NuScale Technology & Economic Overview Simple, Safe, Economic

Transcription

1 NuScale Technology & Economic Overview Simple, Safe, Economic Jay Surina Chief Financial Officer August, 2015 Nonproprietary 2015 NuScale Power, LLC

2 Disclaimer This material is based upon work supported by the Department of Energy under Award Number DE-NE This report was prepared as an account of work sponsored by an agency of the United States (U.S.) Government. Neither the U.S. Government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the U.S. Government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect those of the U.S. Government or any agency thereof. 2

3 NuScale Power History/Status NuScale technology in development and design since 2000 (DOE) MASLWR program Electrically-heated 1/3-scale Integral test facility first operational in 2003 Began NRC design certification (DC) preapplication project in April 2008 Twelve-reactor simulated control room operational in May 2012 for Human Factors Engineering development 200 Patents Granted or Pending in 19 countries >600 people currently on project DOE announced FOA win in 2013 and Cooperative Agreement signed May 2014 $217M matching funds Fluor has invested >$270MM life-to-date Plan is to submit DCA to NRC in December 2016 First deployment in Idaho by NIST-1 One-third scale Test Facility 3

4 Plant Design Overview containment reactor vessel steam generator fuel 4

5 Size Comparison Typical Pressurized-Water Reactor Containment & Reactor System NuScale Power Module Combined Containment Vessel and Integral Reactor System *Source: NRC 5

6 Site Aerial View cooling towers A annex building turbine building A reactor building control building warehouse switchyard turbine building B parking protected area fence radwaste building administration building ISFSI (dry cask storage) cooling towers B 6

7 Reactor Building Cross Section Reactor building houses NuScale power modules, spent fuel pool, and reactor pool refueling machine biological shield reactor building crane spent fuel pool weir reactor vessel flange tool containment vessel flange tool reactor pool NuScale Power Module

8 Reactor Building Overhead View module import trolley reactor pool NuScale Power Module spent fuel pool refueling machine reactor vessel flange tool containment vessel flange tool reactor building crane

9 Overall Plant Basic Plant Parameters Net electrical output Up to 570 MWe (nominal) Plant thermal efficiency > 30% Number of power generation units Up to 12 Nominal plant capacity factor > 95% Total plant protected area ~32 acres Total owner controlled area ~70 acres Power Generation Unit Number of reactors One Gross electrical output 50 MWe Steam generator number Two independent tube bundles (50% capacity each) Steam generator type Vertical helical coil tube (secondary coolant boils inside tube) Steam cycle Superheated Turbine throttle conditions 3.3 MPa (475 psia) Steam flow 67.5 kg/s (536,200 lb/hr) Feedwater temperature 149 C (300 F) Reactor Core Thermal power rating 160 MWth (gross) Operating pressure 12.7 MPa (1850 psia) Fuel design UO 2 (< 4.95% U 235 enrichment); 37 half height 17x17 geometry lattice fuel assemblies; negative reactivity coefficients Refueling interval 24 months (capable of 48 months) 9

10 Simplicity Enhances Safety All safety equipment needed to protect the core is shown on this picture Natural Convection for Cooling Passively safe, driven by gravity, natural circulation of water over the fuel No pumps, no need for emergency generators Seismically Robust System submerged in a below-ground pool of water in an earthquake resistant building Reactor pool attenuates ground motion and dissipates energy Simple and Small Reactor core is 1/20th the size of large reactor cores Integrated reactor design, no large-break loss-ofcoolant accidents Defense-in-Depth Multiple additional barriers to protect against the release of radiation to the environment Steel containment has >10 times pressure rating than typical PWR Water volume to thermal power ratio is four times larger than typical PWR Reactor core has only five percent of the fuel of a large reactor 160 MWt NuScale Power Module 10

