Keywords: nuclear power, nuclear energy, global scenarios, long-term, innovation, performance targets, energy markets, demonstration, climate change, emissions, fuel cycles, demonstration, learning, investment costs, cost targets, nuclear investment
Long-term performance targets for nuclear energy. Part 2: Markets and learning rates
This paper estimates investment cost targets for future nuclear power plants to be competitive in mid-21st century energy markets and beyond. The point of departure is the nuclear market shares derived from the Special Report on Emissions Scenarios (SRES) of the Intergovernmental Panel on Climate Change. One provocative result is that substantial nuclear expansion does not seem to require big reductions in nuclear investment costs, largely explained by the difference between cost reductions consistent with long-term energy system optimisation based on perfect foresight, and cost reductions necessary to attract private investment in today's deregulating and uncertain energy markets.