Korea to invest over $1.5 bil. to revitalize nuclear power industry

The Korea Times

The Korea Times

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Sun, October 1, 2023 | 05:18

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Korea to invest over $1.5 bil. to revitalize nuclear power industry

Posted : 2022-12-14 17:04

Updated : 2022-12-15 15:17

Minister of Trade, Industry and Energy Lee Chang-yang, eighth from left, and nuclear power industry officials attend a ceremony to celebrate the completed construction of Shin Hanul unit 1 at the Shin Hanul Nuclear Power Plant in Uljin, North Gyeongsang Province, Wednesday. Yonhap

Operation of Shin Hanul unit 1 expected to boost competitiveness of Korea's nuclear exports

By Lee Kyung-min

Korea will be able to meet higher-than-expected energy demand this winter, as fortified by the construction of Shin Hanul unit 1 at the Shin Hanul Nuclear Power Plant in Uljin, North Gyeongsang Province, the energy ministry said Wednesday.

The full-fledged operation of Korea's 27th nuclear reactor on Dec. 7 will help reduce the country's dependence on liquefied natural gas (LNG), thereby narrowing its trade deficit. Korea depends on imports to meet more than 93 percent of its fuel needs.

The prospects of Korea's nuclear reactor exports, the ministry said, will be best illustrated by the efficient and effective use of the Korea-developed APR 1400, the same model Korea plans to export to the Czech Republic among other countries over the next few years.

The politically motivated stalled construction of Shin Hanul units 3 and 4 will resume in 2024, spearheaded by President Yoon Suk-yeol, while about 10 overseas nuclear plant construction projects are eyed during his single, five-year term in office. The initiative will salvage the local nuclear power industry which nearly perished under the nuclear phase-out drive railroaded by his predecessor Moon Jae-in.

The government's support for the nuclear power industry will be expanded to over 2 trillion won ($1.5 billion) next year, up from 1 trillion won this year. Included are research and development (R&D), financing and government guarantees.

Shin Hanul unit 1 at Shin Hanul Nuclear Power Plant in Uljin, North Gyeongsang Province. Yonhap

"The year 2022 will be remembered as the beginning of a new era marked by the nuclear power industry making a great leap forward," Yoon said in a speech read by Minister of Trade, Industry and Energy Lee Chang-yang at a ceremony celebrating the completed construction of Shin Hanul unit 1.

"The government expresses its deepest gratitude for the industry workers, and residents of North Gyeongsang Province," he added.

The "irresponsible" nuclear phase-out policy pursued by the previous administration would have led to an economic turmoil in the midst of an energy crisis, without the efforts of many over the past few years, Yoon said.

The ministry said Shin Hanul unit 1 will help increase Korea's winter electricity reserve capacity from 11.7 percent to 13.3 percent of peak demand.

The power generated by the unit will be equivalent to annual LNG imports of over 1.4 million tons.

The government said the nuclear energy industry will see a material recovery in the first half of next year, mostly lifted by the Shin Hanul units 3 and 4 construction projects. The size of the local nuclear energy market will subsequently grow to 2 trillion won next year, including export contracts, the ministry added.

lkm@koreatimes.co.kr