Techno-Economic Assessment of Small Modular Nuclear Reactors (SMR) for Heavy Industry Applications

Abstract

SMRs can provide zero-emissions heat and electricity at the scale and quality needed in heavy industries. That said, they face formidable challenges to their deployment. In this paper, we investigate the competitiveness of SMRs in satisfying the energy needs of Canadian oil sands industry producers, relative to the incumbent natural-gas co-generation technology. The ability of SMRs to satisfy the energy needs of oil sands recovery facilities is verified; however, SMRs are currently uncompetitive with natural gas co-generation, in terms of levelized costs of energy production. There are opportunities to improve the cost competitiveness of SMRs against natural gas co-generation. To realize these cost-efficiencies and achieve widespread technology adoption, a coordinated and purpose-driven research and technology commercialization agenda will need to be established, with safety innovation and technology risk sharing initiatives, being particularly important.