Study of the economic viability of the innovative nuclear reactor SMART in Brazil

Abstract

The main objective of this study is to evaluate the economic viability of the installation and operation of the innovative System - Integrated Modular Advanced Reactor (SMART) in Brazil. SMART, developed by the Korea Atomic Energy Research Institute (KAERI), is a small and modular Power Water Reactor (PWR), presents electric power of 100 MW and thermal power of 330 MW; it has a passive safety system and integral refrigeration configuration, characteristics that, allied with modularization, simplification and technological improvements, give SMART greater reliability and economy when compared to conventional reactors. SMART presents, in addition to electricity production, the functions of seawater desalination and district heat generation. The research is based on projections of energy demand in the medium and long term with emphasis on electricity and search for the reduction of greenhouse gases. These previsions indicate the need for energy expansion and diversification of the current sources in Brazil, predominantly water sources. The methodology used is based on the cost of electric generation, production capacity and construction time of SMART, adopting the investment model similar to the Angra 3 plant and the use of mirrored costs between the plants. The feasibility of the project was evaluated through the financial criteria: Internal Rate of Return (IRR), Net Present Value (NPV) and Weighted Average Cost of Capital (WACC), whose revenue should be generated through a tariff passed on to the consumer.