S. Korea to invest KRW 2 trillion to support nuclear industry

Dec 15, 2022, 09:30 am

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President Yoon Suk-yeol presides over a Cabinet meeting at the presidential office in Seoul on Dec. 13, 2022./ Source: Yonhap

AsiaToday reporter Lee Wook-jae

President Yoon Suk-yeol said Wednesday that the government plans to expand its support for the nuclear power industry to over 2 trillion won ($1.5 billion) next year.

In a congratulatory message at the opening ceremony for the Shin Hanul No. 1 nuclear reactor in Uljin, President Yoon said, “The completion of the Shin Hanul No. 1 reactor is not the end, but a new beginning.”

Yoon criticized the previous Moon Jae-in administration’s nuclear phase-out policy, saying, “If it had not been for your efforts, the reckless nuclear phase-out policy might have driven our economy into an uncontrollable situation in the current energy crisis era.”

“In particular, the Shin Hanul No. 1 reactor is the first nuclear reactor that completely localizes key equipment and core technologies such as instrumentation and control equipment with the Korea-developed APR 1400,” Yoon said. “Even when meeting with heads of state, I boasted about the speed of our nuclear power plant construction, the reasonable construction cost, and the safety of our nuclear reactor with the APR 1400 brochure. It is the world’s best nuclear power plant.”

“Since the inauguration of the government, we have abolished the nuclear phase-out policy that was unreasonably promoted in the previous administration and normalized the nuclear plant policy to establish a reasonable energy policy,” he said. “Now, our nuclear power industry will be revived and leap again.”

Regarding this, deputy presidential spokesperson Lee Jae-myung said that President Yoon puts great significance to the completion of Shin Hanul No. 1 reactor. “Given Korea’s reliance on imports for 93 percent of its energy fuel consumption, the operation of Shin Hanul No. 1 reactor will replace more than 1.4 million tons of LNG imports annually, contributing greatly to improving the trade deficit,” the deputy spokesperson said.

“We are promoting the rapid resumption of construction with the goal of starting construction of Shin Hanul units 3 and 4 in 2024 by streamlining the licensing and permitting process,” he said. “In the first half of next year, Shin Hanul units 3 and 4 will start working and they will be provided with work worth more than 2 trillion won next year alone.”

#nuclear power #Shin Hanul No. 1 #reactor #Yoon Suk-yeol