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SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 1 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
SMRS:
THE ECONOMICS
AND CHALLENGES 2ND ANNUAL SMALL MODULAR REACTOR
CONFERENCE, COLUMBIA, SC
24 APRIL 2012
CHRIS GADOMSKI, LEAD ANALYST, NUCLEAR
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 2 / / / /
ABOUT BLOOMBERG NEW ENERGY FINANCE
San Francisco New York
Washington DC
Sao Paulo
Cape Town Sydney
Hong Kong New Dehli
London
Beijing Tokyo
200 staff in 12 offices worldwide
Objective: serve clients with the best intelligence on finance, technology and policy developments
in clean energy, energy efficiency and carbon markets
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 3 / / / /
BLOOMBERG NEW ENERGY FINANCE
• Renewable energy
• Carbon markets
• Smart technologies
• Renewable energy certificates
• Carbon capture and storage
• Power
• Water
• Nuclear
• Insight: research, analysis & forecasting
• Industry Intelligence: data & analytics
• News & Briefing: daily, weekly &
monthly
• Applied Research: custom research &
data mining
• Knowledge Services: Summit,
Leadership Forums, Executive Briefings
& workshops
MARKETS SERVICES
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 4 / / / /
CONTENTS
1. The economics: Q2 2012 assessment
2. Major challenges
4. Crititical technical and commercial factors
3. Market opportunities
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 5 / / / /
FOSSIL TECHNOLOGY LCOES ($/MWH)
Source: Bloomberg New Energy Finance Note: Prices are in nominal dollars
CCGT
Coal
CCGT w/CO2
Coal w/CO2
0
20
40
60
80
100
120
140
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 6 / / / /
SOLAR TECHNOLOGY LCOES ($/MWH)
Source: Bloomberg New Energy Finance Note: Prices are in nominal dollars
0
50
100
150
200
250
300
350
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
STEG - Parabolic Trough STEG - Parabolic Trough w/StorageSTEG - Tower & Heliostat STEG - Tower & Heliostat w/StorageSTEG - LFR PV - Thin FilmPV - c-Si PV - c-Si Tracking
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 7 / / / /
WIND TECHNOLOGY LCOES ($/MWH)
Source: Bloomberg New Energy Finance Note: Prices are in nominal dollars
Wind - Onshore
Wind - Offshore
0
50
100
150
200
250
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 8 / / / /
LEVELISED COST OF ELECTRICITY, Q1 2012 ($/MWH)
Source: Bloomberg New Energy Finance
Note: Carbon forecasts from the Bloomberg New Energy Finance European Carbon Model with an
average price to 2020 of $33/mtCO2. Coal and natural gas prices from the US Department of Energy EIA
Annual Energy Outlook 2011 and internal forecasts. Percentage change represents change from Q4 2011.
0 100 200 300 400 500
Natural Gas CCGT
Coal Fired
Nuclear
Landfill Gas
Geothermal - Flash Plant
Large Hydro
Small Hydro
Wind - Onshore
Geothermal - Binary Plant
Municipal Solid Waste
Biomass - Incineration
Biomass - Anaerobic Digestion
PV - c-Si Tracking
Biomass - Gasification
PV - Thin Film
PV - c-Si
STEG - Tower & Heliostat w/storage
Wind - Offshore
STEG - Tower & Heliostat
STEG - Parabolic Trough + Storage
STEG - LFR
STEG - Parabolic Trough
Marine - Tidal
Marine - Wave
LCOE BNEF 2011 EU-ETS EUA Forecast Q1 2012 Central Scenario Q4 2011 Central Scenario
-12%
+5%
-
+4%
-
-
-
+7%
799 -
740 -
+5%
+5%
+6%
+1%
-
+6%
-13%
-
-8%
-
-
+3%
-
-
NOAK
SMR
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 9 / / / /
CONTENTS
1. The economics: Q2 2012 assessment
2. Major challenges
4. Crititical technical and commercial factors
3. Market opportunities
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 10 / / / /
2. MAJOR CHALLENGES FACING NUCLEAR
Cheap and abundant ‘clean’ natural gas
Demand erosion
Fukushima backlash
Renewable investment
1.
2.
3.
4.
