S. Korea’s nuclear exports praised for timely, on-budget delivery

(Ministry of Trade, Industry and Energy)

Fatih Birol, executive director of the International Energy Agency (IEA), highlighted South Korea’s strength in nuclear power exports, citing its capability to deliver projects “on time and on budget.” He also praised the country’s “energy highway” policy and stressed the importance of timely grid construction.

“South Korea has the full capability to execute nuclear power exports on schedule and within budget,” Birol said at a joint press conference held Wednesday at the Paradise Hotel in Busan. “Whether it is the United Arab Emirates or Europe, Korea has the ability to partner with countries and export its technology.”

Second Vice Minister of Industry, Trade and Energy Lee Ho-hyeon responded that the government aims to strike a balance between nuclear and renewable energy in its mix, taking into account energy security and carbon neutrality. “Many companies, not only in the United States but also worldwide, see Korea’s nuclear construction capabilities and competitiveness highly,” Lee said, noting that global industries are closely watching Korea’s performance in this sector.

Birol visited Busan to attend the opening ceremony of the World Climate Industry Expo at BEXCO on Wednesday, where he reiterated the importance of timely power grid construction. “The problem is not building new plants, but transmitting the generated power to regions and areas that need it. Korea’s energy highway is a very important concept,” he said.

He further predicted that power grid development will play a crucial role in the fast-growing artificial intelligence industry. Global power demand is projected to grow six times faster by 2035 compared with the past decade, yet investment in grid infrastructure remains sluggish, Birol warned.

Meanwhile, the Ministry of Trade, Industry and Energy is hosting the Asia-Pacific Economic Cooperation (APEC) Energy Ministers’ Meeting in Busan from Wednesday to Thursday to discuss energy transition strategies and cooperation among member economies.