Gov't moots extra nuclear power plant as power demand surges

Economy

Published: 18 Jul. 2023, 16:18

Gov't moots extra nuclear power plant as power demand surges

Shin-Hanul nuclear reactor Unit 1 in Uljin, North Gyeongsang. [KOREA HYDRO & NUCLEAR POWER]

The government is considering building another nuclear power plant under its next long-term energy policy plan amid rising electricity demand.

With the possibility of a new nuclear power plant now on the table, the Yoon Suk Yeol administration is continuing its drive to reverse the previous government’s nuclear phase-out attempts.

The Ministry of Trade, Energy and Industry on Tuesday held this year’s fourth energy policy review meeting to discuss an outline for the 11th Basic Plan for Long-Term Energy Supply and Demand, which covers 2024 through to 2038.

In order to draft the 15-year energy plan, the ministry said that it will “thoroughly review possible measures to expand electricity supply capabilities with a cost-effective energy mix using a new nuclear power plant and other sources, while also ramping up deployment of carbon-emission-free energy sources such as renewables and hydrogen,” in a release issued Tuesday.

The statement followed a comment made by Energy Minister Lee Chang-yang last week, hinting at the possibility of a new nuclear plant.

“It is necessary to consider expanding power supply capabilities with nuclear power, hydrogen and other sources, in a bid to secure a stable supply of electricity amid rising demand,” said Lee during an energy committee meeting on July 10.

Ministry Lee Chang-yang of Trade, Industry, and Energy, far right, speaks during an energy committee meeting held on July 10 in central Seoul. [NEWS1]

The ministry cited rising electricity demand driven by upcoming manufacturing facilities for semiconductors and EV batteries, as well as data centers, for the need for power supply expansion.

The final draft of the 11th Basic Plan is expected to be published as early as the first half of next year.

If the construction of a new nuclear plant is to be incorporated in the 11th Basic Plan, it will be the first new nuclear facility to be built since Shin-Hanul Units 3 and 4 from the 7th Basic Plan in 2015.

The construction of the Shin-Hanul Units 3 and 4 had been halted under the previous Moon Jae-in administration’s nuclear phase-out initiative but was resumed by the current Yoon administration.

Other nuclear power plant projects that had been called off under the Moon administration include the Daejin 1 and 2 reactors in Samcheok, Gangwon, alongside the Cheonji 1 and 2 reactors in Yeongdeok, North Gyeongsang.

The ministry is expected to begin drafting the plan earlier than usual to review the necessity of expanding electricity supply capacity with a new nuclear power plant and other possible measures.

A working group meeting for the 11th Basic Plan will begin in July.

Korea rolls out a 15-year basic energy policy plan every two years. The latest 10th Basic Plan for Long-Term Energy Supply and Demand covering 2022 to 2036 was finalized in January.

Under the latest 10th Basic Plan, the Yoon administration set up a goal of expanding nuclear energy’s contribution to Korea’s energy mix to 32.4 percent by 2030 from 27.4 percent in 2021.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]