Methodology to evaluate the monetary benefit of Probabilistic Risk Assessment by modeling the net value of Risk-Informed Applications at nuclear power plants

Probabilistic Risk Assessment (PRA) used in Nuclear Power Plants serves as a pillar of the U.S. Nuclear Regulatory Commission's Risk-Informed Regulatory framework, and is required for new reactor licenses to satisfy regulatory safety compliance. The benefits of PRA are not only experienced in terms of safety, but also from the monetary value derived from Risk-Informed Performance-Based Applications (RIPBAs), where risk estimated from PRA is...