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To clarify uncertainty in predictions of the quantity, radionuclide inventory and activity of waste from the Krsko nuclear power plant, and to illuminate its role in related policy‐making, we made a scenario analysis in order to find out the variation in waste characteristics if the plant operates five years shorter or longer than anticipated, or if it uses fuel of a higher enrichment (levels between 3 per cent and 5 per cent of U‐235). We used ORIGEN2 computer code for calculations connected to spent fuel, and developed a code for calculating low‐ and intermediate‐level waste. We present and interpret our results using language which can be understood by decision makers and the general public. We believe that the clarification of the issues gained through our analysis will contribute to more informed decision making and be effective in building confidence among professionals, the public and politicians in the process of identifying the most appropriate waste management options.