Nuclear Power Technology: An Opinion on Energy Policy and Cost

The purpose of the present paper is to inform debate and provide snapshot opinions about challenges and solutions for the development of nuclear fission technology given the recent growing interest among energy users and governments. We review the socio-political and techno-economic status of nuclear power technology which is on an edge from which it may jump to success, or remain stagnant. Large units (1000 to 1800MWe) are relatively difficult and expensive to build in a timely manner, and hence constitute excessive financial risk exposure. To offset the risk and open-market capital requirements needs a government-backed loan or price guarantee. The needed subsidy needed has not been offered to mature existing large reactor technology, instead commercial demonstration of smaller units has been focused. In smaller units, nuclear island equipment and civil infrastructure are a larger portion of the total cost, with a plethora of initiatives lacking prototypes. We may not know all the reasons as to why costs are so high but identify excessive construction times, lack of value, high interest rates, overly complex licensing processes, financial risk, loss of experience and declining expertise. We strongly recommend the deployment of nuclear fission for energy production depending on the scale and dominant economic factors. The larger cost of nuclear option compared with alternative energies should be connected with the necessary evolution of human civilization and the benefit of mankind globally.