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 11 / / / /
0
2
4
6
8
10
12
14
162
00
2
20
04
20
06
20
08
20
10
20
12
20
14
20
16
20
18
20
20
Historical
BNEF forecast
HISTORICAL AND PROJECTED GAS PRICE FORECASTS,
2002-20 ($/MMBTU)
Source: Bloomberg New Energy Finance
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 12 / / / /
NO MATERIAL UPSIDE TO PRICES IN THE SHORT TERM…
Working gas in underground storage (Bcf)
Source: Bloomberg New Energy Finance, EIA
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
2007-10 range 2011 2012 actual
2012 estimate 2013 estimate
Physical storage limit
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 13 / / / /
ANNUAL AVERAGE WHOLESALE PRICE FORECASTS BY
REGION, 2012-20
Source: Bloomberg New Energy Finance
Wholesale price ($/MWh) Gas price ($/MMBtu)
0
1
2
3
4
5
6
7
8
0
10
20
30
40
50
60
70
80
2012 2013 2014 2015 2016 2017 2018 2019 2020
PJM
NY
MISO
CA
SPP
TX
Gas
Note: Gas price is our base case forecast of Henry Hub.
NOAK SMR
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 14 / / / /
-100
-80
-60
-40
-20
0
20
40
60
80
100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Supply
Demand
US SUPPLY AND DEMAND, 2010-20 (BCFD)
Source: Bloomberg New Energy Finance, EIA, AL OGB, AOGC (AR), COGCC (CO), LA DNR, NM OCD, OCC (OK),
PA DEP, TRRC (TX), UT DNR, VA DMME, WOGCC (WY), WV DEP
-100
-80
-60
-40
-20
0
20
40
60
80
100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Other
Eagle Ford
Marcellus
Woodford
Fayetteville
Barnett
Haynesville
CBM
Gulf of Mexico
Conventional (gas)
Conventional (associated)
Power
Industrial
Residential & commercial
Other
LNG exports
Net imports
Supply
Demand
Net imports
-100
-80
-60
-40
-20
0
20
40
60
80
100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Other
Eagle Ford
Marcellus
Woodford
Fayetteville
Barnett
Haynesville
CBM
Gulf of Mexico
Conventional (gas)
Conventional (associated)
Power
Industrial
Residential & commercial
Other
LNG exports
Net imports
Supply
Demand
Net imports
-100
-80
-60
-40
-20
0
20
40
60
80
100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Other
Eagle Ford
Marcellus
Woodford
Fayetteville
Barnett
Haynesville
CBM
Gulf of Mexico
Conventional (gas)
Conventional (associated)
Power
Industrial
Residential & commercial
Other
LNG exports
Net imports
Supply
Demand
Net imports
Sources of supply
Sources of demand
Balance -100
-80
-60
-40
-20
0
20
40
60
80
100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Other
Eagle Ford
Marcellus
Woodford
Fayetteville
Barnett
Haynesville
CBM
Gulf of Mexico
Conventional (gas)
Conventional (associated)
Power
Industrial
Residential & commercial
Other
LNG exports
Net exports
Supply
Demand
Net imports
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 15 / / / /
JAPAN NUCLEAR CAPACITY: 2010 AND PROJECTED GROWTH
VS. NO NEW BUILDS, ASSUMING 40-YEAR OPERATING LIFE (GW)
Source: Bloomberg New Energy Finance, METI
49
6468
36
22
0
10
20
30
40
50
60
70
80
1970 1980 1990 2000 2010 2020 2030
2001-2010
1991-2000
1981-1990
1971-1980
1966-1970
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 16 / / / /
GERMAN NUCLEAR CAPACITY, 2010-23 (GW)
Source: Bloomberg New Energy FInance
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Biblis A, Biblis B, Brunsbuttel,
Isar 1, Krummel,
Necharwestheim 1, Philippsburg
and Unterweser in 2011
Grafenrheinfeld
by end of 2015 Gundremmingen-B
by end of 2017 Philippsburg-2
by end of 2019
Grohnde, Gundremmingen C
and Brokdorf by end of 2021
Isar 2, Emsland
and
Neckarwestheim 2
by end of 2022
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 17 / / / /
FRENCH PEAK DEMAND-SUPPLY OUTLOOK TO 2025
WITH NO LIFE EXTENSIONS (GW)
Source: RTE, Bloomberg New Energy Finance
0
20
40
60
80
100