11 Containment Design High Pressure Containment Enhanced Safety Containment volume sized so that core does not uncover following a LOCA (prevents fuel heat-up) Large water pool keeps containment shell cool and promotes efficient post-loca steam condensation Insulating vacuum significantly reduces heat transfer during normal operation requires no insulation on reactor vessel improves LOCA steam condensation rates by eliminating air prevents combustible hydrogen mixture in the unlikely event of a severe accident (i.e., little or no oxygen) reduces corrosion and humidity problems inside containment Containment Reactor Vessel 11

12 Normal Operation Primary side natural circulation integral pressurizer No Reactor Coolant Pumps Secondary side feedwater plenums two helical steam generators with large surface area per volume to maximize thermal efficiency steam plenums main steam line pressurizer helical coil steam generator main feedwater line hot leg riser downcomer core primary coolant flow path 12

13 NuScale Power Train main steam isolation valves main feedwater isolation valves decay heat removal actuation valves containment vessel control rod drives reactor pool reactor vent valves steam header decay heat removal passive condenser safety relief valves reactor pressure vessel pressurizer upper plenum steam generators feedwater header control rods reactor recirculation valves NOT TO SCALE hot leg riser downcomer reactor core lower plenum Each NuScale power module feeds one turbine generator train eliminating single-shaft risk 100% turbine bypass capability Generator is totally enclosed water to air cooled (no hydrogen cooling required) Small, simple components support short, simple refueling outages 13

14 Decay Heat Removal System FWIVs The DHR system is composed of: DHR actuation valves DHR heat exchangers Main steam and feedwater isolation valves Ultimate heat sink (reactor pool) Two 100% redundant trains MSIVs DHR Actuation Valves Reactor Pool DHR Heat Exchanger 14

15 Emergency Core Cooling System The ECC system is composed of: Two reactor vent valves Two reactor recirculation valves Containment vessel Containment isolation valves Ultimate heat sink (reactor pool) Only 1 RVV and 1 RRV needed Reactor Pool Reactor Vent Valve Containment Reactor Recirculation Valve 15

16 Response to Loss of All Power Stable Long Term Cooling Under all Conditions Reactor and nuclear fuel cooled indefinitely without pumps or power WATER COOLING BOILING AIR COOLING * Based on conservative calculations assuming all 12 modules in simultaneous upset conditions and reduced pool water inventory 16

17 Reducing Plant Risk Risk = (frequency of failure) X (consequences) 10 3 NRC Goal (new reactors) 10 4 Reactor Building Core Damage Frequency Operating PWRs Operating BWRs New LWRs (active) New LWRs (passive) NuScale Biological Shield Reactor Pool Pool Structure And Liner Ground level Containment Reactor Vessel Fuel Clad Probability of core damage due to NuScale reactor equipment failures is 1 in 100,000,000 years 17

18 NuScale Reactor Qualification Test Plan NuScale Reactor Qualification Test Plan outlines Design Certification and First Of A Kind Engineering (FOAKE) projects for reactor safety code development, validation, reactor design and technology maturation to reduce First Of A Kind (FOAK) design risk. 18

19 NuScale Integral System Test Facility reactor pressure vessel pressurizer steam drum reactor building pool SG helical coils containment vessel riser core shroud core heaters 19

20 Full Scale 12 Unit Control Room Simulator Supports HFE studies, control room staffing exemption, and plant performance studies NRC HFE audit of NuScale simulator in January

21 NuScale Non-Electrical Applications NuScale Energy Supply for Oil Recovery and Refining Applications, Authored by NuScale and Fluor, ICAPP-2014, April 6-9, 2014 Integration of NuScale SMR With Desalination Technologies, Authored by NuScale, Fluor, and Aquatech, ASME 2014 SMR Symposium, Washington, DC, April 15-17, 2014 NuScale small modular reactor for Co-generation of electricity and water, Authored by NuScale, Fluor, and Aquatech, Published in Desalination 349,(2014) pp Extending Nuclear Energy to Non-Electrical Applications, Authored by NuScale, Fluor, Aquatech and INL, (oil, desalination, H 2 production) PBNC-2014, August 24-28, 2014 Can Nuclear Power and Renewables be Friends? Authored by NuScale, ENW, and UAMPS, ICAPP-2015, May 03-06,

