Yoon marks Korea's entry into 'nuclear power renaissance' at reactor groundbreaking ceremony

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.

President Yoon Suk Yeol gives a speech at a ceremony to commemorate the completion of Shin-Hanul units 1 and 2 and the groundbreaking of Shin-Hanul units 3 and 4 in Uljin County, North Gyeongsang, on Wednesday. [JOINT PRESS CORPS]

President Yoon Suk Yeol said Korea is entering a "nuclear power renaissance" through the expansion of its nuclear energy industry and reactor exports at a groundbreaking ceremony for new nuclear power plants in North Gyeongsang on Wednesday.

Yoon outlined his administration's plans to fully support Korea's global-minded nuclear energy industry during a ceremony to commemorate the completion of the Shin-Hanul reactor units 1 and 2 and break ground for units 3 and 4 in Uljin County in North Gyeongsang.

"We are now experiencing a nuclear power renaissance," Yoon said. "As countries around the world rush to build nuclear power plants, a global nuclear power market worth 1,000 trillion won [$726 billion] is opening up."

As a part of Korea's efforts, the Czech nuclear power plant project will serve as a "stepping stone to further open the export path for Korea's nuclear power industry."

In July, the Czech government selected a Korean consortium comprising Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility and Daewoo Engineering & Construction as the preferred bidder for an estimated 24 trillion won project to build two nuclear reactors in Dukovany.

"Last September, I visited the Czech Republic to solidify trust in Korean nuclear power plants and lay the foundation for a Korea-Czech nuclear power plant alliance," Yoon said. "I will personally work with the government to ensure that the main contract is concluded in the first half of next year."

Korea Hydro & Nuclear Power (KHNP) initially requested the construction permits in 2016, but the process came to a halt the following year as the previous Moon Jae-in administration favored a nuclear phaseout policy. As a presidential candidate, Yoon visited the Shin-Hanul Nuclear Power Plant construction site in December 2021, declaring a shift away from this policy.

The project involves building two 1,400-megawatt, pressurized light-water reactors between 2032 and 2033 at a cost of 11.7 trillion won.

The nuclear power plant model will have the same basic design as the Saeul units 1 and 2 and Shin-Hanul units 1 and 2, all of which are currently in operation.

The Shin-Hanul unit 3 reactor is expected to be completed by 2032 and unit 4 by 2033.

Shin-Hanul units 1 and 2 are expected to stably supply electricity equivalent to about half of the electricity used by the North Gyeongsang region in a year, the presidential office said. With the completion of units 1 and 2, the nuclear power station has become the largest power generation complex in Korea, operating a total of eight reactors.

Units 1 and 2 of the facility are the first nuclear reactors to be completed since the Yoon administration, and units 3 and 4 are the first plants to begin construction, Yoon said. He added that his government will continue to build new plants, promote further nuclear energy exports and encourage the construction of small modular reactors. It also plans to extend the operation of existing reactors,

The groundbreaking event was attended by some 500 people, including central and local government officials and experts. Yoon stressed that the reactors will be of great benefit to the residents of Uljin County and North Gyeongsang, as well as the region's steel, semiconductor and battery companies.

BY SARAH KIM [kim.sarah@joongang.co.kr]