A Canadian perspective of the economic issues associated with deploying thorium-based fuel cycles and breeding in heavy-water reactors

To meet future global needs for energy and green technology, it is prudent to identify energy sources and technology that may potentially be economically beneficial. Thorium-based fuels with nuclear technology, such as the Canadian heavy-water reactor, have been proposed as a way to meet those global needs, though economic challenges persist in deploying thorium-based fuels. Therefore, economic strategies to overcome the economic challenges in deploying thorium-based fuels are needed. To identify potential strategies for advancing the deployment of thorium-based fuels, this paper conducts a historical examination of the economics of thorium fuel cycles to identify economic factors that can influence a country's development of thorium-based fuel cycles. In particular, this paper reviews the economic issues associated with Canada's experience in deploying thorium-based fuel cycles. The study finds that the existence of natural resources and the associated price, a nuclear fuel cycle's costs, a country's international trade balance position and economic growth policies, the profitability of the electrical power and nuclear industry, and the technical and economical characteristics of the nuclear reactor developed in a country may all influence the adoption of a thorium-based fuel cycle. Furthermore, recent advancements in developing thorium-based fuel cycles are suggested as a possible way of bridging the technical and economic gap between near-term and long-term implementation of thorium-based fuel cycles that may overcome current economic challenges. (author)