Investigation of the economics of nuclear fuel cycle options in the republic of Korea

Abstract

Despite splendid success in its development, the future of nuclear power in the Republic of Korea (the ROK) faces a number of challenges. The majority of the public believe nuclear energy is not safe, resulting in low public acceptance. No long-term solution has been found for the management and disposal of spent nuclear fuel (SNF). Developing new sites for construction of nuclear power plants has become very difficult. Govern-ment policy for future development remains uncertain. The ROK is now the $5^{th}$ largest user of nuclear energy and also an exporter of nuclear reactors. Given the strategic importance of nuclear power in the country’s energy security planning, policy makers need to develop a long-term plan for the country’s fuel cycle systems, taking into account factors such as domestic politics, nonproliferation, international relations, and economics. In rela-tion to this consideration, this study was an economic evaluation of future nuclear fuel cycle options based on once-through, a closed fuel cycle with pyroprocessing, and use of a sodium-cooled fast reactor. Various factors in the future development of the ROK are also considered in the study, including nuclear phase-out, continuous use of nuclear energy at varying growth rates, timing of deployment of nuclear facilities, license renewal of reac-tors, SNF reprocessing options, and unification of the Korean peninsula. A spreadsheet model was developed as part of the methodology of screening material flows and economic evaluation, and results are discussed for poli-cy planning for the ROK, as well as for other countries developing nuclear power.