Economic Modelling Working Group (EMWG) developed methodologies to assess Generation IV systems against two economic goals:
- Generation IV nuclear energy systems will have a clear life-cycle cost advantage over other energy sources.
- Generation IV nuclear energy systems will have a level of financial risk comparable to other energy projects.
The document Cost Estimating Guidelines for Generation IV Nuclear Energy Systems is a key element of the EMWG’s work to create an integrated nuclear energy economic model for application to Generation IV nuclear energy systems. 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 EMWG also studies the challenges and opportunities for deployment of Generation IV systems in future low-carbon energy markets, including flexibility requirements for integration in grids with significant renewable resources and improving cost competitiveness of Generation IV systems through cogeneration.
The Economic Modelling Working Group has upgraded the nuclear-economic model, G4ECONS and issued version 3 in 2018. This Excel-based model conforms to the assumptions and algorithms described in the Cost Estimating Guidelines for Generation IV Nuclear Energy Systems and calculates two key figures of merit, namely, the levelised unit electricity cost (LUEC) and total capital investment cost (TCIC). The model is generic in the sense that it can accept as input the types of projected performance and cost data that are expected to become available from Generation IV concept development teams and that it can model both open and closed fuel cycles. The model is suitable for international use as it does not include country-specific taxation and other economic parameters. .
Together with the guidelines “Cost Estimating Guidelines for Generation IV Nuclear Energy Systems”, G4ECONS can facilitate consistent, comprehensible cost estimates for evaluation of the Generation IV Nuclear Energy Systems with respect to the established economic goals.
Contact the Technical Secretariat to obtain the G4ECONS software.
- "Nuclear Energy: An ESG Investible Asset Class", Finance industry taskforce (the Taskforce) and Fiona Reilly, Co-Chair of the EMWG and Chair of the Taskforce, September 2021.
- “Position Paper on Flexibility of GEN IV Systems”, Ramesh Sadhankar, Co-chair, Economic Modelling Working Group (EMWG), November 2019.
- “Impact of Increasing Share of Renewables on the Deployment of Generation IV Nuclear Systems”, Economic Modelling Working Group (EMWG), September 2018.
- “EMWG Position Paper on the Impact of Increasing Share of Renewables on the Deployment of Generation IV Nuclear Energy Systems”, A. Mendoza, M. Berthelemy and R. Sadhankar, Proceedings of the 4th Symposium of the Generation IV International Forum, embedded in Atoms for the Future Conference, Paris, France, 16-17 October, 2018.
- “An Economic Analysis of the Canadian SCWR Concept Using G4-ECONS”, M. Moore, L.K.H. Leung & R. Sadhankar, CNL Nuclear Review, 5(2):363-372, https://doi.org/10.12943/CNR.2016.00027, 2016.
- “Economic Modelling Working Group Activities”, R. Sadhankar, Proceedings of the 3rd Symposium of Generation IV International Forum, embedded in 23rd ICONE Conference, Makuhari Messe, Japan, May 2015.
- “Knowledge Gaps in Economic Analyses of Advanced Reactor Concepts” M. Moore, J. Pencer, L.K.H. Leung, and R. Sadhankar Proceedings of Canadian Nuclear Society's 19th Pacific Basin Nuclear Conference (PBNC-2014), Vancouver, BC, Canada, 24-28 August, 2014.
- “Cost estimation with G4-ECONS for Generation IV reactor designs”, A. Van Heek, F. Roelofs and A. Ehlert, Proceedings of the 2nd Symposium of the Generation IV International Forum, embedded in ANS Winter Meeting, San Diego, United States, November 14-15, 2012.