Fusion Energy Can Be The Most Cost Competitive Source Of Baseload Power, At The Same Level As Renewables
OXFORD, England, Oct. 12, 2020 /PRNewswire/ -- New research published in Philosophical Transactions of the Royal Society, demonstrates that inertial confinement fusion could deliver a Levelised Cost Of Energy (LCOE) as low as $25/MWh compared with $100/MWh for nuclear energy and up to $50/MWh for onshore wind.
Fusion energy could be the most cost-effective solution for clean baseload power, four times cheaper than nuclear, complementing the need to continue rolling out renewable energy technologies as fast as possible to achieve a zero carbon global energy system by 2050.
A new peer-reviewed scientific paper authored by Dr Nicholas Hawker, founder of First Light Fusion, published today in Philosophical Transactions of the Royal Society, demonstrates that inertial confinement fusion could deliver a Levelised Cost Of Energy (LCOE) as low as $25/MWh when the technology has matured. This compares with approximately $100/MWh for nuclear energy and up to $50/MWh for onshore wind (including costs for managing the intermittency[1] of renewables). [2]
Previous research had estimated inertial confinement fusion could deliver a LCOE of c. $80/MWh. This was based on a cost and engineering analysis that assumed the need for a pulse or "shot" (i.e. firing a projectile at a target at massive speed to create the conditions required for fusion to take place) every five seconds.
The research has identified new designs with higher fusion energy yield per shot, meaning fewer shots are required for the same amount of energy generated. The paper demonstrates how this change leads to a new optimum power plant design. The new design works at lower frequency, with a pulse every 60 seconds, and can reach economic viability with a smaller power output of 150 MWe. The solution offers both lower cost and much reduced engineering risk due to the smaller plant size and low shot frequency.
First Light Fusion is currently working on a First Of A Kind (FOAK) power plant design based on this new research. This initial pilot plant will not have a LCOE at this level – First Light will provide further technical and cost updates as the pilot design plans progress.
Dr Nick Hawker, CEO of First Light Fusion, said:
"We have always believed fusion energy is not just deliverable but has the potential to revolutionise energy. This new work shows how fusion can be cost competitive with all generation technologies. First Light's design can handle a larger fusion energy yield per shot, which is the key to unlocking significant benefits. The most exciting aspect is the lower frequency. Operating as slowly as once a minute fundamentally changes the options we have for the core technology. While we continue our work to demonstrate fusion, we are accelerating plans for developing the engineering of this new design. Those plans are already well advanced with detailed engineering work scoped. Our ambition remains to be grid ready this decade."
Gianluca Pisanello, COO of First Light, added:
"Achieving a zero-carbon global energy system by 2050 is achievable but will require significant investment in both existing renewables and new clean energy technologies. This new research is hugely encouraging because in many parts of the world, wind, solar and hydro power alone will not be able to meet projected energy demand."
Achieving a zero-carbon global energy system by 2050 is possible, but requires significant investment in both existing renewables and new clean energy technologies
Analysis conducted by system-change advisory and investment firm SYSTEMIQ on behalf of First Light in 2019, suggests fusion will be essential if we are to meet the Paris Agreement commitments and that achieving a zero carbon global energy system by 2050 is possible, but will require significant investment in both existing renewables and new clean energy technologies.
The same analysis also concluded that while the rapid and maximum deployment of renewables is key to achieving the 2050 target, in certain parts of the world – including the UK – wind and solar power alone will not be able to meet projected energy demand, opening up a market for clean baseload power to complement renewables. Global power demand is expected to double by 2040 and could increase fivefold by 2060 when new technologies enable the electrification of a wider range of applications.
The low LCOE identified by this new research is made possible by First Light's inertial confinement fusion approach which overcomes three potential "showstoppers" of other fusion technologies: managing the intense heat flux, preventing neutron damage to structural materials, and generating the required tritium fuel, which all add massive cost.
[2] https://www.lazard.com/perspective/lcoe2019
About First Light Fusion
First Light Fusion was founded by Professor Yiannis Ventikos, Head of the Mechanical Engineering Department at University College, London, and Dr Nicholas Hawker, formerly an Engineering lecturer at Lady Margaret Hall, Oxford.
The company was spun out from the University of Oxford in July 2011, with seed capital from IP Group plc, Parkwalk Advisors Ltd and private investors. Invesco and OSI provided follow-on capital.
The business has grown from a research-focused university project to a fully-fledged company that has developed not only a strategy for how to make fusion energy work, but also a sustainable business model based on the technology.
The team comprises experts in relevant scientific and engineering fields plus the management experience necessary to address the challenges which lie ahead. The company has been able to attract a world class advisory board, meaning it can benefit from decades of relevant experience to help it streamline the path towards realising its vision.
First Light's inertial confinement approach aims to create the extreme temperatures and pressures required for fusion by compressing a target using a projectile travelling at massive speed (a pulse). First Light's approach to fusion, which is safe, clean, and virtually limitless, has the potential to transform the world's energy system. Unlike existing nuclear, there is no long-lived waste, no meltdown risk, and raw materials can be found in abundance.
For more information please contact:
First Light Fusion Ltd
Gianluca Pisanello,
Chief Operating Officer
+44 (0) 1865 807 670
Powerscourt Group (Public Relations Adviser)
Peter Ogden, Steve Marinker, Jack Holden
+44 (0) 20 7250 1446
Photo: https://mma.prnewswire.com/media/1310710/First_Light_Fusion.jpg
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