generation IV Economics Crosscuting Group R&D Scope Report. Those five models will then be integrated to provide a global economic assessment tool. An Integrated Nuclear Energy Economics Model, combining all of the nuclear-economic models described above, will provide a robust tool for economic optimization within the viability and performance phases of the Generation IV project.

The document Cost Estimating Guidelines for Generation IV Nuclear Energy Systems is a key element of the Economic Modeling Working Group's work to create an integrated nuclear energy economic model for application to Generation IV nuclear energy systems. It is intended to be a living document that has been updated numerous times over the past several years to: further refine the different cost models; broaden the coverage of the economic assessment tools to energy products other than electricity, including hydrogen; and include an analysis of the economic impacts of plant size and modularity. The accompanying software G4Econs is used in conjunction with these guidelines to facilitate consistent, comprehensible cost estimates for evaluation of the Generation IV Nuclear Energy Systems with respect to the established economic goals.

The Executive Summary and Introduction should serve as information for the GIF policy and expert groups to initiate cost estimates at the appropriate times. The body of the guidelines, along with the G4Econs software, provide the information and guidance necessary for the system development teams to perform the requested cost estimates and to assess their progress toward the Generation IV economic goals.

Cost Estimating Guidelines for Generation IV Nuclear Energy Systems (pdf, 2 mb)

The GIF Economics Modeling Working Group (EMWG) has recently made available on CD-ROM its cost estimating methodology. The methodology has been simplified to facilitate use with systems in various states of development and to reflect the international character of the Generation IV projects. To order a copy, please contact the GIF Technical Secretariat ( ).

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