Overview of Small Modular and Advanced Nuclear Reactors and Their Role in the Energy Transition

Abstract

There is an unprecedented need to expand the toolbox of solutions to boost the scalability of clean power and energy systems. Amidst this challenge, nuclear energy is increasingly recognized as an important player in the path toward deep decarbonization of the global energy mix. This paper presents a technology review of small modular reactor (SMR) concepts currently under development and deployment. Both conventional and next-generation reactor technologies are evaluated with a focus on potential power system integration benefits, added system values, and provision of system-bearing services. Nevertheless, there are currently some uncertainties in the techno-economic competitiveness of SMRs, whether they can leverage economics of mass production over their inherent lack of economics of scale. To address this challenge, our paper provides some basic cost analysis of SMRs, taking into account their expected learning curves to evaluate the cost of future deployments and give insights into their economic competitiveness and potential role as a disruptive solution in the energy transition.