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New Perspectives for Financing Nuclear New Build. Financing New Nuclear Power Plants: Minimising the Cost of Capital by Optimising Risk Management

Keppler, Jan-Horst; Cameron, Diane; Berthélemy, Michel (2022), New Perspectives for Financing Nuclear New Build. Financing New Nuclear Power Plants: Minimising the Cost of Capital by Optimising Risk Management, OECD, Nuclear Technology Development and Economics, NEA No. 7632, p. 68. https://basepub.dauphine.psl.eu/handle/123456789/23928

Type
Rapport
Date
2022
Publisher
OECD
Series title
Nuclear Technology Development and Economics
Series number
NEA No. 7632
Pages
68
Metadata
Show full item record
Author(s)
Keppler, Jan-Horst
Laboratoire d'Economie de Dauphine [LEDa]
Cameron, Diane
Berthélemy, Michel
Centre d'économie industrielle i3 [CERNA i3]
Abstract (EN)
Realising the contribution of nuclear energy to achieving net zero carbon emission in 2050 will require raising significant amounts of capital at competitive rates. On the basis of work under the aegis of the Nuclear Energy Agency (NEA) – International Framework for Nuclear Energy Cooperation (IFNEC) Initiative on Nuclear Financing, this report explores a new framework for analysing the cost of capital for nuclear new build projects. Its key insight is that capital costs can be substantially lowered if the different risks pertaining to such projects such as construction risk, price risk or political risk are properly understood, optimally managed and fairly allocated. In a carbon-constrained world, the true capital costs of nuclear energy and other low-carbon generators will also be lower than customarily assumed due to their ability to offset systemic financial risk. The findings of this report apply equally to private and public investments. Governments nevertheless have important roles to play in ensuring credible net zero commitments, implementing frameworks for optimal risk management and by becoming involved as project participants, in cases where they judge that private actors do not realise the full value of a nuclear power project.
Subjects / Keywords
Climate change; decarbonisation; nuclear economics; nuclear energy
JEL
Q40 - General
Q47 - Energy Forecasting
Q51 - Valuation of Environmental Effects

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