A Review of Environmental and Economic Implications of Closing the Nuclear Fuel Cycle—Part Two: Economic Impacts

Abstract

Globally, around half a million tonnes of spent nuclear fuel (SNF) will be in dry or wet storage by around 2050. Continued storage is not sustainable and this SNF must eventually either be disposed (the open nuclear fuel cycle) or recycled (the closed fuel cycle). Many international studies have addressed the advantages and disadvantages of these options which can be considered now in the framework of sustainable development and the three pillars of: Economic, environmental and societal impacts. To inform this debate, a detailed survey of the available literature related to economic assessments of closed and open cycles has been undertaken—this complements an earlier review on environmental impacts. Results of economic assessments showing how the management of spent fuels in the open and closed cycles impacts the costs of the nuclear fuel cycle, are usually presented in terms of the levelised cost of electricity (LCOE). It is clear that the costs of the back end of the fuel cycle are a relatively minor component of the LCOE and that there is significant overlap between calculations on open and closed fuel cycles.