Investigation of economics of nuclear fuel cycle options in the Republic of Korea based on once-through - 5468

This study performs an economic evaluation of future nuclear fuel cycle options based on once-through strategy. Various factors of the future development in Korea are also considered including nuclear phase-out, continuous use of nuclear energy at varying growth rate, and the reunification of the Korean peninsula. A spreadsheet model is developed as part of the methodology of screening material flow and economic evaluation and results are discussed for policy planning for Korea as well as for nuclear developing countries. Results indicated that economics improves as the size of nuclear power system increases. We found some significant factors that affect LCOE (levelized cost of electricity) of the back end fuel cycle. Expanded nuclear power program with further construction of nuclear power plant (continuous use and/or the reunification) is a major political variable for LCOE. To keep the cost of nuclear power as low as possible, it is very important to have a proper strategy for the back-end fuel cycle including decommissioning. For continued use of nuclear energy, the Korea needs to develop soon a long-term policy for the back-end fuel cycle rather than taking the 'sit and watch' approach to make best out of the use of nuclear power into the future