Government reacts to nuclear slump with $605 million order

Industry

Published: 29 Aug. 2023, 18:22 Updated: 29 Aug. 2023, 19:41

Government reacts to nuclear slump with $605 million order

Romania's Cernavoda plant, where Korea Hydro & Nuclear Power will build a tritium removal facility. [NUCLEARELECTRICA]

The government will place nuclear component orders worth 800 billion won ($604.7 million) for local part suppliers, which have suffered a years-long demand slump during the previous administration’s nuclear phase-out.

The plan was announced by the Ministry of Trade, Industry and Energy on Tuesday during a briefing session held at Korea Electric Power Corporation (Kepco)’s Art Center in southern Seoul.

The ministry plans to place orders for 104 types of nuclear reactor components in a bid to put the local nuclear sector back on track for further market expansion.

The equipment orders for building a turbine island for the El-Dabaa project in Egypt will begin in October, and those for a 195-million-euro project in Romania to build a tritium removal facility will begin in November and will be completed by June next year.

Moreover, the Energy Ministry will exempt the qualification screening process for overseas sales for the Korea Hydro & Nuclear Power Corporation’s suppliers, while offering financial and administrative support for nuclear part exports.

The Yoon Suk Yeol administration has focused on boosting the Korean nuclear sector with an aim to export 10 nuclear power plants by 2030 and win nuclear equipment projects worth 5 trillion won by 2027, pivoting from the previous Moon Jae-in government's phase-out policy.

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