Generation IV International Forum Economic Modeling

PROJECT: The advanced reactor concepts of the Generation IV International Forum (GIF) must successfully compete economically with other forms of energy production.  The Economic Modeling Working Group (EMWG) analyzes the economic performance, including the total capital cost, levelized cost of electricity, and uncertainty associated with the different cost areas.

This analysis uses a detailed modeling of the physical processes, including the reactor, fuel cycle, and operations; and the financial processes, including commodity and service prices and the time value of money.  The total capital cost is the cost to build the reactor, and the levelized cost is the cost to fuel, operate, and maintain the reactor, as well as to amortize the construction and decommissioning. Uncertainty analyses are performed for all costs.

BENEFIT: Economic models are used to compare advanced reactors and fuel cycles both among themselves and against other generation sources.  Identifying cost drivers and cost uncertainties for the different reactors and fuel cycles helps focus research and development to optimize performance relative to cost.

SPONSOR: The Economic Modeling Working Group (EMWG) is the body within GIF that develops and implements the methodology to analyze the economic performance.  ORNL historically is a member of the EMWG, and ORNL’s participation is funded through DOE-NE ART Program (NE-4).