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Time to switch to more realistic energy mix
President Moon Jae-in said Friday that nuclear power plants should be utilized fully as a main power source over the next 60 years. He made the remark during a meeting to discuss global energy and supply chain issues held in the wake of Russia's invasion of Ukraine. Specifically, Moon instructed officials to make every effort to start normal operation of the four nuclear reactors, which have been delayed due to safety inspections.
Moon's instructions are in sharp contrast with what he has pursued under his nuclear phase-out policy to date. Since taking office, he has consistently stuck to a plan to phase out nuclear plants although atomic energy has great potential to aid the nation's growth and could hold the key to achieving carbon neutrality.
But the abrupt change to one of his key policies, when his days in office are numbered, can easily be viewed as an attempt to intervene in the forthcoming election, particularly as the majority of the public has remained opposed to the nuclear phase-out policy.
Moon's strong push to dismantle nuclear power and expand renewables, such as solar and wind power, has resulted in a record loss for the nation's electric power utility company, Korea Electric Power Corp (KEPCO), which suffered an operating loss of 5.8 trillion won ($4.8 billion) last year, more than double the previous record loss of 2.8 trillion won in 2008. Its operating loss for this year is likely to surpass 10 trillion won.
While belated, Moon's shift on nuclear power is welcome. The nation has had to pay dearly for his obsession with a nuclear phase-out. The reduced utilization of nuclear plants incurred a combined loss of more than 10 trillion won during his five-year presidency alone and a sizeable portion of Korea's nuclear power industry has been ruined. Moon should apologize sincerely for his botched nuclear phase-out policy and clearly switch to a more realistic energy mix that would encompass nuclear power as well as renewables.
