Spent nuclear fuel has a value that varies depending upon the timing and nature of its eventual use. The present discounted value of spent fuel that is to be recycled into light water reactors is a function of interim storage costs, the value of the fissile plutonium and uranium in the spent fuel, and excess costs associated with using mixed-oxide fuels instead of uranium oxide fuels. With parametric equations describing the present discounted value of spent fuel, it is possible to evaluate the impact of uncertainties in critical variables (e.g., yellowcake price and reprocessing cost) on spent fuel value. Such a procedure may be useful in negotiations related to the international transfer of spent fuel. In such negotiations, different parties will have varying perceptions of critical parameters. The availability of a procedure for valuing spent fuel will aid in assessing and reconciling these differences.
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