Value context and insight. lkm@koreatimes.co.kr
Korea launches public-private SMR alliance
Minister of Trade, Industry and Energy Lee Chang-yang, front eight from left, and heads of state-run energy organizations and private firms pose for a photo at an event celebrating the launch of the SMR Alliance at the Westin Josun Seoul hotel, Tuesday. Yonhap
By Lee Kyung-min
By Lee Kyung-min
A private-public partnership has been launched to advance the small modular reactor (SMR) sector, the industry ministry said Tuesday.
The SMR Alliance comprising 42 state-run and private entities called for government assistance to enhance their competitiveness on the global stage, where the capability to generate a stable supply of affordable energy is increasingly prioritized for green growth.
SMRs are advanced nuclear reactors that have a power capacity of up to 300 megawatts (MW), about one-third of the generating capacity of traditional nuclear reactors. SMRs can produce a large amount of low-carbon electricity, saving costs and construction time. They can be deployed incrementally to match increasing energy demand, according to industry officials.
Among the 42 participants were the Ministry of Trade, Industry and Energy and Korea Hydro & Nuclear Power, as well as 31 private players including SK, GS Energy, Samsung C&T, Daewoo E&C, GS E&C and Doosan Enerbility.
The 31 firms said the government should bolster public acceptance of SMRs, mostly for safety concerns and benefits.
“We need to raise awareness that the SMRs are safe, as strengthened by transparent communication throughout to help many understand the benefits of reinvigorating the economy under the context of energy efficiency,” SK Inc. CEO Jang Dong-hyun said during the launching ceremony at the Westin Josun Seoul hotel.
Korea is the only country that successfully delivers many large nuclear power plant construction projects, as underpinned by the motto “On Time and On Budget.”
The country solidifying itself as the global SMR powerhouse will be, the CEO added, determined largely by how fast and effective the industry players embrace the global SMR standards for the broader goal of carbon neutrality.
“Our efforts can only go so far, unless the government revises energy-related laws and outlines medium- to long-term policies to include nuclear energy in the country's power plan. Measures are needed for strong local players to find a standing in the global supply chain for sustainable growth,” he said.
Minister of Trade, Industry and Energy Lee Chang-yang said the government will map out policy supports.
“Korea has built large nuclear power plants over the past few decades,” Lee said at the ceremony. “This is an achievement we need to sustain in the global SMR market, underpinned by safe and stable operation of reactors. The government will provide assistance with system maintenance, technology development, human resources training and tax incentives.”