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Financing the Nuclear Renaissance

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Author Info

  • Nuttall, W.J.
  • Taylor, S

Abstract

This paper considers the key economic risks associated with nuclear power. The authors observe that the bulk of the risks of a nuclear power station project fall during the roughly five year period of plant construction. This window of risk follows a lengthy siting process and comes before power station operations lasting up to sixty years. As a consequence of the nature of the economic risks, operational nuclear power plants are more attractive targets for initial investment than new build projects. The authors suggest that the first glimmers of a US nuclear renaissance were visible in 2000 when dramatically higher prices were achieved for second-hand nuclear power plants following a period of depressed prices in the 1990s. The paper closes with a consideration of the prospects for nuclear new build in both Europe and the United States and the key financial and economic factors that could drive such developments differently in each case.

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Bibliographic Info

Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0829.

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Length: 24
Date of creation: Jun 2008
Date of revision:
Handle: RePEc:cam:camdae:0829

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Web page: http://www.econ.cam.ac.uk/index.htm

Related research

Keywords: Finance; Nuclear Power; Electricity Generation; Economic Risk; Energy Policy;

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References

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  1. Roques, F.A. & Nuttall, W.J. & Newbery, D.M. & de Neufville, R., 2005. "Nuclear Power: a Hedge against Uncertain Gas and Carbon Prices?," Cambridge Working Papers in Economics 0555, Faculty of Economics, University of Cambridge.
  2. Gupta, Nainish K. & Thompson, Herbert G., 1999. "The Market Value of Nuclear Power," The Electricity Journal, Elsevier, vol. 12(8), pages 38-45, October.
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Citations

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Cited by:
  1. Finon, D. & Roques, F., 2008. "Financing arrangements and industrial organisation for new nuclear build in electricity markets," Cambridge Working Papers in Economics 0850, Faculty of Economics, University of Cambridge.
  2. Linares, Pedro & Conchado, Adela, 2013. "The economics of new nuclear power plants in liberalized electricity markets," Energy Economics, Elsevier, vol. 40(S1), pages S119-S125.
  3. Jewell, Jessica, 2011. "Ready for nuclear energy?: An assessment of capacities and motivations for launching new national nuclear power programs," Energy Policy, Elsevier, vol. 39(3), pages 1041-1055, March.
  4. Kessides, Ioannis N., 2012. "The future of the Nuclear industry reconsidered : risks, uncertainties, and continued potential," Policy Research Working Paper Series 6112, The World Bank.
  5. Jewell, Jessica, 2011. "A nuclear-powered North Africa: Just a desert mirage or is there something on the horizon?," Energy Policy, Elsevier, vol. 39(8), pages 4445-4457, August.
  6. Michel Berthélemy & Lina Escobar Rangel, 2013. "Nuclear reactors' construction costs: The role of lead-time, standardization and technological progress," Working Papers hal-00956292, HAL.

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