Economic and Employment Impacts of Small Modular Reactors - SMR

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High Nuclear Adoption Case: With high rates of added nuclear capacity, moderate rates of SMR market share of added nuclear capacity, and moderate market penetration by domestic SMR manufacturers, almost 40 SMRs will be manufactured annually in the U.S. by 2030. This represents a strong greenhouse gas legislation case. Moderate Nuclear Adoption Case: With moderate rates of added nuclear capacity, moderate rates of SMR market share of added nuclear capacity, and moderate market penetration by domestic SMR manufacturers, an estimated 30 SMR units will be manufactured annually in the U.S. by 2030. Low Nuclear Adoption Case: With low rates of added nuclear capacity, moderate rates of SMR market share of added nuclear capacity, and moderate market penetration of domestic SMR manufacturers, only a few SMR units will be manufactured annually in the U.S. by 2030. -‐as-‐se. capacity, disruptively high rates of SMR market share of added nuclear capacity, and moderate market penetration by domestic SMR manufacturers, approximately 85 SMR units will be manufactured annually in the U.S. by 2030. ‣ An economic analysis estimates the total economic impacts of SMR manufacturing, construction, and operation of a representative 100 MW SMR unit. A prototypical 100 MW SMR costing $500 million to manufacture and install on-‐site is estimated to create nearly 7,000 jobs and generate $1.3 billion in sales, $627 million in value-‐added, $404 million in earnings (payroll), and $35 million in indirect business taxes. The annual operation of each 100 MW SMR unit is estimated to create about 375 jobs and generate $107 million in sales, $68 million in value-‐added, $27 million in earnings (payroll), and $9 million in indirect business taxes. ‣ Given the expected number of SMRs to be manufactured in the U.S. under each of the four market analysis scenarios, the economic analysis projects the maximum economic impacts of a developing domestic SMR industry through 2030. 2 High Nuclear Adoption Case: In 2030, the domestic manufacturing and construction of SMRs will be responsible for an estimated 255,000 jobs annually, $48.3 billion in annual sales, $23.2 billion in annual value-‐added impacts, $15 billion in annual earnings, and $1.3 billion in annual indirect business taxes. Cumulatively through 2030, the domestic 2 These projections do not include support service revenue and job impacts from enrichment services. Several SMR designs assume uranium enrichment levels higher than those associated with conventional reactors. This study uses a prototypical light-‐water reactor design to model economic impacts, and the study team assumed the generic design would not require a higher enrichment level. In addition, the study team assumed growth to be linear between the low-‐point in 2015 to a high-‐point in 2030. Therefore, if actual manufacturing of SMR units begins after 2015, a corresponding linear shift in the economic outputs would likely occur in the years after 2030. 6
operation of SMRs is responsible for about 81,000 jobs, $23 billion in sales, $15 billion in value-‐added, $6 billion in earnings, and $2 billion in indirect business taxes. Moderate Nuclear Adoption Case: Annual economic impacts in 2030 for manufacture and construction are estimated to be 215,000 jobs, $40.5 billion in sales, $19.4 billion in value-‐added impacts, $12.5 billion in payroll earnings, and $1.1 billion in indirect business taxes. Cumulatively through 2030, the domestic operation of SMRs is responsible for more than 50,000 jobs, $15 billion in sales, $9.6 billion in value-‐added, $4 billion in earnings, and $1.3 billion in indirect business taxes. Low Nuclear Adoption Case: In 2030, the domestic SMR manufacture and construction industry is projected to have annual economic impacts estimated at almost 21,000 jobs, $3.9 billion in sales, $1.9 billion in value-‐added, $1.2 billion in earnings, and more than $100 million in indirect business taxes. Cumulatively through 2030, the domestic operation of SMRs is responsible for approximately 7,000 jobs, $1.9 billion in sales, 1.2 billion in value-‐added, $500 million in earnings, and more than $160 million in indirect business taxes. Disruptive Nuclear Adoption Case: The economic analysis projects that in 2030, the domestic manufacturing and construction of SMRs will be responsible for slightly more than 600,000 jobs annually, $113.5 billion in annual sales, $54.6 billion in annual value-added impacts, $35.2 billion in annual payroll earnings, and $3.1 billion in annual indirect business taxes. Cumulatively through 2030, the domestic operation of SMRs is responsible for approximately 200,000 jobs, $57.1 billion in sales, $36.4 billion in value-added, $14.8 billion in earnings, and $4.9 billion in indirect business taxes. Section 2: Benefits and Applications of SMR Technologies According to International Atomic Energy Agency (IAEA) definitions, a large conventional nuclear reactor typically exceeds an output of 700 MW. In contrast, small nuclear reactors are defined as those producing less than 300 MW (IAEA, 2007). The fundamental uniqueness of SMRs lies in their size and modularity. Modularity of a monolithic plant or stickbuilt scope to facilitate factory fabrication of modules for shipment and installation in the field as complete assemblies (Carelli, et al., 2010). The modular approach allows for greater standardization of components and processes compared to large nuclear power plants. Modular fabrication also enables cost reduction opportunities resulting from economic learning as the number of SMRs deployed over time increases. In support of this argument, preliminary evaluations of the capital outlay and O&M costs indicate that the lack of initial economies of scale would be counterbalanced by the modular and integral design approach of SMRs (Carelli, et al., 2010). SMR Designs There are numerous SMR designs under development globally. Only a small portion of these designs are expected to become NRC-‐certified and commercially available within the U.S. in the next 10 to 20 years. 7
Page 3 and 4: Table of Contents Section 1: Introd
Page 5 and 6: Figure 8.d -‐ Economic Impacts
Page 7: future energy demand and SMR adopti
Page 11 and 12: In addition to the companies and co
Page 13 and 14: halted in the late 1970s due to cos
Page 15 and 16: Large-‐scale, proven commercial
Page 17 and 18: Methodology Forecasted capacity add
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Page 29 and 30: industry ripples throughout all the
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Page 37 and 38: Figure 7.c Earnings Economic Impact
Page 39 and 40: Value-‐Added Economic Impacts (
Page 41 and 42: $120 $100 Figure 9.a (Manufacturing
Page 43 and 44: Billions $3.5 $3.0 $2.5 $2.0 $1.5 $
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Page 51 and 52: Sanders, T. (2009, December 15). Te
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