BankableNuclear MWh allocation guideDo not price the hydrogen
without pricing the power.
Use the same reactor MWh on both sides of the comparison. The workbook tests incremental hydrogen-conversion economics; a new reactor's construction cost and schedule remain a separate investment decision.
Existing reactor + captive demand
Compare avoided delivered hydrogen with the displaced power value. Keep the customer behind the fence or close enough that delivery stays simple.
New modular reactor + industrial buyer
Require a firm hydrogen contract, realized offtake and a disclosed margin over the best long-duration electricity alternative.
Advanced reactor + heat-assisted conversion
Carry electrical yield, thermal draw, turbine opportunity cost, equipment durability and the complete nuclear-integration scope.
Sell the electricity
Underwrite the actual power price, term, interconnection, capacity obligations and buyer credit. A simpler larger cheque wins.
Minimum input set
- Best electricity contract value and the MWh actually available for allocation
- Electrolyser type, electrical consumption, utilization, lifetime and conversion capital
- Realized hydrogen price, take-or-pay volume and actual offtake percentage
- Compression, storage, delivery, water, variable O&M and integration cost
- Thermal energy per kilogram and heat opportunity cost where applicable
- Policy value, qualification basis, expiry date and commissioning schedule
Three underwriting rules
Keep sunk and new-build decisions separate. For an existing reactor, compare incremental conversion economics. For a new reactor, first choose the higher-value output, then underwrite whether the reactor itself can meet cost and schedule.
Use realized contracts. A headline hydrogen price is not a netback if delivery, take-or-pay, policy qualification or customer credit is missing.
Do not hide the heat. High-temperature cases report both electrical and thermal inputs and the value of foregone output.
Evidence that changes the call
- A durable hydrogen take-or-pay agreement that survives downside cases
- Independent integrated-operation data for utilization, degradation and delivery cost
- Policy eligibility that lasts through the actual construction and commissioning schedule
- A disclosed power alternative weak enough that conversion clearly wins
Open the six-sheet workbook and change every illustrative assumption.
Download the calculator (.xlsx)
Research cut-off: August 16, 2026. Technology and project-economics commentary only; not investment advice. Defaults are illustrative and do not represent a universal nuclear-hydrogen cost.