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Nuclear Project Finance in Developing Countries: the Multi-Country Financing Alternative

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Nuclear Project Finance in Developing Countries: the Multi-Country Financing Alternative IAEA-TECDOC-378 COSTS AND FINANCING OF NUCLEAR POWER PROGRAMMES IN DEVELOPING COUNTRIES PROCEEDING SEMINAA F SO R COSTE FINANCIND TH SN AN O NUCLEAF GO R POWER PROGRAMMES IN DEVELOPING COUNTRIES ORGANIZEE TH Y DB INTERNATIONAL ATOMIC ENERGY AGENCY AND HEL VIENNADN I , 9-12 SEPTEMBER 1985 A TECHNICAL DOCUMENT ISSUED BY THE INTERNATIONAL ATOMIC ENERGY AGENCY, VIENNA, 1986 COSTS AND FINANCING OF NUCLEAR POWER PROGRAMMES DEVELOPINN I G COUNTRIES IAEA, VIENNA, 1986 IAEA-TECDOC-378 Printed by the IAEA in Austria July 1986 PLEASE BE AWARE THAT MISSINE TH AL F LO G PAGE THIN SI S DOCUMENT WERE ORIGINALLY BLANK The IAEA does not normally maintain stocks of reports in this series. However, microfiche copies of these reports can be obtained from INIS Clearinghouse International Atomic Energy Agency Wagramerstrasse5 P.O. Box 100 A-1400 Vienna, Austria Orders should be accompanied by prepayment of Austrian Schillings 100,- in the form of a cheque or in the form of IAEA microfiche service coupons which may be ordered separately from the INIS Clearinghouse. CONTENTS Opening Address ...........................................................................................................................................5 . R. Skjöldebrand General overview and summary ..................................................................................................................... 9 J.P. Charpentier, L.L. Bennett INTRODUCTION: STATU NUCLEAF SO R POWE DEVELOPINRN I G COUNTRIES. FINANCING OF ELECTRIC POWER IN DEVELOPING COUNTRIES Status of and perspectives and constraints for nuclear power in developing countries ................................. 15 Economic Studies Section, Division of Nuclear Power, IAEA Presentatio SMPe th f Rno Study ...............................................................................................................7 5 . F. Wald Financing electric powe developinn ri g countries ........................................................................................9 5 . HeronA. EVOLUTIO NUCLEAF NO R INVESTMEN FUED TAN L CYCLE COST DEVELOPINN SI G COUNTRIES (Parti) Possible short and long term evolution in the cost of PWRs nuclear fuel and coal .......................................... 75 J. Baumier Nuclear investment and fuel cycle costs. Short and long term evolution of uranium costs. Canadian perspective .............................................................................................................................. 85 V.R. Sligl Nuclear power cost developinn si g countries .............................................................................................3 10 . P.-J. Meyer Indian experience in investment cost in small size nuclear power reactor units............................................... 105 A.R. Parthasarathi Economic efficienc nucleaf yo r powePeople'e th n ri s Republi f Chinco a ...................................................7 11 . LuoAnren, YangXianshu Factors influencing capital costs of nuclear power plant in Finnish conditions ............................................... 123 VuorinenA. Economic aspect implementinf so gSMPa R project casA . e stud r Bangladesyfo h .....................................1 13 . Hossain,A. C.S. Karim Summary of presentations and discussions of Part I .................................................................................... 153 G.L. Titus RISK ASSESSMENT (Par) tH Sharin f benefitgo riskd regarsan n establishmene s i th o dt nucleaf o t r power programme developinn si g countries ................................................................................................................................................7 15 . I.D. Darroch Financial risk assessment for nuclear generation expansion planning. A utility view ................................. 165 G.L. Titus Financial problems of nuclear programmes. The experience of Argentina .................................................... 177 TerigiR. Retrospective economic and financial analysis of the Laguna Verde project ............................................... 201 F. Tapia Garcia, GômezA. Mariles, MoralesL. Galvdn Duque Risk assessment from point of view of supplier .............................................................................................. 205 P.-J. Meyer Nuclear project finance in developing countries: The multi-country financing alternative ............................ 213 J. Byron Fleck Sales of nuclear power stations to developing countries: Risk assessmen exporr fo t t credit insurance .............................................................................................3 22 . D.A. Ward Country risk evaluatio suppliee th y nb r ................................................... ..................................................9 22 . M. Lehmann Summary of presentations and discussions of Part II .................................................................................... 235 M. Klaus LOAN CONDITIONS (Part ffl) Nuclear power plants and project finance .................................................................................................. 241 P.Vaissièrede Preparation and appraisal of electric power projects ....................................................................................... 245 Power Advisory Unit, Energy Department, The World Bank Project financing. Financial planning model (FINPLAN) ........................................................................... 253 P. Vanhoutteghem OECe Th D consensu load san n condition officialln so y supported financinr gfo nuclear power plants .............................................................................................................................9 25 . J.E.Ray Present situatio exporf no t credits ...............................................................................................................3 26 . /. Brodelle Commercial bank contributio financine th n ni f nucleago r plant export contracts .....................................1 27 . R. Stakowski Cos financind an t f nucleago r power progra Turkemn i y ..............................................................................7 27 . A. Kütücüoglu Summar presentationf yo discussiond san f Par so I ...................................................................................II t 9 28 . HeronA. WORKING SESSIONS (Part IV) Objective ....................................................................................................................................................1 29 . Examples of questions to be discussed during the Working Sessions ............................................................ 292 Compositio groupf no Workinr sfo g Sessions ............................................................................................3 29 . Conclusion Workinf so g Grou p1 ...............................................................................................................5 29 . Conclusion Workinf so g Grou p2 ...............................................................................................................9 29 . Conclusions of Working Group 3 ................................................................................................................ 301 Conclusion Workinf so g Grou p4 ...............................................................................................................3 30 . Conclusions of Working Group 5 ................................................................................................................ 305 Conclusion Workinf so g Grou p6 ...............................................................................................................9 30 . Summary of the panel discussion following the presentation of the reports by the different Working Groups ....................................................................................................................................... 313 D. Ward General conclusions ....................................................................................................................................... 319 /. Richard-Mounet Lis Participantf o t f Designatino d san g Member State Organizationd san s ..................................................3 32 . OPENING ADDRESS Skjöldebranb. yR d International Atomic Energy Agency Vienna introduction a s A Seminae th o t woulnI r d lik dwelo t e l briefly on the major problems, the uncertainties and the constraints which we in the Agency see for nuclear power programme development in developing countries. Now, the developing countries use about 19% of their primary energ electricitr fo y y production worle Th .d averag abous i e t 28%d ,an this fractio certainls i n e measur statue on y th developmenf n so eo t achieved in the country. In the Agency we hope that it will be possible to increase that fractio abouo n t presene fro% tth 19 m t world average yeae ith nr 2000. That will mea additio0 n GW(ena 80 o ) t abouf no 0 60 t of installed capacity in 15 years. This is an increase with a factor of achievables i t i f i , 3 .abou o t Tha itsel2 n t i t vera s yi f major investment requiremen energe th n yi t production machiner f developino y g countries. As to the nuclear part of that we in the Agency have learnt to be cautious. We have had to reduce our forecasts several times of the w verno ypase wearar t givinf e o yearyw d gsan preductionse w t Bu . estimate that some 35 to 75 GW(e) could be nuclear of that new capacity additions, that is some 6 to 10%. That is certainly not a major
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