An interactive model of how a nuclear plant generates baseload power and converts it into annual revenue, EBITDA and asset value — and how availability, power prices and the contracted (CfD/RAB) share drive the investment case.
A reactor heats water to drive steam turbines, generating round-the-clock baseload power that runs through the switchyard onto the grid. Output rides availability (very high and steady, bar refuelling outages), and revenue splits between price-stabilised contracted income (a CfD or RAB) and volatile merchant sales. Huge capex and a decommissioning obligation make availability and the contracted price the dials that matter.
Year-1 financials flow live from the simulation above: revenue £0 and EBITDA £0 p.a. Set your deal terms below — the unlevered IRR (asset return) and levered IRR (return to equity, after debt) recompute instantly.
Illustrative model. Represents a ~1.6 GW nuclear unit (e.g. a single EPR) operating 24×365. Revenue = generation × price, with a contracted share sold at an indexed CfD/RAB strike (~£90/MWh) and the balance sold merchant at the wholesale power price. Opex includes fuel, a large operations workforce, major outages and a decommissioning provision — much of it fixed, so margins compress when availability falls. EBITDA = revenue − operating costs. The investment case is a simplified DCF: unlevered IRR discounts free cash flow to the firm (EBITDA − cash tax − capex) plus an exit on the EV/EBITDA multiple; levered IRR is the equity cash flow after debt drawn at entry, interest and amortisation. Nuclear is extremely capital-intensive with a 60-year life; returns are typically low but stable. Excludes construction, transaction costs and refinancing. For illustration only — not investment advice, and not any specific asset.