2011 2014 2017 2020 2023
Nuclear life extension
Peak imports
Baseload imports
Oil + OCGTs
CCGT
Coal
Cogen + Other RE
Wind
Hydro
Nuclear
Peak exports
Winter reference peak
Baseload exports
Baseload demand
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 18 / / / /
REPLACING NUCLEAR GENERATION ELECTRICITY DEMAND AND GENERATION (TWH/YR)
Source: Bloomberg New Energy Finance
478520 542
584 584
+59 -17 -158
+34
+192 -27
64
64
2011 Electricity demand
Expected demand growth
Additional EEmeasures
2025 Electricity demand
2011 Electricity generation
Nuclear capacity shutdown
Increased nuclear load
factor
New renewable energy
generation
Available surplus
generation
2025 Electricity generation
DEMAND GENERATION
Implementationneeded
Planned / Projected
Export - Imports+ Pumped storage
consumption
Domesticconsumption
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 19 / / / /
GLOBAL NEW INVESTMENT IN CLEAN ENERGY BY
SECTOR ($BN)
Source: Bloomberg New Energy Finance
Note: Includes corporate and government R&D, and small distributed capacity. Adjusted
for re-invested equity. Does not include proceeds from acquisition transactions
13.8 16.3 20.237.8
57.4 58.1
100.2
136.6
13.423.5
32.2
50.9
67.673.8
90.1
74.9
9.6
15.5
37.4
36.1
32.3 21.7
21.8
19.8
12.0
11.1
12.8
15.6
16.6 18.6
23.2
19.2
$54bn
$75bn
$113bn
$153bn
$187bn $189bn
$247bn$260bn
4.8
8.1
10.4
12.4
13.2 16.5
11.7
9.6
2004 2005 2006 2007 2008 2009 2010 2011
Other
Energy smart technologies
Bioenergy
Wind
Solar
Internal Note: Includes all add-ons (Corp R&D, Gov R&D, SDC and adjustment for re-inv equity)
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 20 / / / /
FORECAST LARGE PV PROJECT CAPITAL COST, 2010–20 ($/W)
Source: Bloomberg New Energy Finance
Note: Based on historical experience curves for crystalline silicon modules and other
components, and the prices in the mature German market. 2010 dollars. Assumes Bloomberg
New Energy Finance short-term build forecasts to 2013, 20% new build growth after that.
$3.02
$2.63
$2.32
$2.11$1.98
$1.87$1.77
$1.68$1.6 $1.52 $1.45
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Module Inverter Balance of plant Engineering, procurement & construction other
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 21 / / / /
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
800 1000 1200 1400 1600 1800 2000
kWh/kW/year
More sun
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
800 1000 1200 1400 1600 1800 2000
kWh/kW/year
More sun
RESIDENTIAL ELECTRICITY PRICE 2012, INSOLATION,
RESIDENTIAL PV LCOE 2015
$/kWh
Note: LCOE based on 6% weighted average cost of capital, 0.7%/year module degradation, 1%
capex as O&M annually. $2.34/W capex assumed for 2015
Spain
Germany
Italy
Denmark
France
Israel
United Kingdom
Russia
Turkey
Saudi Arabia
Canada
Mexico
Argentina
California
Texas
Hawaii
New Jersey
Brazil
North China
South
China
North India
South India
Japan
South Korea
Indonesia
Australia
0.00
0.40
EMEA ASOC AMER25GWPotential
residentialPV market
Source: Eurostat, grid operators, Bloomberg New Energy
Finance
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 22 / / / /
BALTIMORE GAS AND ELECTRIC PROJECTED PEAK DEMAND REQUIREMENTS, 2009-23 (MW)
(Demand-side
management)
But what about
electric cars?
Source: BGE via Maryland DSM study
0%
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 23 / / / /
CONTENTS
1. The economics: Q2 2012 assessment
2. Major commercial challenges
4. Critical technical and commercial factors
3. Market opportunities
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 24 / / / /
3. MARKET OPPORTUNITIES
Fossil fuel generation replacement, eg. US & UK
Process heat for biofuels
Power and desalination, MENA
Oil sands, Alberta
1.
2.
3.
4.
