There is an increasing interest in water breeder and high converter reactors. The increase in the conversion ratio of these reactors is obtained by hardening the neutron spectrum achieved by tightening the reactor’s lattice. Another way of hardening the neutron spectrum is to replace the light water with heavy water. Two pressurized water reactor fuel cycles that use heavy water as a coolant are considered. The first fuel cycle is based on plutonium and depleted uranium, and the second cycle is based on plutonium and enriched uranium. The uranium ore and separative work unit (SWU) requirements are calculated as well as the fuel cycle cost. The savings in uranium ore are ∼40 and 60% and ∼40% in SWU for both fuel cycles considered.