The potential impact of Molten Salt Reactors on the UK electricity grid
File(s)
Author(s)
Denbow, Charles
Le Brun, Niccolo
Dowell, Niall Mac
Shah, Nilay
Markides, Christos N
Type
Journal Article
Abstract
The UK electricity grid is expected to supply a growing electricity demand and also to cope with electricity generation variability as the country pursues a low-carbon future. Molten Salt Reactors (MSRs) could offer a solution to meet this demand thanks to their estimated low capital costs, low operational risk, and promise of reliably dispatchable low-carbon electricity. In the published literature, there is little emphasis placed on estimating or modelling the future impact of MSRs on electricity grids. Previous modelling efforts were limited to quantifying the value of renewable energy sources, energy storage and carbon capture technologies. To date, no study has assessed or modelled MSRs as a competing power generation source for meeting decarbonization targets. Given this gap, the main objective of this paper is to explore the cost benefits for policy makers, consumers, and investors when MSRs are deployed between 2020 and 2050 for electricity generation in the UK. This paper presents results from electricity systems optimization (ESO) modelling of the costs associated with the deployment of 1350 MWe MSRs, from 2025 onwards to 2050, and compares this against a UK grid with no MSR deployment. Results illustrate a minimum economic benefit of £1.25 billion for every reactor installed over this time period. Additionally, an investment benefit occurs for a fleet of these reactors which have a combined net present value (NPV) of £22 billion in 2050 with a payback period of 23 years if electricity is sold competitively to consumers at a price of £60/MWh.
Date Issued
2020-12-10
Date Acceptance
2020-06-13
Citation
Journal of Cleaner Production, 2020, 276, pp.1-18
ISSN
0959-6526
Publisher
Elsevier BV
Start Page
1
End Page
18
Journal / Book Title
Journal of Cleaner Production
Volume
276
Copyright Statement
© 2020 Elsevier Ltd. All rights reserved. This manuscript is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence http://creativecommons.org/licenses/by-nc-nd/4.0/
Sponsor
Engineering & Physical Science Research Council (EPSRC)
Identifier
https://www.sciencedirect.com/science/article/pii/S0959652620329188?via%3Dihub
Grant Number
EP/R045518/1
Subjects
Environmental Sciences
0907 Environmental Engineering
0910 Manufacturing Engineering
0915 Interdisciplinary Engineering
Publication Status
Published online
Article Number
122873
Date Publish Online
2020-07-17