Nuclear Research Group

Petten, Netherlands

Nuclear Research Group

Petten, Netherlands
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Jain S.,Technical University of Delft | Jain S.,Nuclear Research Group | Roelofs F.,Nuclear Research Group | Oosterlee C.W.,Technical University of Delft
Nuclear Engineering and Design | Year: 2013

Small and medium sized reactors, SMRs (according to IAEA, 'small' are reactors with power less than 300 MWe, and 'medium' with power less than 700 MWe) are considered as an attractive option for investment in nuclear power plants. SMRs may benefit from flexibility of investment, reduced upfront expenditure, and easy integration with small sized grids. Large reactors on the other hand have been an attractive option due to economy of scale. In this paper we focus on the advantages of flexibility due to modular construction of SMRs. Using real option analysis (ROA) we help a utility determine the value of sequential modular SMRs. Numerical results under different considerations, like possibility of rare events, learning, uncertain lifetimes are reported for a single large unit and modular SMRs. © 2013 Elsevier B.V.


Jain S.,Technical University of Delft | Jain S.,Nuclear Research Group | Roelofs F.,Nuclear Research Group | Oosterlee C.W.,Technical University of Delft
Energy Economics | Year: 2013

Small and medium sized reactors, SMRs, (according to IAEA, 'small' refers to reactors with power less than 300. MWe, and 'medium' with power less than 700. MWe) are considered as an attractive option for investment in nuclear power plants. SMRs may benefit from flexibility of investment, reduced upfront expenditure, enhanced safety, and easy integration with small sized grids. Large reactors on the other hand have been an attractive option due to the economy of scale. In this paper we focus on the economic impact of flexibility due to modular construction of SMRs. We demonstrate, using real option analysis, the value of sequential modular SMRs. Numerical results under different considerations of decision time, uncertainty in electricity prices, and constraints on the construction of units, are reported for a single large unit and for modular SMRs. © 2012 Elsevier B.V.


Jain S.,Technical University of Delft | Jain S.,Nuclear Research Group | Oosterlee C.W.,Technical University of Delft
International Journal of Computer Mathematics | Year: 2012

This paper considers the problem of pricing options with early-exercise features whose pay-off depends on several sources of uncertainty. We propose a stochastic grid method for estimating the optimal exercise policy and use this policy to obtain a low-biased estimator for high-dimensional Bermudan options. The method has elements of the least-squares method (LSM) of Longstaff and Schwartz [Valuing American options by simulation: A simple least-squares approach, Rev. Finan. Stud. 3 (2001), pp. 113-147], the stochastic mesh method of Broadie and Glasserman [A stochastic mesh method for pricing high-dimensional American option, J. Comput. Finance 7 (2004), pp. 35-72], and stratified state aggregation along the pay-off method of Barraquand and Martineau [Numerical valuation of high-dimensional multivariate American securities, J. Financ. Quant. Anal. 30 (1995), pp. 383-405], with certain distinct advantages over the existing methods. We focus on the numerical results for high-dimensional problems such as max option and arithmetic basket option on several assets, with basic error analysis for a general one-dimensional problem. © 2012 Taylor & Francis.


Su'ud Z.,Nuclear Research Group | Sekimoto H.,Tokyo Institute of Technology
International Journal of Nuclear Energy Science and Technology | Year: 2010

This paper reports a conceptual design study of Pb-Bi cooled fast reactors with a fuel cycle that needs only natural uranium input. In this design, the CANDLE burn-up strategy is slightly modified by introducing discrete regions. The reactor cores are subdivided into several parts with the same volume in the axial directions. The natural uranium is initially put in region 1, after one cycle of ten years of burn-up it is shifted to region 2 and region 1 is filled with fresh natural uranium fuel. This concept is applied to all regions. From the parametric survey results, the region shuffling scheme and fuel volume fraction have large effect on the criticality of the core. Also, by putting regions 1 and 2 near region 10, we get some significant gain in effective multiplication factors. Core radius, core axial width, radial reflector width and axial reflector width have some impact on the initial effective multiplication factor value, but not as great. © 2010 Inderscience Enterprises Ltd.


Jain S.,Technical University of Delft | Jain S.,Nuclear Research Group | Roelofs F.,Nuclear Research Group | Oosterlee C.W.,CWI Centrum Wiskunde and Informatica
Energy Economics | Year: 2014

Capital costs, fuel, operation and maintenance (O&M) costs, and electricity prices play a key role in the economics of nuclear power plants. Often standardized reactor designs are required to be locally adapted, which often impacts the project plans and the supply chain. It then becomes difficult to ascertain how these changes will eventually reflect in costs, which makes the capital costs component of nuclear power plants uncertain. Different nuclear reactor types compete economically by having either lower and less uncertain construction costs, increased efficiencies, lower and less uncertain fuel cycles and O&M costs etc. The decision making process related to nuclear power plants requires a holistic approach that takes into account the key economic factors and their uncertainties. We here present a decision-support tool that satisfactorily takes into account the major uncertainties in the cost elements of a nuclear power plant, to provide an optimal portfolio of nuclear reactors. The portfolio so obtained, under our model assumptions and the constraints considered, maximizes the combined returns for a given level of risk or uncertainty. These decisions are made using a combination of real option theory and mean-variance portfolio optimization. © 2014 Elsevier B.V.

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