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Economic Considerations on Low Level Radioactive Waste (LLW) Management and Appropriate Approaches as an Engineer
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Every engineering decision in radioactive waste management should be based on both technical and economic considerations. Especially, the management of low-level radioactive waste (LLW) is more critical on economic concerns, due to its long-term and continuous nature, which emphasizes the importance of economic analysis. In this study, economic factors for LLW management were discussed with appropriate engineering applications. Two major factors that should be taken into account when assessing economic expectations are the accuracy of the results and its proper balancing with ALARA philosophy (As Low As Reasonably Achievable). The accuracy of the results depends on the correct application of alternatives within a realistic framework of waste processing. This is because the LLW management process involves variables such as component type, physical dimensions, and the monetary value at the processing date. Two commonly used alternatives are the simplified lump sum present worth and levelized annual cost methods, which are based on annual and capital costs. However, these discussions on alternatives not only pertain to the time series value of operational costs but also to future technical advancements, which are crucial for engineers. As new research results on LLW treatment emerge, proper consideration and adoption should be given to technical cost management. As safety is the core value of the entire nuclear industry, the ALARA philosophy should also be considered in the cost management of LLW. The typical cost of exposure in man-rem has ranged from $1,000 to $20,000 over the past decades. However, with increasing concerns about health and international political threats, the cost of man-rem should be subject to stricter criteria, even the balancing of costs and safety concerns is much controverse issue. Throughout the study, the importance of incorporating proper engineering insights into the assessment of technical value for the financial management of LLW was discussed. However, it’s essential to remember that financial management should not be solely assessed based on the size of expenses but rather by evaluating the current financial status, the value of money at the time, and anticipated future costs, considering the specific context and timeframe.
