Fusion powerFusion power is a proposed form of power generation that would generate electricity by using heat from nuclear fusion reactions. In a fusion process, two lighter atomic nuclei combine to form a heavier nucleus, while releasing energy. Devices designed to harness this energy are known as fusion reactors. Research into fusion reactors began in the 1940s, but as of 2023, no device has reached net power. Fusion processes require fuel and a confined environment with sufficient temperature, pressure, and confinement time to create a plasma in which fusion can occur.
Magnetic confinement fusionMagnetic confinement fusion is an approach to generate thermonuclear fusion power that uses magnetic fields to confine fusion fuel in the form of a plasma. Magnetic confinement is one of two major branches of fusion energy research, along with inertial confinement fusion. The magnetic approach began in the 1940s and absorbed the majority of subsequent development. Fusion reactions combine light atomic nuclei such as hydrogen to form heavier ones such as helium, producing energy.
Aneutronic fusionAneutronic fusion is any form of fusion power in which very little of the energy released is carried by neutrons. While the lowest-threshold nuclear fusion reactions release up to 80% of their energy in the form of neutrons, aneutronic reactions release energy in the form of charged particles, typically protons or alpha particles. Successful aneutronic fusion would greatly reduce problems associated with neutron radiation such as damaging ionizing radiation, neutron activation, reactor maintenance, and requirements for biological shielding, remote handling and safety.
Real options valuationReal options valuation, also often termed real options analysis, (ROV or ROA) applies option valuation techniques to capital budgeting decisions. A real option itself, is the right—but not the obligation—to undertake certain business initiatives, such as deferring, abandoning, expanding, staging, or contracting a capital investment project. For example, real options valuation could examine the opportunity to invest in the expansion of a firm's factory and the alternative option to sell the factory.
ExternalityIn economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced goods involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example. The cost of air pollution to society is not paid by either the producers or users of motorized transport to the rest of society. Water pollution from mills and factories is another example.
Fossil fuel phase-outFossil fuel phase-out is the gradual reduction of the use and production of fossil fuels to zero, to reduce deaths and illness from air pollution, limit climate change, and strengthen energy independence. It is part of the ongoing renewable energy transition. Although many countries are shutting down coal-fired power stations, electricity generation is not moving off coal fast enough to meet climate goals. Many countries have set dates to stop selling petrol and diesel cars and trucks, but a timetable to stop burning fossil gas has not yet been agreed.
Renewable energyRenewable energy is energy from renewable resources that are naturally replenished on a human timescale. Renewable resources include sunlight, wind, the movement of water, and geothermal heat. Although most renewable energy sources are sustainable, some are not. For example, some biomass sources are considered unsustainable at current rates of exploitation. Renewable energy is often used for electricity generation, heating and cooling.
Energy policyEnergy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy conversion, distribution and use as well as reduction of greenhouse gas emissions in order to contribute to climate change mitigation. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques. Energy is a core component of modern economies.
Nuclear fusionNuclear fusion is a reaction in which two or more atomic nuclei, usually deuterium and tritium (hydrogen variants), are combined to form one atomic nuclei and subatomic particles (neutrons or protons). The difference in mass between the reactants and products is manifested as either the release or absorption of energy. This difference in mass arises due to the difference in nuclear binding energy between the atomic nuclei before and after the reaction.
Environmental impact assessmentEnvironmental Impact assessment (EIA) is the assessment of the environmental consequences of a plan, policy, program, or actual projects prior to the decision to move forward with the proposed action. In this context, the term "environmental impact assessment" is usually used when applied to actual projects by individuals or companies and the term "strategic environmental assessment" (SEA) applies to policies, plans and programmes most often proposed by organs of state.
Inertial confinement fusionInertial confinement fusion (ICF) is a fusion energy process that initiates nuclear fusion reactions by compressing and heating targets filled with fuel. The targets are small pellets, typically containing deuterium (2H) and tritium (3H). Energy is deposited in the target's outer layer, which explodes outward. This produces a reaction force in the form of shock waves that travel through the target. The waves compress and heat it. Sufficiently powerful shock waves generate fusion.
