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http://dx.doi.org/10.15266/KEREA.2018.27.2.261

Economic Feasibility Study of the Life Extension by Reactor Type of Nuclear Power Plant in Korea  

Cho, Sungjin (Department of Electric Policy, Korea Energy Economics Institute)
Kim, Yoon Kyung (Department of Economics, Ewha Womans University)
Publication Information
Environmental and Resource Economics Review / v.27, no.2, 2018 , pp. 261-286 More about this Journal
Abstract
This paper evaluated the economic feasibility of the life extension of Kori unit 1 and Wolsong unit 1 according to the types of the nuclear power plants (NPPs) and the life extension period comparing to the levelized costs of energy (LCOE) of the new NPPs, coal-fired plants (CFPs), and combined cycle gas turbine (CCGTs) which proposed in the $7^{th}$ Basic Plan for Electricity Supply and Demand. The economic feasibility of the life extension of NPPs using LCOE method is affected by the types of NPPs, lifetime extension periods, discount rate, and capacity factor. According to the analysis results, the pressurized light water reactor (PWR) is more economical than the pressurized heavy water reactor (PHWR). Comparing the economical efficiency between the life extension of NPPs and other alternatives, the operation of the PWR for 20 years is more economical than the one of new NPPs and CFPs. However, 20 years of life extension of PHWR is more economical than the CCGTs, but less economical than new NPPs and CFPs. In summary, the 20 years of life extension of the NPPs seems to be more, especially for the PWR, which is more cost effective than other generation alternatives. Therefore, the government policy of the life extension of NPPs need to be a selective approach that simultaneously considers both safety and economics rather than closing all NPPs.
Keywords
Life expansion; Nuclear Power Plant; Levelized costs of energy; Feasibility study;
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