Techno-Economic Comparison of a Large-Scale Nuclear Power Plant, Small Modular Reactors, and Wind and Solar Power Plant Deployment

Sanja Milivojevic (), Milan M. Petrovic, Vladimir D. Stevanovic, Jovica Riznic and Milos Lazarevic
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Sanja Milivojevic: Faculty of Mechanical Engineering, University of Belgrade, Kraljice Marije 16, 11120 Belgrade, Serbia
Milan M. Petrovic: Faculty of Mechanical Engineering, University of Belgrade, Kraljice Marije 16, 11120 Belgrade, Serbia
Vladimir D. Stevanovic: Faculty of Mechanical Engineering, University of Belgrade, Kraljice Marije 16, 11120 Belgrade, Serbia
Jovica Riznic: Department of Mechanical and Manufacturing Engineering, Ontario Tech University, 2000 Simcoe Street North, Oshawa, ON L1G 0C5, Canada
Milos Lazarevic: Faculty of Mechanical Engineering, University of Belgrade, Kraljice Marije 16, 11120 Belgrade, Serbia

Energies, 2025, vol. 18, issue 9, 1-18

Abstract: A comparison of the net present value, the payback period, and the levelized cost of electricity for three different projects of construction and exploitation of plants for electricity production with the aim of decarbonizing the energy sector is conducted. The first project is the building of a large-scale nuclear power plant with a light-water reactor, the second one is the deployment of several identical small modular reactors, and the third project is based on solar and wind power plants. Given that the sun and wind are intermittent renewable energy sources, it is inevitable to take into account the construction of an energy storage facility in the last project. The results show that the most profitable are the small modular reactors, while the investment into solar and wind power plants is burdened with the necessary electricity storage plant costs. Another drawback of an investment in solar and wind power plants is their shorter exploitation lifetime of 25 years compared to the long-term operation of nuclear power plants of 60 years or even more.

Keywords: net present value; payback period; levelized cost of electricity; nuclear power plant; small modular reactor; solar; wind; pumped hydroelectric energy storage (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2025
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