22 NuScale Diverse Energy Platform (NuDEP) Initiative SAFE SMALL SCALABLE FLEXIBLE RELIABLE 22

23 NuScale Diverse Energy Platform - Completed Studies Oil Refineries Study Reduction of Carbon Emissions (Fluor and NuScale) 10 Module Plant coupled to a 250,000 barrels/d refinery Hydrogen Production Study High Temperature Steam Electrolysis (INL and NuScale) 6 Module Plant for Emission Free Hydrogen Production Integration with Wind Study Horse Butte Site (UAMPS, ENW and NuScale) 1 Module dedicated to UAMPS 57.6 MW wind farm Desalination Study Sized for the Carlsbad Site (Aquatech and NuScale) 8 Module Plant can produce 50 Mgal/d (190K m 3 /d) of clean water plus 350 MWe 23

24 The NuScale Design: Summary Offers proven LWR components in a simple and innovative operational framework. Provides a truly scalable approach to nuclear plant deployment. Captures the Economy of Small Is supported by comprehensive test programs and modeling. Provides long term protection against Fukushima type events (i.e., prolonged station blackout) without additional water, power, or operator action NuScale plant can be used for non-traditional applications of nuclear power. 24

25 NuScale Plant Market Competitiveness, Economics & Financeability Jay Surina August 2015 NuScale Power, LLC Non Proprietary NuScale Power, LLC 2014 TM

26 SMR Market Potential UK NNL* calculated the potential SMR market to be approximately 65 85GW by 2035, GW excluding Russia *UK National Nuclear Laboratory SMR Feasibility Study, December 2014 This is equivalent to NuScale Power Modules (NPMs) At 25% market share, and 10 year deployment timeframe, NPM / year At 36 NPM / year, approximately 1000 workers dedicated to machining, assembling and testing NPMs

27 SMR Market Potential Source: BP Statistical View of World Energy 2014

28 SMRs & the Clean Power Plan (CPP) EPA issued its proposed Clean Power Plan to regulate CO2 emissions from existing power plants under section 111(d) of the Clean Air Act The CPP issued varying, state-specific targets; rule is not prescriptive about how to meet the targets The CPP is tough on coal plants, the largest and highest rate emitters, and many will have to close CPP glide path matches well with NuScale first deployment in 2023 Base load power will have to come from nuclear power, CCGT or renewables + storage Renewables + storage is currently too expensive to be used for base load demand Utilities will resist becoming overly dependent on natural gas as a fuel source 32% reduction in GHG from affected EGUs is ~100 GW of coal which could be replaced by a combination of renewables, energy efficiency and nuclear. 100 GW represents 2000 NuScale Power Modules or MWe plants UK NNL forecast for US is 15 GW of SMR deployment by TM

29 Construction Cost Summary Overall EPC Overnight Plant Costs ($1,000,000) $ 5,078 per kwe net Note: Delivered costs shown are in 2014 $ s.

30 Plant Cost Estimate Development ~10,000 man hour effort over 6 months. Detailed equipment lists to individual valves and instruments. Takeoffs developed for all piping, duct, wire, excavation, civil/structural materials, and architectural items. Total equipment and commodity input over 14k line items. All equipment tagged with building, system, unit, and safety classification. Updated construction plan with estimate input. 84% of equipment pricing based on budgetary quotes.

31 Plant Cost Estimate Assumptions Generic southeastern USA site. Labor hours based on Fluor standard unit rates with productivity adjustments. Labor rates based on existing Fluor project. Indirect costs based on staffing plan, construction schedule, and temporary facility plan. Bottoms up indirect cost estimate. Schedule based on 51 months mobilization to mechanical completion month critical path - first safety concrete to mechanical completion. Class 4 estimate per AACE with an expected accuracy range of +35%/-10%. Owners cost, estimated at $300 mm, not included in EPC estimate. Estimates for transmission, admin building, licensing, etc. carried in LCOE costs.

