Shin Hanul revives Korea’s aim to become global nuclear powerhouse

 

South Korea put a newly built nuclear reactor into full operation on Wednesday to reinforce energy stability, reviving its goal of becoming a global powerhouse in the nuclear reactor business.

Government officials held a ceremony to celebrate the operational start of the Shin Hanul unit 1, the country’s 27th nuclear reactor, in Uljin, North Gyeongsang Province.

The reactor, which broke ground for construction in 2010, was initially scheduled to begin commercial operations in 2017. But the plan was delayed due to an earthquake in the southeastern city of Gyeongju, near Uljin. It went into operation last week.

The Shin Hanul unit 1 is an advanced pressurized water nuclear reactor known as APR-1400, also referred to as Korea’s next-generation reactor model. It was built with key equipment that was domestically developed.

The APR-1400 model was also adopted for the Barakah nuclear power plant project in the United Arab Emirates, undertaken by Korean companies.

"Our nuclear power industry, which declined under the previous government’s nuclear phase-out policy, will be revived and leap forward again," President Yoon Suk-yeol said in his congratulatory message read by Trade, Industry and Energy Minister Lee Chang-yang at the ceremony.

"The government will turn the nuclear power industry into a pillar that leads Korea’s exports and actively provide support so that the country can once again be proud of its status as a global nuclear energy power."

VOWS TO REVIVE DOMESTIC NUCLEAR INDUSTRY

President Yoon, who took office in May this year, pledged to rescind the former Moon Jae-in administration's policy of a gradual nuclear phase-out and increase dependence on nuclear energy to achieve its carbon-free goals.

He said his government will also promote the development of small modular reactors (SMRs), citing Korea’s increased reliance on fossil fuels.

At Wednesday’s ceremony, the government vowed to invest 400 billion won ($309 million) in the development of SMRs and double its annual budget for the industry’s R&D projects and job creation to 2 trillion won in 2023.

In a turnaround from the previous government, President Yoon has said his government is striving to export 10 nuclear power plants by 2030.

NEW REACTOR TO CUT ENERGY IMPORTS

The government earlier said it will source a third of the country’s energy generation from nuclear power to improve its energy security and achieve carbon neutrality.

The Shin Hanul No. 2, which started construction work alongside the No. 1 unit, is scheduled to be completed in September of next year.

Construction of the Shin Hanul 3 and 4 reactors will also be resumed at the earliest possible date, Minister Lee said, adding that the construction contracts could be signed as early as the first half of next year.

With the Shin Hanul No. 1 reactor, Korea is expected to improve its electricity supply while reducing energy imports, industry officials said.

When fully operational, the new reactor is expected to produce 10,424 gigawatts hour (GWh) of electricity a year, accounting for a quarter of the energy demand for North Gyeongsang Province in 2021.

The new reactor will also help raise Korea’s power reserve ratio in winter by 1.6 percentage points to 13.3%, according to the ministry.

The ministry said the operation of Shin Hanul unit 1 will create an import substitution effect of up to 1.4 million tons of liquefied natural gas (LNG) a year, saving about $2.55 billion in energy imports annually.

Write to So-Hyeon Kim and Dong-Wook Jwa at alpha@hankyung.com
In-Soo Nam edited this article.