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신규건설 원자력발전소에 대한 파이낸싱과 리스크 관리방안 확대 통한 자본비용 최소화 등의 내용을 담은 보고서가 NEA에 발간되었습니다.  

제목 : Financing New Nuclear Power Plants: Minimising the Cost of Capital by Optimising Risk Management

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Table of contents

Executive summary................................................................................................................................9

The cost of capital is a key driver for the competitiveness of nuclear new build......10

Successful risk management can reduce the costs of capital of nuclear new build..11

Risk management in nuclear new build in practice and the role of governments....13

Chapter 1. Context and introduction..................................................................................................15

1.1. The NEA – IFNEC Financing Initiative in collaboration with the

government of Poland................................................................................................15

1.2. The role of nuclear energy in mitigating climate change .....................................19

1.3. The importance of financing costs for nuclear new build....................................22

Chapter 2. Minimising the economic costs of risk and optimising the cost of capital in

financing the construction of new nuclear power plants ...........................................25

2.1. Introduction.................................................................................................................25

2.2. The conceptual framework: the capital asset pricing model (CAPM)..................27

2.3. The risk-free rate and the correlation of nuclear new build projects with

systemic risk................................................................................................................29

2.4. The three idiosyncratic risks of investing in a nuclear power plant...................34

2.5. Synthesis......................................................................................................................48

Chapter 3. Remarks on overnight costs, incentive compatibility and project structure...........51

3.1. Overnight costs ...........................................................................................................51

3.2. The challenge of incentive compatibility................................................................52

3.3. Project structure: How to best leverage the relative strengths of the public

and private sectors .....................................................................................................53

Chapter 4. Experiences to date with the financing of nuclear new build and policy

conclusions..........................................................................................................................57

References ..............................................................................................................................................61

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