Matthew Bunn

Harvard University, Harvard Kennedy School, Faculty Member

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Matthew Bunn is a Professor of Practice at the Harvard Kennedy School. His research interests include nuclear theft and terrorism; nuclear proliferation and measures to control it; the future of nuclear energy and its fuel cycle; and innovation in energy technologies. Before coming to Harvard, Bunn served as an adviser to the White House Office of Science and Technology Policy, as a study director at the National Academy of Sciences, and as editor of Arms Control Today. He is the author or co-author of more than 25 books or major technical reports (most recently Preventing Black-Market Trade in Nuclear Technology), and over 150 articles in publications ranging from Science to The Washington Post.

Publications and other materials are available at http://scholar.harvard.edu/matthew_bunn

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University of Warsaw

Kansas State University

Eric Terzuolo

Seth Carus

National Defense University

Chen Kane

Monterey Institute of International Studies

Brian Forst

American University

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The economics of reprocessing vs. direct disposal of spent nuclear fuel

Nuclear Technology, Jan 1, 2005

This report assesses the economics of reprocessing versus direct disposal of spent nuclear fuel. ... more This report assesses the economics of reprocessing versus direct disposal of spent nuclear fuel. The breakeven uranium price at which reprocessing spent nuclear fuel from existing light-water reactors (LWRs) and recycling the resulting plutonium and uranium in LWRs would become economic is assessed, using central estimates of the costs of different elements of the nuclear fuel cycle (and other fuel cycle input parameters), for a wide range of range of potential reprocessing prices. Sensitivity analysis is performed, showing that the conclusions reached are robust across a wide range of input parameters. The contribution of direct disposal or reprocessing and recycling to electricity cost is also assessed. The choice of particular central estimates and ranges for the input parameters of the fuel cycle model is justified through a review of the relevant literature. The impact of different fuel cycle approaches on the volume needed for geologic repositories is briefly discussed, as are the issues surrounding the possibility of performing separations and transmutation on spent nuclear fuel to reduce the need for additional repositories. A similar analysis is then performed of the breakeven uranium price at which deploying fast-neutron breeder reactors would become competitive compared with a once-through fuel cycle in LWRs, for a range of possible differences in capital cost between LWRs and fast-neutron reactors. Sensitivity analysis is again provided, as are an analysis of the contribution to electricity cost, and a justification of the choices of central estimates and ranges for the input parameters. The equations used in the economic model are derived and explained in an appendix. Another appendix assesses the quantities of uranium likely to be recoverable worldwide in the future at a range of different possible future prices.

Matthew Bunn

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