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 25 / / / /
UK GENERATION CAPACITY, 2012-30 (GW)
Source: Bloomberg New Energy Finance
0
20
40
60
80
100
120
140
160
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Biomass & waste
CCGT
CCGT w/CCS
Coal
Coal w/CCS
Hydro
Marine
Nuclear
Oil & OCGT
Solar
Wind offshore
Wind onshore
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 26 / / / /
UK PLANNED RETIREMENTS CAPACITY (GW)
Source: Bloomberg New Energy Finance
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
2012 2013 2014 2015 2016
CCGT
Coal
Nuclear
Oil
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 27 / / / /
MENA TECHNOLOGY AND POLICY DRIVERS
Rapidly growing energy demand – at least 5% CAGR 2010-20
Contracts signed for large reactors
Economics – lost opportunity cost for a barrel of oil
Water – 79% of installed global desal capacity in 2020
1.
2.
3.
4.
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 28 / / / /
ELECTRICAL POWER GENERATED FROM OIL (GWH)
Source: World Bank Data
0
20,000
40,000
60,000
80,000
100,000
120,000
Saudi Kuwait Iraq Egypt Libya
That totals 246TWh…
55%
72% 98%
19%
55%
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 29 / / / /
DESALINATION OPPORTUNITIES IN MENA
(M3/CAPITAL/YEAR)
Source: ESCWA ESCWA: Economic And Social Commission For Western Asia
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000N
ort
hA
meri
ca
Wo
rld
SE
Asia
Iraq
Syri
a
Sud
an
ES
CW
A
Leb
an
on
Om
an
Egypt
Pale
stin
e
Yem
en
Jord
an
Bah
rain
Sau
di
Ara
bia
UA
E
Qata
r
Kuw
ait
TOTAL RENEWABLE WATER RESOURCES PER CAPITA
DESALINATION OPPORTUNITIES?
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 30 / / / /
ENERGY INPUT COST OF DESALINATION PER M3
Source: Data compiled by ESCWA
Note: Assumes energy accounts for 75% of water supply costs. Plants with different
capacities may use different amounts of energy. Prices are averages, representative of
average costs.
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$0 $30 $70 $110 $150
MSFsa
MSFco
MEDsa
MEDco
RO
Energy cost per m3 of desalinated water
Opportunity cost of a barrel of oil
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 31 / / / /
DESALINATED WATER PRICES USING DIFFERENT POWER
SOURCES ($/M3)
Source: IAEA, Bloomberg New Energy Finance
4.72
1.92
1.29 1.06
3.90
1.63
1.15 0.96
2.51
1.19
0.88 0.79
2.24
1.10 0.87
0.75
1.43
0.87 0.75 0.70
Oil Coal Nuclear Natural Gas
MSF MSF-RO MED MED-RO RO
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 32 / / / /
ALBERTA OIL SANDS PROJECTED PRODUCTION
Source: CERI's 2011 Canadian Oil Sands Supply Costs and
Development Projects (2011-2045) study number 128.
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 33 / / / /
CANADIAN OIL SANDS NATURAL GAS DEMAND (MCF/D)
DRIVING CO2 EMISSIONS (CO2 EQ. MT/YEAR)
Source: CERI's 2011 Canadian Oil Sands Supply Costs and
Development Projects (2011-2045) study number 128.
