Non-graphite Moderators
Some moderators are quite expensive, for example beryllium, and reactor-grade heavy water. Reactor-grade heavy water must be 99.75% pure to enable reactions with unenriched uranium. This is difficult to prepare because heavy water and regular water form the same chemical bonds in almost the same ways, at only slightly different speeds.
The much cheaper light water moderator (essentially very pure regular water ) absorbs too many neutrons to be used with unenriched natural uranium, and therefore uranium enrichment or nuclear reprocessing becomes necessary to operate such reactors, increasing overall costs. Both enrichment and reprocessing are expensive and technologically challenging processes, and additionally both enrichment and several types of reprocessing can be used to create weapons-usable material, causing proliferation concerns. Reprocessing schemes that are more resistant to proliferation are currently under development.
The CANDU reactor's moderator doubles as a safety feature. A large tank of low-temperature, low-pressure heavy water moderates the neutrons and also acts as a heat sink in extreme loss-of-coolant accident conditions. It is separated from the fuel rods that actually generate the heat. Heavy water is very effective at slowing down (moderating) neutrons, giving CANDU reactors their important and defining characteristic of high "neutron economy."
Read more about this topic: Neutron Moderator