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An international perspective on future spent fuel management Fiona Reilly - Global nuclear lead Capital Projects & Infrastructure
www.pwc.co.uk
Vienna
May 2015
PwC
The real question - Safety
• How can spent nuclear fuel:
• be safely managed
• in a practical way
• in the best way to protect future generations
• while complying with the international conventions &
• being commercially viable?
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Joint Convention on the Safety of Spent Fuel Management and on the Safety of Radioactive Waste • Safety!!!
• Sound practices planned and implemented for safety
• Promote and effective nuclear safety culture worldwide
• Ultimate responsibility rests with the State
• Reprocessing
• Affirms international co-operation
• Mindful of the needs of developing countries
• As far as compatible be disposed of in the State in which it was generated …
• … certain circumstances, safe and efficient management of safe fuel and radioactive waste might be fostered through agreements to use facilities in one for the benefit of others (particularly if joint projects)
• Right to import/ right to ban imports
• Countries chose their own policies
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Historically
• Leasing agreements
• Still considered by some countries when looking at their fuel strategy for new plant
• Therefore effect on some companies fuel business – not a level playing field
• Countries struggling due to change in policy when e.g. joined the EU so leasing agreements but now not allowed to send fuel back to country of origin
• Reprocessing and storage
• Fuel stored long term in country where reprocessing to take place
• Isotopes and waste returned to country of origin
• Waste volume much lower and therefore less risk to the planet long term
• Asset management
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Global perspective
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World nuclear power reactors - potential
WNA figures May 2015
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Europe South America Asia Middle East North America andCanada
Russia Africa
World
REACTORS OPERABLE REACTORS UNDER CONSTRUCTION REACTORS PLANNED
REACTORS PROPOSED Total by Region
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Asian nuclear power reactors - potential
WNA figures May 2015
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50
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150
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Bangladesh China India Indonesia Japan Korea DPR(North)
Korea RO(South)
Malaysia Pakistan Taiwan Thailand Vietnam
Asian
REACTORS OPERABLE REACTORS UNDER CONSTRUCTION REACTORS PLANNED
REACTORS PROPOSED Total
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European nuclear power reactors - potential
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0
10
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50
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Europe
REACTORS OPERABLE REACTORS UNDER CONSTRUCTION REACTORS PLANNED
REACTORS PROPOSED Total
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Costs/ benefits of repositories
• Essentially a complex mining project
• Large costs for construction
• Costs in continuous monitoring
• Economies of scale in adding on some additional storage v building an additional repository
• Charging on a commercial basis as volumetric charge
• International/ regional repositories – help with non-proliferation?
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Risk & structuring issues
• Meaning of “transfer”
• Clear liabilities regime - Paris/ Vienna – transfer to the licensee
• Could not differentiate between different waste in the same facility in NE
• Clear charging mechanism – based on one off payment per volume
• Transportation covered by State sending the SNF
• Reprocessing - international fuel banks hold the assets?
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Public acceptance
“not in my back yard”
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Conclusion
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Summary
• Convention support the idea of transfer
• For many countries regional or international repositories would make sense
• Help with non-proliferation
• Reduce costs for the industry
• Transfer needs to be definite – cannot change the position
• Need certainty on liability – third party liability with the licensee
• Fixed fee rather than continuous payment
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For over 20years Fiona has been involved with projects in the nuclear industry. She remains a highly regarded specialist, particularly by industry, in the nuclear market. She is familiar with and has worked on all aspects of the nuclear cycle from new build and licensing to decommissioning, fuel storage and waste management.
She has a detailed understanding of the international regulatory framework within which the nuclear industry works and frequently advises on liability regimes and nuclear insurance, regulatory and reporting requirements, the development of regulatory regimes, feasibility studies and structuring as well as the financing, development, construction, operation and maintenance of nuclear stations and the fabrication, reprocessing and storage of nuclear fuel and waste.
She is recognised as an expert in the development and financing of nuclear projects by the International Atomic Energy Agency (IAEA) and has served as a designated expert on the financing, development and structuring of nuclear projects at special meetings of the IAEA.
She is co-author of the chapter on the resolution of disputes in the nuclear industry in “Dispute Resolution in the Energy Sector: A Practitioner’s Handbook.”
She is a Non Practising Solicitor Advocate (civil) and is a Member of the International Bar Association, member of the International Nuclear Lawyers Association, member of Women in Nuclear among other organisations.
Fiona has worked on nuclear new build projects in the UK, Central Europe, Russia and the Middle East and has worked on life extension, decommissioning and fuel management project.
Fiona Reilly PwC | Capital Projects and Infrastructure – Global nuclear lead Office: +44 (0) 20 7804 7266 Email: [email protected]
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Understanding of the nuclear market
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• We advise on nuclear new-build, operational nuclear issues and on decommissioning and waste management
• We understand policy, regulatory and financing issues associated with the nuclear sector and why certain solutions are not universally applicable.
Mining
Conversion
Enrichment
Fabrication
Reactor construction
Power generation
Decommissioning
Storage
Reprocessing
Vitrification
Disposal
• We know participants and stakeholders across the globe
• We understand the risks faced by participants in different countries and different parts of the value chain
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PwC’s nuclear team – works on projects around the world …
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The financing of new build projects in CEE, Western Europe, the Middle East and Russia (including the use of export credit agency and multilateral borrowing sources)
Structuring projects to achieve an optimal finance solution while satisfying the requirements of local nuclear regulators
PPA and CfDs, and other revenue models, eg regulation
Government support mechanisms including guarantees
Regulatory compliance advice
Decommissioning funding assessments and review
Procurement support
Organisation development
Construction and operational support
Thank you …
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