1,720,984 research outputs found
Economics and finance of Small Modular Reactors: A systematic review and research agenda
Full text linkThe interest toward Small Modular nuclear Reactors (SMRs) is growing, and the economic competitiveness of SMRs versus large reactors is a key topic. Leveraging a systematic literature review, this paper firstly provides an overview of “what we know” and “what we do not know” about the economics and finance of SMRs. Secondly, the paper develops a research agenda. Several documents discuss the economics of SMRs, highlighting how the size is not the only factor to consider in the comparison; remarkably, other factors (co-siting economies, modularisation, modularity, construction time, etc.) are relevant. The vast majority of the literature focuses on economic and financial performance indicators (e.g. Levelized Cost of Electricity, Net Present Value, and Internal Rate of Return) and SMR capital cost. Remarkably, very few documents deal with operating and decommissioning costs or take a programme (and its financing) rather than a “single project/plant/site” perspective. Furthermore, there is a gap in knowledge about the cost-benefit analysis of the “modular construction” and SMR decommissioning
Economics and finance of Molten Salt Reactors
Full text linkThere is a long-standing and growing interest in Molten Salt Reactors (MSRs) mainly because of their potential advantages in terms of safety, sustainable fuel cycle, and the high melting and boiling points of salt which allow operations at high temperatures and atmospheric pressure with potential merits in terms of cost. A key objective of MSRs is to have a life-cycle cost advantage over other energy sources. Leveraging a systematic literature review, this paper firstly provides an overview of “what we know” about MSR economics and finance following two main streams: scientific and industrial literature. Secondly, this paper highlights “what we should know” about the economics and finance of MSRs, suggesting a research agenda. The literature is very scarce and focuses on MSR overnight capital cost estimations and the comparison between MSR cost of electricity and other energy sources. Cost estimations need to be more transparent and independently assessed. Furthermore, there is no peer-reviewed literature on MSR financing, only claims from vendors
Modular Circular Economy in Energy Infrastructure Projects: Enabling Factors and Barriers
Full text linkThere is a growing body of literature surrounding circular economy (CE) and energy infrastructure projects. Most of this literature focuses on CE initiatives related to material recovering and recycling. The body of knowledge about reusing components is limited and mostly related to the need for reusing rather than providing solutions on how to reuse components. Modularization can be a step towards a solution, enabling entire modules or their components to retain their functionality in other infrastructures. Leveraging 23 semistructured interviews with nuclear and oil and gas experts, mainly based in the UK and US with international experience, this paper deals with the link between modularization and CE (defined modular CE) to identify enabling factors and barriers for the reuse of modules or their components. Relevant enabling factors are the monitoring of module and component conditions, standardization of module and component designs, and early planning. Relevant barriers are the lack of a second-hand market, economics, and regulatory challenges. The results are relevant to the stakeholders involved in planning, building, operating, and decommissioning energy infrastructures
Small modular nuclear reactors
No full textSmall modular reactors (SMRs) encompass a large number of technologies at different stages of development. A key challenge for SMR stakeholders is the evaluation of SMR competitiveness with respect to large reactors (LRs). SMRs are usually considered less competitive than LRs because of a misguided application of the economy of scale principle. However, several advantages of SMRs (e.g., suitability for cogeneration, modularization, reduction of the time to market, etc.) summarized in this chapter need to be considered in the comparison between SMRs and LRs. This chapter focuses on SMR economics and financing, concluding with a brief explanation on why no-one SMR has been built so far
Social sustainability of energy infrastructures: The role of the programme governance framework
No full textThe energy infrastructure literature focuses on the economic and environmental dimensions of sustainability, neglecting the social dimension. Particularly obscure is how the programme governance frameworks of energy projects and programmes shape their social performance. We address this gap in knowledge by leveraging a cross-case analysis of comparable energy infrastructures planned and delivered in contexts with different programme governance frameworks (i.e., Iran, Italy, Nigeria, Norway, Saudi Arabia, and the USA). This article first clarifies how investigating social sustainability at the infrastructure/project level is inadequate, showing that the overarching programme governance framework - set at the country level - is a major driver for social sustainability. Second, this article identifies three perspectives to examine the link between the programme governance framework and social sustainability: 1) Types of contracts, 2) Leadership of the infrastructure programme, and 3) Maturity of the legal and regulatory framework. These perspectives are combined to provide a novel analytical framework, useful to both examine the present status and plan future energy infrastructures. Last, this article discusses the findings from a policy perspective deriving a research agenda
