An overview of small modular reactors: Status of global development, potential design advantages, and methods for economic assessment

Increased reliance on fossil fuels contributes to rising greenhouse gas emissions and compromises the economic stability and supply of electricity markets, as fossil fuels are susceptible to significant price fluctuations. Nuclear energy provides carbon-free, baseload electricity with relatively stable long-term fuel costs. Large nuclear plants were constructed to help meet base-load energy demands; today, many distinct factors threaten the economic competitiveness of existing and new large commercial nuclear plants. Small Modular Reactors (SMRs) are an emerging class of nuclear reactors that may provide a more competitive alternative in many potential markets: replacing aging coal fired power plants, providing combined electricity and process heat for industrial applications, supporting intermittent renewable energies, and generating power in regions presently underserved by large commercial reactors. SMRs may also be more attractive in markets that lack a widely distributed transmission infrastructure, have limited water availability for cooling, or have a smaller energy demand making large reactors uneconomical. SMRs typically operate with a rated capacity of 300 MW or less and are designed as individual modules containing the safety-grade components.