President Yoon Suk Yeol said Korea is entering a “nuclear renaissance” through the expansion of its nuclear energy industry and reactor exports at a groundbreaking ceremony for new nuclear reactors in North Gyeongsang on Wednesday.
The delayed commissioning of Shin-Hanul nuclear reactors Unit 1 and 2 caused over 9 trillion won ($6.79 billion) of loss by forcing the country to source electricity from liquefied natural gas (LNG) instead, recent data analysis showed.
The 1,400-megawatt Shin-Hanul Unit 2 reactor, which began construction in 2010, was granted final approval for operation from the Nuclear Safety And Security Commission on Thursday.
Korea Hydro & Nuclear Power (KHNP) and Doosan Enerbility signed a 2.9 trillion won ($2.3 billion) component supply agreement for the 10-year construction of Shin-Hanul 3 and 4, the Ministry of Trade, Industry and Energy said Wednesday.
Korea is committing 400 billion won ($308 million) a year to the development of small nuclear reactors as it doubles its overall annual spending on nuclear energy to 2 trillion won, according to the president.
It has taken more than a decade for the new nuclear power plant to be completed since ground was broken in April 2010. The recent nuclear power projects are the first in the country where all key components – not only the APR1400 – are localized.
Commercial operation of the Shin Hanul 1 nuclear power plant will start Wednesday ahead of surging winter demand.
In an effort to rebuild a business that President Yoon Suk-yeol says was devastated by the previous administration, the government is using 92.5 billion won ($70 million) for the restoration of nuclear power generation capacity.
The much-delayed Shin-Hanul No. 1 is being further delayed. It will be switched on six months later than planned.
Over 1 million people signed a petition opposing President Moon Jae-in's anti-nuclear policy as of Monday morning.
Korea JoongAng Daily Sitemap
