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A system dynamics study of uranium and the nuclear fuel cycle

Rooney, Matthew; Nuttall, William and Kazantzis, Nikolas (2013). A system dynamics study of uranium and the nuclear fuel cycle. In: 31st International Conference of the System Dynamics Society, 21-25 July 2013, Cambridge Massachusetts USA.

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Abstract

A system dynamics model of the World uranium market for the period 1988 to 2048 has been developed. Analysis illustrates some of the key features of the market for this commodity, including the role that time lags play in the formation of price volatility. Various demand reduction and substitution strategies and technologies are explored, and potential external shocks are simulated to investigate how price and the associated industry respond. Sensitivity analysis of key model parameters indicates that the time constant related to the formation of traders’ expectations of future market prices embedded in the proposed price discovery mechanism has a strong influence on both the amplitude and frequency of price peaks. One particularly timely scenario simulated is the possibility of the ending of the “Megatons to Megawatts” program, in which the USA agreed to buy uranium from former Soviet nuclear warheads for use in power production. This agreement has not been formally renewed and we find that in the absence of new substitute sources this could cause a significant rise in uranium prices. Finally, our analysis leads us to believe that uranium resource scarcity will pose a problem until the second half of the twenty first century at the earliest.

Item Type: Conference or Workshop Item
Copyright Holders: 2013, The System Dynamics Society
ISBN: 1-935056-11-5, 978-1-935056-11-9
Extra Information: Edited by: Robert Eberlein and Ignacio J. Martínez-Moyano
Academic Unit/School: Faculty of Science, Technology, Engineering and Mathematics (STEM) > Engineering and Innovation
Faculty of Science, Technology, Engineering and Mathematics (STEM)
Interdisciplinary Research Centre: Design and Innovation
Related URLs:
Item ID: 39184
Depositing User: William Nuttall
Date Deposited: 23 Dec 2013 09:21
Last Modified: 22 Mar 2017 13:30
URI: http://oro.open.ac.uk/id/eprint/39184
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