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
Nat Gas Consumption
CO2 Emission
2007 2012 2017 2022 2027 2032 2037 2042
(MMcf/d)
(CO2 eq. MT/year)
Cost of compliance
in 2022: C$3bn+
Total compliance
through 2045:
C$200bn
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 34 / / / /
RENEWABLE FUELS STANDARD (RFS-2), 2012
(BN GALLONS)
Source: Bloomberg New Energy Finance
0
5
10
15
20
25
30
35
40
2008 2010 2012 2014 2016 2018 2020 2022
Cellulosicbiofuel (d)
Otheradvancedbiofuel (c)
Biomass-baseddiesel (b)
Corn-basedethanol (a)
21bn gallons/year by 2022 of
new “advanced biofuels”
capacity needed
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 35 / / / /
RFS-2 TECHNOLOGIES
Source: Bloomberg New Energy Finance
TOTAL RENEWABLE FUELS
SUGAR
FERMENTATIONTRANSESTERIFICATION
STARCHFERMENTATION
GASIFICATION – FERMENTATION
GASIFICATION – FT SYNTHESIS
PYROLYSIS
HYDROTREATMENT
OTHER RENEWABLE FUELSADVANCED BIOFUELS
CELLULOSIC BIOFUEL OTHER ADVANCED BIOMASS-BASED
BIOBUTANOLETHANOL
ENZYMATIC HYDROLYSIS
ADVANCED BIOCHEMICALBIOBUTANOL
ACID HYDROLYSIS
ALGAE FEEDSTOCK TECHNOLOGY
ETHANOL/BIODIESEL OTHER BIODIESEL
Algae feedstock technologies
Thermochemicaltechnologies
Renewable fuel type
1-generation technologies
Biochemical
small modular reactor
technology group target
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 36 / / / /
BASIC THERMOCHEMICAL BIOENERGY PROCESS
Source: Bloomberg New Energy Finance
Feedstock input: biomass/municipal
waste
drying
pyrolysis
reduction
combustion
tar
CO2H2O
H2CO
CH4
FermentationFT synthesis Combustion
MethanolEthanol
SyndieselPowerSteam
SyngasThermo process
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 37 / / / /
CONTENTS
1. The economics: Q2 2012 assessment
2. Major challenges
4. Critical technical and commercial factors
3. Market opportunities
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 38 / / / /
4. CRITICAL TECHNICAL AND COMMERCIAL FACTORS
Safety, safety and safety
Government support – what kind and how much?
Regulatory uncertainty
Time to market, competitive, less risk
1.
2.
3.
4.
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 39 / / / /
2006
TOP 10 GLOBAL PV CELL MANUFACTURERS 2006, 2010
(RANK ORDER BY CAPACITY)
2010
Company Country Capacity (MW)
1. JA Solar China 1,900
2. Suntech China 1,620
3. First Solar (TF) US 1,502
4. Yingli China 1,100
5. Trina Solar China 1,000
6. Q-Cells Germany 1,000
7. Canadian Solar China 800
8. Motech Taiwan 600
9. Gintech Taiwan 600
10. JinkoSolar China 600
Note: ‘Capacity’ counted as either crystalline silicon cell or thin film module.
TF is thin film
Company Country Capacity (MW)
1. Sharp Japan 500
2. Q-Cells Germany 420
3. Suntech China 270
4. Motech Taiwan 240
5. Solarworld Germany 200
6. China Sunergy China 180
7. Kyocera Japan 180
8. Isofoton Spain 130
9. Schott Germany 121
10. Sanyo Electric Japan 115
Source: Bloomberg New Energy Finance, company
announcements
+46% per year
Europe US China Other Asia
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 40 / / / /
0
50
100
150
200
250
300
350
400
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
20
36
20
37
20
38
20
39
20
40
Agency Low
Agency High
Consultant Low
Consultant High
Industry Low
Industry Moderate
BNEF ASSESSMENT– CAUTIOUS BUT PROMISING
• Models differ
widely
• Markets
developing quickly
• Technology
following slowly
• Market
assumptions
change rapidly
• Is it a $500bn
market…or more?
Sources: Various industry sources interpreted by Bloomberg New Energy Finance
Units installed
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 41 / / / /
ON THE RECORD – POST FUKUSHIMA
“We’re seeing a knee-jerk reaction saying ‘get rid
of nuclear,’ but that is not going to happen in the long
run. There is no other good solution if you want to
decarbonize the energy sector. As far as small
reactors go, these events in Japan will strengthen
their hand as opposed to weakening it.”
Chris Gadomski
Bloomberg Markets
May 2011
SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 42 / / / /
COPYRIGHT AND DISCLAIMER
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The information contained in this publication is derived from carefully selected public sources we believe are
reasonable. We do not guarantee its accuracy or completeness and nothing in this document shall be
construed to be a representation of such a guarantee. Any opinions expressed reflect the current judgment of
the author of the relevant article or features, and does not necessarily reflect the opinion of Bloomberg New
Energy Finance. The opinions presented are subject to change without notice. Bloomberg New Energy
Finance accepts no responsibility for any liability arising from use of this document or its contents. Bloomberg
New Energy Finance does not consider itself to undertake Regulated Activities as defined in Section 22 of the
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