FCCM – Fuel Cycle Costing Model

FCCM is a detailed nuclear fuel cycle costing model, providing stochastic Net Present Value evaluation of different fuel cycle options. It provides a detailed view on fuel cycle cost evolution over time, as a function of time-evolving material and service costs, as well as showing the impacts of both techno-economic and socio-political uncertainties.

The Fuel Cycle Costing Model is a stochastic NPV analysis model, providing in-depth costing analysis of the entire nuclear fuel cycle, from uranium and thorium mining until final disposal of radioactive waste. It is fully parametric and used in association with a cost database, though users may apply their own proprietary input data for analysis. Stochasticity parameters are selected based on historic data and expert judgement-based projections of material and service costings, including uncertainties on timing of fuel cycle operations.

Selected example fuel cycle options which have been studied within FCCM are:

• Light water reactor fuel cycle comparison and optimisation:
  • Once-though uranium oxide fuel cycle with variants for wet or dry interim storage evolution
  • Single recycling of plutonium as mixed oxide fuel
  • Multiple recycle options for separated plutonium
• Comparison of heavy water reactor fuel cycle options:
  • Standard natural uranium-based fuel
  • NUE fuel (Natural Uranium Equivalent)
  • DRU fuel (Derivatives of Reprocessed Uranium)
  • Re-enriched reprocessed uranium fuel
  • Mixed reprocessed uranium/thorium fuel
• Fast reactor fuel cycles:
  • Plutonium multi-recycling fuel cycle

FCCM also provides input to our more advanced financial cost/risk model, NROM (Nuclear Real Options Model).