Challenges of small modular reactors: A comprehensive exploration of economic and waste uncertainties associated with U.S. small modular reactor designs

Abstract

This article presents a comprehensive analysis and review of the levelized cost of electricity (LCOE) and nuclear waste generation from small modular reactors (SMRs) designed in the United States. The analysis presented here offers a perspective on the uncertainties surrounding the calculation of LCOE for SMRs. Initially, the paper discusses and calculates the capital costs, front-end fuel cycle costs, operating and maintenance expenses, and nuclear waste production of four distinct types of SMRs—boiling light water, pressurized light water, high-temperature gas-cooled, and sodium fast reactor types— based on designs by four different manufacturers in the United States. Our review and analysis indicate there is considerable uncertainty in LCOE estimations of SMRs, particularly emphasizing that non-light water designs are likely to be more expensive in fuel cycle costs and have greater uncertainties in nuclear waste management compared to light water reactor designs. This comprehensive analysis of SMRs significantly broadens our understanding of their economic complexities and the implications these pose for deployment in the foreseeable future. Lastly, our estimates suggest that both SMRs and large nuclear reactors will require revolutionary approaches to reduce the capital cost overruns to be cost competitive with other energy sources.