Techno-Economic Valuation Frameworks for Emerging Hydrogen Energy and Advanced Nuclear Reactor Technologies

• Author(s): Experience Efeosa Akhigbe ; Nnaemeka Stanley Egbuhuzor ; Ajibola Joshua Ajayi ; Oluwole Oluwadamilola Agbede
• Paper ID: 1707094
• Page: 423-448
• Published Date: 31-12-2023
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 7 Issue 6 December-2023

Abstract

The global push for decarbonization has brought emerging hydrogen energy systems and advanced nuclear reactor technologies into sharp focus as vital components of a sustainable energy future. However, large-scale deployment of these technologies requires robust techno-economic valuation frameworks to assess their feasibility, scalability, and long-term viability. This paper develops and evaluates comprehensive frameworks for conducting techno-economic analyses of hydrogen energy systems, including production, storage, and distribution, as well as advanced nuclear reactor technologies like small modular reactors (SMRs) and next-generation fission systems. Key factors influencing the techno-economic valuation of these technologies include capital costs, operational and maintenance expenses, energy efficiency, capacity factors, and carbon reduction potential. For hydrogen, the paper explores pathways such as electrolysis powered by renewable energy and methane reforming with carbon capture, assessing cost-competitiveness across diverse use cases, including transportation, industrial applications, and grid energy storage. For advanced nuclear reactors, emphasis is placed on modular design benefits, enhanced safety features, and the potential for co-generation of hydrogen. The frameworks proposed in this study integrate lifecycle cost analysis, levelized cost of energy (LCOE), and sensitivity analysis to evaluate economic performance under varying market and policy scenarios. Additional metrics, such as socio-environmental impacts and policy incentives like tax credits and carbon pricing, are incorporated to provide a holistic valuation. Comparative case studies demonstrate the application of these frameworks, revealing that while hydrogen energy systems excel in flexibility and renewability, advanced nuclear technologies provide unparalleled reliability and base-load generation potential. This paper concludes with recommendations for optimizing the economic performance of these technologies, including investments in R&D, scaling production capabilities, and fostering public-private partnerships. Future trends, such as hybrid energy systems integrating hydrogen and nuclear power, and the role of digital technologies like AI in optimizing operational efficiency, are also discussed. These findings provide actionable insights for policymakers, investors, and industry stakeholders to accelerate the adoption of hydrogen and advanced nuclear technologies.

Keywords

Hydrogen Energy, Advanced Nuclear Reactors, Small Modular Reactors, Techno-economic Valuation, Levelized Cost of Energy, Carbon Capture, Lifecycle Cost Analysis, Decarbonization, Renewable Energy, Base-load Generation, Policy Incentives, Sustainability, Energy Transition.

Citations

IRE Journals:
Experience Efeosa Akhigbe , Nnaemeka Stanley Egbuhuzor , Ajibola Joshua Ajayi , Oluwole Oluwadamilola Agbede "Techno-Economic Valuation Frameworks for Emerging Hydrogen Energy and Advanced Nuclear Reactor Technologies" Iconic Research And Engineering Journals Volume 7 Issue 6 2023 Page 423-448

IEEE:
Experience Efeosa Akhigbe , Nnaemeka Stanley Egbuhuzor , Ajibola Joshua Ajayi , Oluwole Oluwadamilola Agbede "Techno-Economic Valuation Frameworks for Emerging Hydrogen Energy and Advanced Nuclear Reactor Technologies" Iconic Research And Engineering Journals, 7(6)