Korea wants to win hundreds of nuclear projects. So does everyone else.

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Korea wants to win hundreds of nuclear projects. So does everyone else.

Published: 29 May. 2025, 05:10

Audio report: written by reporters, read by AI

A nuclear power plant in operation in Temelin on May 8. [JOONGANG ILBO]

With up to 700 reactors planned worldwide, Korea’s nuclear industry faces a once-in-a-generation opportunity but must overcome significant challenges to lead in the competitive global market.

A total of 307 reactors are currently proposed worldwide, with an additional 109 planned, totaling more than 400 potential new reactors, according to the World Nuclear Association on Wednesday.

The plan includes constructing 300 large-scale reactors, each with a capacity of 1,000 megawatts, to meet growing energy demands from AI and data centers.

With U.S. President Donald Trump recently announcing plans to quadruple nuclear power capacity to 400 gigawatts by 2050, the total number of planned reactors worldwide is expected to reach as many as 700, significantly increasing from the current 439 operational reactors and 67 under construction.

Only a few countries, however, possess the necessary technology and infrastructure to build and operate large-scale nuclear power plants.

These include Korea, United States, France, Russia, China, Japan and Canada, which are expected to lead the construction of the proposed 700 reactors.

Korea, operating 26 reactors domestically, entered the global market in 2009 with the Barakah nuclear power plant in the United Arab Emirates.

The project demonstrated Korea's ability to deliver on time and within budget, enhancing its reputation in the nuclear industry.

The country's APR1400 reactor model has received certifications from both the U.S. Nuclear Regulatory Commission in 2019 and the European Nuclear Safety Regulators Group in 2023.

With more than 95 percent of its nuclear technology developed domestically, Korea maintains a vertically integrated nuclear ecosystem encompassing construction, design, maintenance and fuel production.

A view of Dukovany, Czech Republic, the site of an upcoming nuclear power plant project [NEWS1]

But challenges remain for Korea's nuclear ambitions.

The country's competitive pricing strategy raises concerns about low profit margins. During a recent bid for a Czech nuclear project, France's EDF questioned Korea's pricing, suggesting it was bolstered by government subsidies.

The division of nuclear export responsibilities between Korea Electric Power Corporation (Kepco) and Korea Hydro & Nuclear Power has also led to internal conflicts.

The two entities, which separated in 2000, have clashed regarding project leadership, notably during the Barakah project, resulting in arbitration proceedings at the London Court of International Arbitration.

Competition in the nuclear sector is intensifying globally.

France is expected to challenge Korea's expansion into the European market while Russia and China continue to exert significant influence in Eastern Europe, Asia and Africa through strategic partnerships and joint ventures.

Vietnam exemplifies the competitive landscape with plans to build four nuclear reactors attracting interest from six countries.

After halting a project with Russia and Japan in 2016, Vietnam resumed discussions in November 2024, engaging with both previous and new partners.

The Vietnamese government is also leveraging nuclear energy in trade negotiations with the United States.

“Nuclear power will be an important driving force in achieving trade balance between Vietnam and the United States,” said Minister of Industry and Trade Nguyen Hong Dien.

French President Emmanuel Macron visited Vietnam on Monday to promote nuclear cooperation while China, maintaining close economic and political ties with Vietnam, has expressed interest.

Korea, through Kepco, is actively pursuing opportunities in Vietnam.

“Kepco plans to invite Vietnamese government officials to domestic nuclear facilities and hold briefings as part of its efforts to win new reactor contracts,” a Kepco official said.

Consistent government policy and support are crucial for Korea's nuclear industry.

Frequent shifts between antinuclear and pronuclear stances with each administration have created uncertainty in the market.

The Moon Jae-in administration pushed for a nuclear phaseout, but the Yoon Suk Yeol administration reversed course.

Democratic Party presidential candidate Lee Jae-myung said nuclear power is “dangerous and unsustainable,” while People Power Party candidate Kim Moon-soo called for nuclear expansion.

Democratic Party presidential candidate Lee Jae-myung, left, shakes hands with People Power Party presidential candidate Kim Moon-soo before the second presidential debate hosted by the National Election Broadcasting Debate Commission at the KBS studio in western Seoul on May 23. [NEWS1]

“Only a few countries, such as Korea, France and Japan, can realistically compete in the U.S. market, which plans to build 300 nuclear reactors.” said Jung Dong-wook, a professor of energy systems engineering at Chung-Ang University. “Just as the United States is interested in Korea’s shipbuilding industry, the next administration must use diplomacy to clearly explain the competitiveness of Korean nuclear power.

“Domestic demand must come first to sustain the nuclear ecosystem and strengthen Korea’s competitiveness in the global market. The next administration must continue to uphold the policy that nuclear power is necessary.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM WON, IM SOUNG-BIN [[email protected]]