32 NuScale Levelized Cost of Electricity Estimates (LCOE) NuScale LCOE results of $98 $108/MWhr (2015 $ s) Key Assumptions: Financing is 55% debt (@5.5%) and 45% equity (@10.0%). Modeled as a 40 year project life, but the plant is designed for 60 years Excludes owner s costs such as: HR and management infrastructure, central office COLA, permits, NRC and ITAAC inspections, and legal fees Switchyard Owner's project development costs Owner's engineering services (post COLA) Owner contingency Including an estimate of owners costs would add ~ $6/MWhr

33 NuScale LCOE in North America 250 Estimated Average US Levelized Cost of New Generation Resources 2019 costs in 2012 $/MWh 200 Gas power options First of a Kind (FOAK) Nth of a Kind (NOAK) NuScale (12 pack) Conventional Coal Advanced Coal Source: U.S. Energy Information Administration, Levelized Cost and Levelized Avoided Cost of New Generation Resources in the Annual Energy Outlook 2014, April 2014, except NuScale (12 pack); NuScale LCOE Model Advanced Coal w CCS Gas: Convent l Combined Cycle Gas: Adv d Combined Cycle Gas: Adv d Combined Cycle w CCS Gas: Conven l Combustion Turbine Gas: Adv d Combustion Turbine Advanced Nuclear Geothermal Biomass Wind Solar PV Solar Thermal Assumptions for EIA and NuScale (12 Pack): WACC of 6.5%; 30 yr cost recovery period. Hydro NuScale FOAK (12 Pack) LCOE of $100/MWh includes owner s cost of $5.10/MWh. NuScale NOAK (12 Pack) LCOE of $90/MWh includes Owner s Cost of $5.10/MWh. For all other technologies, EIA included transmission investment from $1.10/MWh (Advanced Nuclear) to $6.00/MWh (Solar Thermal). NuScale included $1.10/MWh for transmission investment in the FOAK and NOAK LCOE values. 33 Note: EIA projects 2019 Henry Hub spot natural gas prices of approx.$4.70/mmbtu (2012 Dollars) (Annual Energy Outlook 2014) 33

34 LCOE Breakdown Levelized Cost in 2015 US Dollars $ $14 Other $ $80.00 $60.00 $24 $18 Decommissioning Fuel and Fuel Waste Costs Outage Costs $80.00 $60.00 $16 $40.00 O&M $40.00 $26 $20.00 $ $52 LCOE (USD) FOAK with Regulated Utility Financing (IOU) 55% debt at 5.5%, 45% equity at 10% FOAK with Municipal Financing 100% debt at 3.5%, no equity $ 108 USD $ 74 USD Note: Capital costs reflect the Fluor SE estimate completed in Taxes (Incl. Property Taxes) Capital $20.00 $ $31 LCOE (USD)

35 Reduced Financial Risks $ in Billions % of operating capacity from Nuclear New nuclear units planned or under construction Enterprise and Market Values of Major US Utilities Remaining Enterprise Value Market Cap Year spent cost of 2,200 MW traditional nuclear new build: $ Bn SO EXC D DUK PCG EIX FE ETR PPL NRG DTE AEE SCG DYN CPN Source: Capital IQ; data for 1/23/2015; Platts; AlixPartners and NuScale Analysis Note: SO Southern; EXC Exelon; D Dominion; DUK Duke; PCG PG&E Corp.; EIX Edison Int l; FE FirstEnergy; ETR Entergy; PPL PPL Corp.; NRG NRG Energy; DTE DTE Energy; AEE Ameren; SCG Scana Corp; DYN Dynegy; CPN Calpine; nuclear capacity data based on plants shown as on operating status in Platts ; Year spent estimate for traditional nuclear plant based on JP Morgan and other sources 1 Edison, through Southern California Edison owns the San Onofre, CA nuclear plant. All units have been permanently retired 2 As part of a joint venture with Austin Energy and CPS, NRG operators 4 nuclear units at the South Texas plant generating 2.8 GW of capacity 18 11

36 Jay Surina Chief Financial Officer The Element of Nu