PNNL

Abstract

This paper examines long-term cost differences between two competing Light Water Reactor (LWR) fuels: Uranium Oxide (UOX) and Mixed Uranium Oxide-Plutonium Oxide (MOX). Since these costs are calculated on a life-cycle basis, expected savings from lower future MOX fuel prices can be used to value the option of substituting MOX for UOX, including the value of maintaining access to the used UOX fuel that could be reprocessed to make MOX. The two most influential cost drivers are the price of natural uranium and the cost of reprocessing. Significant and sustained reductions in reprocessing costs and/or sustained increases in uranium prices are required to give positive value to the retrievability of Spent Nuclear Fuel. While this option has positive economic value, it might not be exercised for 50 to 200 years. Therefore, there are many years for a program during which reprocessing technology can be researched, developed, demonstrated, and deployed. Further research is required to determine whether the cost of such a program would yield positive net present value and/or increases the sustainability of LWR energy systems.