MIT researchers are tackling the economic realities of fusion power. Fusion energy is a method of producing energy by simulating the sun's energy production process. Researchers have already proven that fusion energy is physically possible, but the next question is: can it be economically viable?
A study co-authored by MIT professors Dennis Whyte and Andrew W. Lo proposes a framework for understanding what's needed to make fusion energy commercially viable in the marketplace. The method considers the physical inputs needed to sustain controlled fusion energy production, as well as the cost of building power plants that can compete in energy markets.
"It's all the things that come along with finding, allocating, and spending money at this scale," says Whyte, a professor of nuclear science and engineering at MIT and a key driver of the field's progress, who co-authored the paper. "This is critical to what we do. We should look at the economics. If we want this technology to actually be meaningful in the world economy, we have to start getting straight with ourselves about these topics."
The goal of the paper, Whyte says, is to create "this framework, where all the economics are clear, and then we understand what it would mean" for any fusion energy power plant. Fusion energy harnesses the reaction that powers the stars: the fusion of light nuclei. It is often referred to as "plasma fusion," as the fusion reactions generate fuel in a plasma state, often confined by magnets or initiated by powerful lasers.
Whyte says the goal is to generate abundant energy while also offering society attractive safety, licensing, and siting options. In 2022, researchers at the National Ignition Facility in Livermore, California, one of the U.S. national labs, achieved a reaction with positive energy gain. Venture funding has also poured into the field in recent years, although there are still many challenges regarding the construction of viable commercial fusion energy.
The framework Whyte and Lo propose in the paper has 10 parameters for evaluating the economic viability of a fusion energy power plant. Some of these are scientific and physical, dealing with the energy consumed and produced in a given plant. Most of the parameters are in the realm of engineering and economics, such as the costs of plant construction.
Blogger's Review: This study provides a framework for assessing the economic viability of fusion energy, considering factors such as physical inputs, construction costs, and market parameters. While fusion energy is physically possible, its economic viability remains a challenge. This framework provides a tool for evaluating the economic viability of fusion energy power plants and highlights the importance of considering all costs in fusion research.