The compact reversed shear tokamak CREST is a cost competitive reactor conc
ept based on a reversed shear high beta plasma and water cooled ferritic st
eel components. The moderate aspect ratio A = 3.4 and the elongation k = 2.
0 of CREST are very similar to the case of the ITER advanced mode plasma. P
resentation of such a concept based on the ITER project should be worth whi
le for formulating a fusion development strategy. The achievement of a comp
etitive cost of electricity (COE) is the first priority for electric power
industries. High beta and high thermal efficiency are the most effective pa
rameters for achieving a competitive COE. In order to achieve a high effici
ency power plant, a superheated steam cycle has been adopted which permits
a high thermal efficiency (eta = 41%). Current profile control and high spe
ed plasma rotation by neutral beam current drive stabilize the ideal MHD ac
tivity up to the Troyon coefficient beta(N) = 5.5. A cost assessment has sh
own that CREST could generate about 1.16 GW(e) electric power at a competit
ive cost.