Advanced light water reactors: An economically viable part of the world's future energy mix

In addition to safety and reliability, a common mission for the international nuclear industry in the 21st century will be to ensure affordable electricity. At the Westinghouse Electric Corporation believe our advanced light water reactor (ALWR) design gives us the opportunity to provide the safest, most reliable, lowest cost, most competitive generation method possible for use by nations and utilities worldwide. While the safety and reliability aspects of the ALWR can be proven tangibly and are well-documented, questions have been raised about the technology's ability to work within the world's selling price range for electricity generation. For our industry's financial stability, and especially for the stability of the world's future power needs, Westinghouse has done extensive work on this issue and we are convinced we can meet the competitive challenge. We believe the ALWR can be an economically viable part of the world's future energy mix. This paper will define the competitive challenge that is being addressed by the industry and then analyze three specific areas: capital costs, operating costs, and financing costs. The hidden advantage of nuclear power in responding to these challenges will be explored, and a strong case will be made asserting that the advanced light water reactor will be able to compete in international markets with viable production costs.