Euradwaste '08 - EU Bookshop - Europa
Euradwaste '08 - EU Bookshop - Europa Euradwaste '08 - EU Bookshop - Europa
The financial provisions according to the Nuclear Energy Act have to cover all the future costs of the management of the existing wastes. This means that the actual waste management plans and schedules have to be adjusted to correspond to the smaller amount of waste accumulated so far. In the estimates all costs must be presented at present day cost level and no discounting is allowed. The fund calculations are revised annually. The cost estimates for the liability calculations according to IFRS requirements are based directly on the actual waste management plans and schedules during the total expected lifetime of the operating units. The costs are divided into two categories: costs independent on the quantity of spent fuel and spent fuel costs. The former costs are treated as investment costs and the latter ones as fuel costs in the calculations. The costs are presented as discounted cash flows. IFRS estimates are revised quarterly, if necessary. In the beginning TVO and Fortum carried out all the work related to the calculations of financial provisions. Since the foundation of Posiva, this activity is carried out by Posiva for its owners. The calculation of IFRS cash flows is made by Posiva but their further modification for the reporting starting with discounting is performed by the utilities. The estimated liability of nuclear waste management activities and related cumulative cash flow for the expected lifetime of the operating Olkiluoto and Loviisa NPPs and Olkiluoto 3 unit is depicted in Figure 2. With the given assumptions, a payback from the Fund will begin about 2030 and the Fund has been emptied at the time when all waste management obligations have been carried out. ro u E n ilio M 6000 5000 4000 3000 2000 1000 0 50 Liability Cash flow Figure 2: Funding liability and cumulative cash flow of nuclear waste management for Olkiluoto and Loviisa NPPs (future costs in December 2007 level) 3. Cost estimate for final disposal of spent fuel in Finland 3.1 Basis and scope of cost estimate Cost estimates for spent fuel management are made for two BWR units at Olkiluoto (Olkiluoto 1&2, 2 x 860 MWe, operated by TVO), two PWR units at Loviisa (Loviisa 1&2, 2 x 488 MWe, op- Total
erated by Fortum) and one PWR unit (Olkiluoto 3, 1600 MWe) under construction at Olkiluoto by TVO. Posiva published an updated preliminary design of the spent fuel disposal facility at Olkiluoto site at the end of 2006. The reference for the design work and technical development is a KBS-3 type disposal concept. The design available uses the best knowledge on the geological features of Olkiluoto, current understanding of the technical implementation of the disposal concept and accounts for the infrastructure of Olkiluoto island. Based on this preliminary design phase 2, Posiva updated the cost estimate for spent fuel disposal in 2007 [1]. The disposal facility consists of an above ground facility and an underground repository. The most important building of the above ground facility is the encapsulation plant. The spent fuel that has been transported from Loviisa and Olkiluoto sites after it has been stored there in interim stores for several decades is received in the encapsulation plant and the fuel is packed into disposal canisters. The underground repository consists of disposal tunnels and deposition holes deep in the bedrock, in which the encapsulated fuel is emplaced, and of required underground auxiliary facilities and access connections. Currently Posiva is aiming at submitting the application for the construction license for the disposal facility in 2012. The operation of the facility is planned to be commissioned in 2020 after the operation license has been granted. The disposal of spent fuel from the operating units (Olkiluoto 1&2 and Loviisa 1&2) is scheduled for 2020 to 2070 while the disposal of Olkiluoto 3 fuel is estimated to take place between 2070 and 2110. 3.2 Summary of results Based on the information provided by TVO and Fortum the predicted accumulated quantities of spent fuel to be disposed of are given in Table 1. As shown in the table, Olkiluoto units are supposed to operate for 60 years and Loviisa units 50 years. The total accumulated quantity of spent fuel over this period is calculated to about 5500 tU. Table 1: Predicted accumulated fuel quantities at Olkiluoto (OL) and Loviisa (LO) units OL1 OL2 OL3 LO1 LO2 Design operating life (years) 60 60 60 50 50 Number of fuel assemblies 7,224 7,288 3,728 3,993 4,380 Average burnup of all assemblies 38.0 38.6 45.5 37.0 38.1 (MWd/kgU) In tons of uranium (tU) 1,270 1,263 1,980 492 526 Number of canisters 1,210 932 698 The corresponding total cost estimate is about 3 Billion Euro (December 2006) and broken down in Table 2. No discounting has been applied to the future costs. Neither interests nor value added taxes are included. A general contingency of 20% has been added to all costs. The calculated value of 3 Billion Euro for the spent fuel disposal of a fleet of 4300 MWe of nuclear power may be compared to the published investment cost of 3 Billion Euro for Olkiluoto 3 unit. The cost estimate covers the construction and operating costs of the rock characterisation facility, ONKALO, above ground and underground investment costs including the relevant infrastructure, above ground and underground operating costs, spent fuel transports from the interim stores to the 51
- Page 15: CONFERENCE SUMMARIES
- Page 18 and 19: supported. The Commission believes
- Page 20 and 21: Ms Monika Hammarström of SKB in Sw
- Page 22 and 23: Dr Bruno of Amphos 21 urged the swi
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The financial provisions according to the Nuclear Energy Act have to cover all the future costs of<br />
the management of the existing wastes. This means that the actual waste management plans and<br />
schedules have to be adjusted to correspond to the smaller amount of waste accumulated so far. In<br />
the estimates all costs must be presented at present day cost level and no discounting is allowed.<br />
The fund calculations are revised annually.<br />
The cost estimates for the liability calculations according to IFRS requirements are based directly<br />
on the actual waste management plans and schedules during the total expected lifetime of the operating<br />
units. The costs are divided into two categories: costs independent on the quantity of spent<br />
fuel and spent fuel costs. The former costs are treated as investment costs and the latter ones as fuel<br />
costs in the calculations. The costs are presented as discounted cash flows. IFRS estimates are revised<br />
quarterly, if necessary.<br />
In the beginning TVO and Fortum carried out all the work related to the calculations of financial<br />
provisions. Since the foundation of Posiva, this activity is carried out by Posiva for its owners. The<br />
calculation of IFRS cash flows is made by Posiva but their further modification for the reporting<br />
starting with discounting is performed by the utilities.<br />
The estimated liability of nuclear waste management activities and related cumulative cash flow for<br />
the expected lifetime of the operating Olkiluoto and Loviisa NPPs and Olkiluoto 3 unit is depicted<br />
in Figure 2. With the given assumptions, a payback from the Fund will begin about 2030 and the<br />
Fund has been emptied at the time when all waste management obligations have been carried out.<br />
ro<br />
u<br />
E<br />
n<br />
ilio<br />
M<br />
6000<br />
5000<br />
4000<br />
3000<br />
2000<br />
1000<br />
0<br />
50<br />
Liability<br />
Cash flow<br />
Figure 2: Funding liability and cumulative cash flow of nuclear waste management for Olkiluoto<br />
and Loviisa NPPs (future costs in December 2007 level)<br />
3. Cost estimate for final disposal of spent fuel in Finland<br />
3.1 Basis and scope of cost estimate<br />
Cost estimates for spent fuel management are made for two BWR units at Olkiluoto (Olkiluoto<br />
1&2, 2 x 860 MWe, operated by TVO), two PWR units at Loviisa (Loviisa 1&2, 2 x 488 MWe, op-<br />
Total
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