Korea to build industrial complex for SMR research in Gyeongju

[Courtesy of The Korea Hydro & Nuclear Power Co.]

South Korea is expected to establish a national industrial complex dedicated to research on small modular reactors (SMRs) in Gyeongju, North Gyeongsang Province, by 2030.

The Korea Hydro & Nuclear Power Co. (KHNP) inked a memorandum of understanding (MoU) with the city of Gyeongju at the Korea Atomic Power (KAP) Annual Conference 2024 held in Busan on Wednesday.

Under the agreement, the two entities will collaborate to develop the SMR hub in the eastern part of the city and the Smart Net Zero City project.

The Gyeongju SMR complex aims to create a specialized facility for SMR verification, production, and export, while establishing a platform for SMR manufacturing across a 1.5 million square meter site.

The project is projected to create an economic effect of 7.8 trillion won ($5.7 billion) and up to 28,000 jobs.

Touted as the next generation of nuclear reactors, SMRs produce about one-sixth to one-third the output of existing large nuclear reactors.

Their shorter construction times and lower operating costs make them an attractive option for power generation.

[Graphics by Song Ji-yoon and Chang Iou-chung]

In addition, their ability to be sited near urban areas with fewer siting restrictions and easier installation of safety equipment makes them a viable alternative for efficient energy supply without the need for transmission towers while pursuing carbon neutrality goals.

During the KAP conference, KHNP President Hwang Ju-ho advocated the adoption of Smart Net Zero Cities as a solution to Korea‘s path to carbon neutrality.

These cities, powered primarily by SMRs along with renewable energy sources such as solar and wind, are expected to reduce energy consumption costs by up to 30 percent compared to conventional cities, according to Hwang.

They will also be able to reduce Korea’s significant dependence on energy imports, he said.