Nerdydude101 said:
It's ability to convert the fuel into energy, we convert almost none of uranium into energy, but from what I've read we can convert a large amount if the thorium into energy but from what people on this post have said I'm starting to doubt everything I've read haha.
As QuantumPion indicated it is important to clearly define what type of efficiency one is considering, e.g., thermodynamic efficiency, or fuel utilization, i.e., burnup (energy per mass of fuel).
In a conventional LWR, about 4.5% to 5.5% of the U is converted into energy. It could be greater if certain design, reliability and safety requirements could be met (but that's a different topic). One of the constraints on LWR fuel is the accumulation of fission products and transuranics (TU) and the impact on fuel reliability and safety (e.g., solid and gaseous swelling of the fuel, and rod internal pressure, and how that affects the requirements of fuel/core coolability and reactivity control (i.e., ability to reliably shutdown reactor in response to various AOOs and postulated accidents)).
In an LWR, fuel may be used for two or three cycles, with each cycle being typically 18 to 24 months (in the US and parts of Europe). Each batch of fuel removed is on the order of 34% to 50% of the core. The oldest fuel is removed, and fresh fuel is added. The oldest fuel contains the fission products and TU accumulated from the two or three cycles of operation.
The benefit of the LFTR is that fission products are removed and the Th-based fuel cycle does not accumulate as much TU as does the U-based fuel cycle. However, the LFTR system does require a reprocessing system that will accumulate the U-233, recycle the Th-232, and accumulate the fission products that then have to be fabricated into a safe form (typically encapsulated ceramic). The waste forms then have to be cooled.
Thermodynamic efficiency is also factor. LWRs have a range of thermodynamic efficiencies from ~32% to ~38%, while some gas-cooled reactors have expected efficiencies of ~42%. That also improves the MWh/MTHM. While it might be possible to have comparable thermodynamic efficiency with an LFTR, one must realize that the reprocessing plant will consume some amount of the electrical energy produced - and each LFTR needs it's dedicated reprocessing plant (and waste storage).
It may be desirable to have modular LFTR units with a common reprocessing plant, and then one has to decide if the LFTR units are moderate in size (e.g., 200-300 MWe) or larger (1000 - 1500 MWe). The power ratings will determine the size of core, which then determines enrichments.