Kwak Yeon-soo is a digital editor at The Korea Times creating, editing and curating digital content for the newspaper’s website, mobile app and social media. She previously covered a diverse array of cultural, political and business topics.
Gov't wastes 700 bil. won on Wolsong-1 reactor
The Wolsong-1 nuclear reactor in Gyeongju, North Gyeongsang Province / Courtesy of KHNP
By Kwak Yeon-soo
By Kwak Yeon-soo
The government is facing growing criticism for wasting 700 billion won ($602 million) on the Wolsong-1 nuclear reactor before deciding to shut it down permanently, according to industry officials Wednesday.
The decommissioning of the Wolsong-1 reactor follows the shutting down of the Kori-1 plant in 2017.
The decommissioning of a series of nuclear reactors comes in line with the Moon Jae-in administration's policy to promote sustainable energy sources and reduce dependence on nuclear power and fossil fuels.
One of Moon's election pledges was to increase renewable energy up to 20 percent of total energy sources by 2030, up from the current 7 percent. Korea is also poised to retire 11 out of its 24 reactors by the end of the same year.
On Tuesday, the Nuclear Safety and Security Commission (NSSC) approved an application by Korea Hydro & Nuclear Power (KHNP) to permanently shut down the Wolsong-1 reactor in Gyeongju, North Gyeongsang Province.
Wolsong-1 started commercial operation in 1983, and was designed to be retired after 30 years. But the operation license was renewed in 2015 for another seven years. To extend Wolsong-1's lifespan, the government invested 700 billion won.
The decision came after the country's nuclear reactor operator filed an application for early closure of the reactor in February, saying it is losing money due to its low operational rate and rising maintenance costs.
“The National Assembly's economic evaluation was not conducted properly,” said Lee Byung-ryung, a member of NSSC and an atomic expert. “The government invested 700 billion won on the notion that Wolsong-1 is operational. We need to discuss how to manage national wealth.”
Another NSSC member Lee Kyung-woo, who opposed to the decommissioning of Wolsong reactor, said, “We need to thoroughly investigate whether KHNP made a reasonable assessment of the reactor's economic value even before reaching the end of its lifespan.”
Meanwhile, NSSC Chairman Eom Jae-sik said the 700 billion won investment into Wolsong-1 is not their responsibility.
The decommissioning of the Wolsong-1 reactor is likely to be delayed as the Board of Audit and Inspection of Korea is currently conducting an investigation into whether KHNP made a fair assessment of the reactor's economic value.