KETEP 세계에너지시장정보

List of abbreviations and acronyms .................................................................................................... 9 

Executive summary .............................................................................................................................. 11 
 The net zero imperative and the role of nuclear energy ........................................................... 11 
 The challenge of nuclear financing in OECD and NEA countries ............................................. 11 
 NEA nuclear financing case studies: Objective and methodology ........................................... 12 
 References ........................................................................................................................................ 15 

Chapter 1. Introduction: Presentation of the NEA methodology to assess nuclear  
 financing frameworks and overview of the case studies ........................................... 17 
 Case studies methodology and outline ........................................................................................ 17 
 Case studies approach to risk allocation ..................................................................................... 17 
 Boundary conditions for the case studies ................................................................................... 19 
 Case studies overview .................................................................................................................... 19 

Chapter 2. Nuclear financing case studies ........................................................................................ 21 
 Olkiluoto 3 project........................................................................................................................... 22 
 Vogtle units 3 and 4 project ........................................................................................................... 27 
 Barakah project ............................................................................................................................... 33  
 Akkuyu project ................................................................................................................................ 38 
 Hinkley Point C project ................................................................................................................... 43 
 Sizewell C project ............................................................................................................................ 48 
 Paks II project .................................................................................................................................. 54 
 Dukovany project ............................................................................................................................ 58 
 References ........................................................................................................................................ 63 

Chapter 3. Comparative analysis and key lessons learnt from the NEA nuclear financing case studies ..... 69 
 Key findings on the sources of equity and debt financing ........................................................ 69 
 Key findings on sources of revenue ............................................................................................. 73 
 Key findings on risk allocation ...................................................................................................... 73 
 Key findings on the roles of government for nuclear financing ............................................... 78 
 Key findings on the role of private financing for recent and future nuclear projects ........... 80 

Chapter 4. Conclusions: Key insights on nuclear financing frameworks ................................... 85 
 Key insight 1: Financing frameworks remain closely linked to national and industrial contexts .... 85 
 Key insight 2: Financing frameworks cannot solve structural problems caused during upfront project planning ...... 85 
 Key insight 3: De-risking construction is key to attracting additional sources of funding and to reducing the cost of capital .... 86 
 Key insight 4: Aligning stakeholders’ interests should remain an overarching principle ..... 86