Energy developmentEnergy development is the field of activities focused on obtaining sources of energy from natural resources. These activities include the production of renewable, nuclear, and fossil fuel derived sources of energy, and for the recovery and reuse of energy that would otherwise be wasted. Energy conservation and efficiency measures reduce the demand for energy development, and can have benefits to society with improvements to environmental issues.
Sustainable energyEnergy is sustainable if it "meets the needs of the present without compromising the ability of future generations to meet their own needs." Most definitions of sustainable energy include considerations of environmental aspects such as greenhouse gas emissions and social and economic aspects such as energy poverty. Renewable energy sources such as wind, hydroelectric power, solar, and geothermal energy are generally far more sustainable than fossil fuel sources.
Fossil fuelA fossil fuel is a hydrocarbon-containing material such as coal, oil, and natural gas, formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and burned as a fuel. Fossil fuels may be burned to provide heat for use directly (such as for cooking or heating), to power engines (such as internal combustion engines in motor vehicles), or to generate electricity. Some fossil fuels are refined into derivatives such as kerosene, gasoline and propane before burning.
Primary energyPrimary energy (PE) is the energy found in nature that has not been subjected to any human engineered conversion process. It encompasses energy contained in raw fuels and other forms of energy, including waste, received as input to a system. Primary energy can be non-renewable or renewable. Primary energy is used in energy statistics in the compilation of energy balances, as well as in the field of energetics. In energetics, a primary energy source (PES) refers to the energy forms required by the energy sector to generate the supply of energy carriers used by human society.
Nuclear fusion–fission hybridHybrid nuclear fusion–fission (hybrid nuclear power) is a proposed means of generating power by use of a combination of nuclear fusion and fission processes. The basic idea is to use high-energy fast neutrons from a fusion reactor to trigger fission in non-fissile fuels like U-238 or Th-232. Each neutron can trigger several fission events, multiplying the energy released by each fusion reaction hundreds of times. As the fission fuel is not fissile, there is no self-sustaining chain reaction from fission.
Energy transitionAn energy transition (or energy system transformation) is a significant structural change in an energy system regarding supply and consumption. Currently, a transition to sustainable energy (mostly renewable energy) is underway to limit climate change. It is also called renewable energy transition. The current transition is driven by a recognition that global greenhouse-gas emissions must be drastically reduced. This process involves phasing-down fossil fuels and re-developing whole systems to operate on low carbon electricity.
Binomial options pricing modelIn finance, the binomial options pricing model (BOPM) provides a generalizable numerical method for the valuation of options. Essentially, the model uses a "discrete-time" (lattice based) model of the varying price over time of the underlying financial instrument, addressing cases where the closed-form Black–Scholes formula is wanting. The binomial model was first proposed by William Sharpe in the 1978 edition of Investments (), and formalized by Cox, Ross and Rubinstein in 1979 and by Rendleman and Bartter in that same year.
Muon-catalyzed fusionMuon-catalyzed fusion (abbreviated as μCF or MCF) is a process allowing nuclear fusion to take place at temperatures significantly lower than the temperatures required for thermonuclear fusion, even at room temperature or lower. It is one of the few known ways of catalyzing nuclear fusion reactions. Muons are unstable subatomic particles which are similar to electrons but 207 times more massive. If a muon replaces one of the electrons in a hydrogen molecule, the nuclei are consequently drawn 196 times closer than in a normal molecule, due to the reduced mass being 196 times the mass of an electron.
2021–2023 global energy crisisThe 2021–2023 global energy crisis began in the aftermath of the COVID-19 pandemic in 2021, with much of the globe facing shortages and increased prices in oil, gas and electricity markets. The crisis was caused by a variety of economic factors, including the rapid post-pandemic economic rebound that outpaced energy supply, and escalated into a widespread global energy crisis following the Russian invasion of Ukraine. The price of natural gas reached record highs, and as a result, so did electricity in some markets.
