How to get started with a new nuclear project?
by Janne Liuko, 25.10.2022
When exploring the idea of setting up a new nuclear project, the depth and width of the issues to consider can be overwhelming. Structuring the matters will help focus on right things at the right time.
Starting point
Mostly the nuclear owners have been large power utilities. However, the increasing demand for CO2-free energy necessitates new ownership models together with the new SMR technologies, where nuclear power can become available for a larger group of companies, with different types of businesses and use cases. In future, the plant owner, plant operator and power offtaker might be different parties, and the initiator of the project can be any of these.
Energy demand
Current and future energy demand needs to be estimated to understand the suitable solutions. However, flexibility is essential in order to be prepared for unaccounted changes in the prognosis. In addition to traditional electricity-to-grid production, other forms of power offtake should be considered, such as heat and steam, and electricity off-grid to consumption at the site.
Site selection
Identification of conceivable site options and screening the potential sites starts with considering safety of the public and environment, external events as well as enablers for plant construction and efficient operation. The site selection has been discussed more in our recent blog.
Technology options
When understanding the premise for the project and the energy demand, suitable technology options can be identified. More about the different nuclear plant technologies will be presented in an upcoming blog.
Economic feasibility
The economical assessment of each project needs to be started early to get an overview of the feasibility of the project. This also clarifies the necessary commitments from the owner at different stages.
Roadmap and risks
A first order roadmap, i.e. steps forward with key activities and decision making points, should be drawn up to get an understanding to of the main stages and project schedule. Based on the roadmap, the high-level risks should be identified proactively to manage both the downsides and upsides associated with progress and economy.
Summary
To get started with the project consideration, we at Kind Atom advocate customers to initiate a prospecting study covering the above-mentioned topics. The prospecting study gives a clear overview and forms a solid basis for the first go/no-go decision making. The prospecting study can be completed within a month from start. If you want to hear more, let us know.
Figure 1. Generic roadmap for a new nuclear project; including the main stages, cross-cutting roles and associated focus areas.