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Techno-economic study of output-flexible light water nuclear reactor systems with cryogenic energy storage

Author

Listed:
  • Wilson, A.
  • Nuttall, W.
  • Glowacki, B.

Abstract

This study explores whether a nuclear power plant can be combined with a cryogenic energy storage plant to allow the resultant facility to provide variable power to the grid. The study expands on previous literature by performing novel market-led system optimisation to best design the output profile of the plant to improve economic performance in the UK electricity grid. There are three key conclusions that emerge from this study. The current UK electricity market favours plant designs with rapid discharge rate. Provided that the capital cost expectations of the NuScale SMR are realised, strike prices of £55/MWh are sufficient to ensure a return on investment. However, the case for storage remains weak and only becomes viable in extreme spot market conditions.

Suggested Citation

  • Wilson, A. & Nuttall, W. & Glowacki, B., 2020. "Techno-economic study of output-flexible light water nuclear reactor systems with cryogenic energy storage," Cambridge Working Papers in Economics 2001, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:2001
    Note: wjn21, bag10
    as

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    References listed on IDEAS

    as
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    2. Malischek, Raimund & Trüby, Johannes, 2016. "The future of nuclear power in France: an analysis of the costs of phasing-out," Energy, Elsevier, vol. 116(P1), pages 908-921.
    3. Wild, Phillip, 2017. "Determining commercially viable two-way and one-way ‘Contract-for-Difference’ strike prices and revenue receipts," Energy Policy, Elsevier, vol. 110(C), pages 191-201.
    4. Sciacovelli, A. & Vecchi, A. & Ding, Y., 2017. "Liquid air energy storage (LAES) with packed bed cold thermal storage – From component to system level performance through dynamic modelling," Applied Energy, Elsevier, vol. 190(C), pages 84-98.
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    More about this item

    Keywords

    uncertainty analysis; power grid economics; energy storage; nuclear power;
    All these keywords.

    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General

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