Policies toward net-zero: Benchmarking the economic competitiveness of nuclear against wind and solar energy
Full text linkPolicymakers are increasingly discussing the role of nuclear and renewable energy in replacing fossil-fuelled power generation, especially coal. In this debate, one of the key focuses is about the economic competitiveness of nuclear energy when compared to wind and solar. Remarkably, despite the growing interest, there is a lack of studies comparing the economics of nuclear power plants (traditional large reactors and small modular reactors) with wind and solar power plants in different decarbonisation scenarios. Through energy systems modelling analysis, this paper benchmarks the economics of nuclear with wind and solar energy for eleven decarbonisation scenarios simulating the effects of five energy policies in five Member States (i.e. Indonesia, Malaysia, Philippines, Thailand, and Vietnam) of the Association of South East Asian Nations (ASEAN). The findings highlight that nuclear energy is an economically competitive pathway towards net-zero if the overnight cost is comparable to recent nuclear power plants built in China and Korea. Contrariwise, if the overnight cost is comparable to recent nuclear power plants built in the UK, US, or France, a mix of wind and solar energy is more economically competitive. Furthermore, the findings provide a background for policy discussions and recommendations for ASEAN countries
Modularisation as enabler of circular economy in energy infrastructure
Full text linkExisting energy infrastructure have a technical and/or economic lifecycle predetermined by the lifetime of certain components. In energy infrastructure, the residual lifetime of civil structure or other components with a longer life is usually wasted. Modular energy infrastructure can be reconfigurable decoupling the life of the infrastructure from their modules, and extending module and/or infrastructure lifecycle. Modularisation could become a cornerstone to enable circular economy (CE) and enhanced sustainability. Remarkably, despite the growing interest among policymakers, practitioners and academics in both CE and modularisation, there is a lack of knowledge about the link between CE and modularisation in energy infrastructure. Through a Systematic Literature Review, this paper derives the gap in knowledge regarding the link between CE and modularisation in energy infrastructure. This link is then investigated in other sectors identifying relevant implications such as reduction of construction waste and achievement of the closed-loop material cycle. Furthermore, the case of Yamal Liquefied Natural Gas project is used to compare and contrast two perspectives: “Traditional modularisation” and “Modular CE”. Lastly, the paper discusses existing policies, provides policy recommendations to foster “Modular CE” in energy infrastructure and suggests a research agenda
Deeds not words: barriers and remedies for Small Modular nuclear Reactors
Full text linkThere is a growing interest in Small Modular nuclear Reactors (SMRs) driven mostly by the concerns in decarbonising the electricity and heat sectors. Despite the expected advantages of SMRs with respect to large reactors (e.g. construction schedule reduction, lower upfront investment per unit) and at least two decades of studies, investments in SMRs have been extremely limited. Leveraging a literature review, in-depth discussions, and a questionnaire survey, this paper aims to identify and rank general elements hindering SMR construction, specific licensing and regulatory elements affecting SMR construction, and elements favouring or hindering the reuse of SMR modules. The results show that financial and economic issues (including perceived investment risk, availability of cheaper technologies to generate electricity) are the main barriers for SMR construction. Government support for financing the first-of-a-kind and developing a supply chain could allow overcoming these barriers. Time, cost and risk of the licensing process are critical elements for SMR construction; therefore, policies should be in place to support stakeholders. The economic feasibility can hinder the opportunity of reusing SMR modules. Design and interface standardisation are the main enabling factors of reusing SMR modules. Further studies on SMR decommissioning through a “circular economy” lens are needed
Creativity and Innovation Management to Pursue a Circular Economy
No full textThis editorial introduces a special issue that includes articles investigating how instruments, processes and structures in the area
of innovation management can support the transition from a linear economy to a sustainable circular economy, with a particular
focus on the role of open innovation and interorganisational collaborations. The call for papers also included instruments and
processes in the area of creativity management; however, the articles included in the special issue mainly focus on the innovation
management domain. First, the editorial introduces the link between open innovation and circular economy, clarifying the context of the special issue. Second, it presents an overview of the four articles included in the special issue. Third, it summarises the
key contributions, highlighting the implications for practitioners and future avenues triggered by each article. Last, it suggests
future research opportunities. The articles in the special issues contribute to the debate about the relationship between open
innovation initiatives and circular economy practices, elucidating the connection with qualitative and quantitative analyses. The
findings suggest the positive impact of the open innovation paradigm on implementing circular economy initiatives and shed
light on the dynamics shaping this relationshi
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