South Korea plans to build as many as three new nuclear power plants by 2038 and put into operation at least one small modular reactor (SMR) by 2035 to become a global nuclear powerhouse.
Under the new policy announced on Friday, the country will resume building new nuclear power plants after a nine-year hiatus.
According to the country’s latest energy scheme, the 11th Basic Plan for Long-Term Electricity Supply and Demand, Korea will need to generate 10.6 gigawatts (GW) of energy by 2038, of which 4.4 GW is expected to come from nuclear power plants.
Given that APR-1400, an advanced pressurized water nuclear reactor referred to as Korea’s next-generation reactor model, can produce 1.4 GW of energy per unit, the country will need three new nuclear power plants, officials said.
President Yoon Suk Yeol gives a speech at the construction site of nuclear power plants on which work was shelved over the past few years "Theoretically, three new plants need to be built. But the final number will be decided later as there are some preconditions, including the availability of sites for the plants,” said an official at the Ministry of Trade, Industry and Energy.
The construction plan is part of the government’s latest power supply plans for the 2024-2038 period to establish a new energy mix with more nuclear power plants to meet surging electricity demand.
Korea currently operates 26 nuclear reactors, with four under construction.
SMALL MODULAR REACTORS
The latest energy generation plan includes the launch of a small modular nuclear reactor by 2035 – the first SMR in the country.
An image of a power plant with small modular reactors (Courtesy of KHNP) SMRs, designed to produce less than 300 megawatts-electric, are regarded as next-generation energy sources due to their lower investment costs and fewer carbon emissions than existing large nuclear power plants.
SMRs are also safer as they can be cooled without complicated safety devices, making them ideal for data centers amid the artificial intelligence boom.
With major countries increasingly adopting safe and sustainable energy sources, analysts said SMRs are expected to be commercialized within the next five to 10 years.
Earlier this week, sources said Doosan Enerbility Co., a leading Korean power plant engineering company, is in the final stages of signing a multi-billion-dollar deal to supply key SMR equipment to NuScale Corp., a US-based SMR design firm.
The government’s latest plans to build new power plants, including an SMR, will be finalized by the end of this year after going through an environmental impact assessment, public hearings and discussions at the National Assembly.
A rendering image of NuScale Power's SMR plant GLOBAL NUCLEAR POWERHOUSE
Korean President Yoon Suk Yeol, who took office in May 2022, pledged to rescind his predecessor’s policy of a gradual nuclear phase-out and increase dependence on nuclear energy.
Yoon said his government will also promote the development of small modular reactors, citing Korea’s increased reliance on fossil fuels.
The construction of the two reactors, for which the foundation work was completed during the previous Moon Jae-in administration, came to a standstill in October 2017 as the former president canceled all plans to build new nuclear power plants.
In a turnaround from the previous government, Yoon also said his government is striving to export 10 nuclear power plants by 2030.
Write to Sul-Gi Lee and Jung-hwan Hwang at surugi@hankyung.com In-Soo Nam edited this article.
