Saturday, 19 March 2011

Conventional fuel resources

Uranium is a fairly common element in the Earth's crust. Uranium is approximately as common as tin or germanium in Earth's crust, and is about 40 times more common than silver.[71] Uranium is a constituent of most rocks, dirt, and of the oceans. The fact that uranium is so spread out is a problem because mining uranium is only economically feasible where there is a large concentration. Still, the world's present measured resources of uranium, economically recoverable at a price of 130 USD/kg, are enough to last for "at least a century" at current consumption rates.[72][73] This represents a higher level of assured resources than is normal for most minerals. On the basis of analogies with other metallic minerals, a doubling of price from present levels could be expected to create about a tenfold increase in measured resources, over time. However, the cost of nuclear power lies for the most part in the construction of the power station. Therefore the fuel's contribution to the overall cost of the electricity produced is relatively small, so even a large fuel price escalation will have relatively little effect on final price. For instance, typically a doubling of the uranium market price would increase the fuel cost for a light water reactor by 26% and the electricity cost about 7%, whereas doubling the price of natural gas would typically add 70% to the price of electricity from that source. At high enough prices, eventually extraction from sources such as granite and seawater become economically feasible.[74][75]

Current light water reactors make relatively inefficient use of nuclear fuel, fissioning only the very rare uranium-235 isotope. Nuclear reprocessing can make this waste reusable and more efficient reactor designs allow better use of the available resources.

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