Lloyds Register launch Nuclear Perspective Technology Radar report.
Lloyds Register have today published their latest Technology Radar report, A Nuclear Perspective.
The report concludes that nuclear power generation technologies are now cost competitive with fossil fuels and innovation is gathering pace.
Among the reports conclusions are that:
- Nuclear is one of the cheapest options for power generation when lifecycle costs are taken into account.
- The potential contribution of Small Modular Reactors (SMRs) is unclear at this stage, although its impact will most likely apply to smaller grids and isolated markets. However, the underlying modularisation technology is expected to have a major impact on the sector.
- Nuclear will continue be part of the solution to climate change long into the future. Although public acceptance is a major challenge in some countries, nuclear is likely to contribute to the energy mix for the foreseeable future.
- Standardisation is a much-needed development for the low carbon sector. Industry experts agree that regional and global consensus on regulations could speed up deployment and further reduce costs.
The report is part of a broader research exercise that covers renewables, grid and infrastructure, and energy storage, Technology Radar – Low Carbon.
The report concludes that "Although in the low carbon context nuclear is sometimes discussed as a stop-gap solution until renewables’ intermittency issues can be solved, in fact, its potential as a low carbon power source is much greater than this. Given developments in efficiency and lifecycle and the fact that in many parts of the world, nuclear is now the cheapest power generation option, it should form a critical and permanent component of the low carbon agenda."
World Nuclear Association welcomes the publication of this report. It's conclusions on the cost-effectiveness of nuclear energy are in line with our own report, Nuclear Power Economics and Project Restructuring , which was published in January 2017. It is interesting that the report's contributors considered that modularisation of construction, considered a advantage of Small Modular Reactors, would have benefits for all new build, large and small. Such techniques are being applied to new nuclear build projects today.
Harmony, the nuclear industry's vision of the contribution nuclear energy should make to future low carbon energy supply emphasises the importance of harmonised regulatory processes. We therefore agree with the Lloyds Register report's conclusion that consensus on regulations could speed up deployment and reduce costs.
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