- South Korea will increase the portion of nuclear energy to over 30 percent of the nation’s total energy mix by 2030
- Construction of Shin-Hanul No. 3 and No. 4 nuclear reactors will be resumed
- Policy is a major departure from previous directives under Moon Jae-in
- World Nuclear Association estimates that nuclear power today contributes around 10% of the world’s electricity production, and that it will continue to play an increasingly significant role in the future energy security
In the era of worsening climate change, nuclear power is remerging as a promising source of clean energy. South Korea has reversed its policies have adopted a framework for higher contribution of nuclear fuel in its energy basket.
According to the South Korean energy ministry, Korea will increase the portion of nuclear energy to over 30 percent of the nation’s total energy mix by 2030. The ministry said that special laws will be formulated for ensuring private sector participation, development, and procurement of overseas energy resources, fortifying the country’s energy security alongside, pricing of electricity based on global energy prices.
For achieving the energy mix of 30%, Construction of Shin-Hanul No. 3 and No. 4 nuclear reactors will be resumed with the goal of expanding the nuclear energy portfolio in overall energy production in South Korea. Achievement of nuclear energy goals will be possible under the scenario when under construction nuclear plants are completed and achieve normal operation, whereas those currently functioning, continues to operate at capacity.
By 2030, dependence on fossil fuels will gradually decline from its present 81.8 percent level to the 60 percent range. The energy ministry states that the phase-out of coal will be done rationally after taking into account the supply-demand scenario and system status. The use of zero carbon power sources should take into consideration current technological conditions.
South Korea wants to boost new energy industry exports and use them as growth engines. The objective is to build Korea’s own distinctive SMR (small modular reactor) reactor type (about KRW 400 billion) by 2030, export 10 nuclear reactors, and revitalise the nuclear energy ecosystem through early project procurement.
Policy is a major departure from previous directives under Moon, which sought to reduce the number of nuclear power facilities to 18 by 2031 and cap their combined output at 20.4 GW. Earlier nuclear power was to represent only 23.9% of the nation’s energy mix.
South Korea’s new President Yoon Suk-yeol has reversed country’s nuclear policy and has committed for rebuilding and strengthening country’s nuclear energy sector. Policy marks strategic shift from stand taken by his predecessor under Moon Jae-in, who was in power between 2017 to 2022.
In United States, Nuclear currently contributes nearly one-fifth of all electricity generated. According to the U.S. Energy Information Administration, it is one of the biggest single sources of power in US, that does not make carbon emissions.
2021’s Infrastructure Investment and Jobs Act has authorised $6 billion fund for subsidizing cost of older nuclear plants and has set aside an additional funding for advanced nuclear reactor technology.
In order to cut the energy dependency from Russia, it may be a possible trend in future that globally many countries may be increasing their nuclear mix in overall energy basket. The World Nuclear Association estimates that nuclear power today contributes around 10% of the world’s electricity production, and that it will continue to play an increasingly significant role in the future energy security.
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