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| Then-presidential candidate Yoon Suk-yeol speaks about his energy policy near a nuclear reactor in Uljin, North Gyeongsang Province, Dec. 29, 2021. Korea Times file |
By Lee Kyung-min
The nuclear phase-out policy spearheaded by the Moon Jae-in administration will be scrapped, as President-elect Yoon Suk-yeol has vowed to overturn his predecessor's unpopular energy policy and develop Korea into a global leader in nuclear technology, according to scholars and industry analysts Thursday.
Soon to be resumed is the construction of Shin Hanul reactors 2 and 3 in Uljin, North Gyeongsang Province, the long-stalled, politically disrupted plan that would have developed into a civil damage suit between plant builder Doosan Heavy Industries and the state-run Korea Hydro & Nuclear Power (KHNP).
The use of 10 old plants scheduled for closure by 2030 will be extended following strengthened maintenance work for safety, and in turn function as a key energy source to advance the low-carbon economy.
Better late than never
"It is late, but nothing is never too late," said Lee Jong-ho, a senior researcher at the Nuclear Research Institute for Future Technology Policy (NIFTEP) associated with Seoul National University.
The Moon administration's supposed key green energy initiative, in Lee's view, was arranged hastily, disregarding the far-reaching consequences for the public and industry at large.
Safety management issues notwithstanding, the government put little thought into how the drive would lead to an unstable energy supply, a critical risk to industrial output as well as heating and cooling demand in extreme weather conditions, he said.
"Discussions to increase reliance on renewables may be a step in the right direction in the long term, but not unless backed by a viable alternative energy source to keep a variety of uncertainties under control. The new administration's energy policy in that sense is a positive step to restoring reason in the industry which has for years been dominated by confusion."
Korea's competitive edge in the construction and maintenance of the nuclear facilities will be fortified, propped up by training of highly skilled workers at small and medium firms as well as education to foster young students seeking professions in the field, he said.
"Korea's nuclear technology is distinguished, as long-recognized by its global counterparts. Korea's system is 30 percent lower in price compared to ones made by France, for example. Korea is the only non-U.S. country that passed the U.S. screening for safety. Safe and efficient management of the facilities can and will help with the growth prospect of the country."
Also expected is a change in the makeup of the Nuclear Safety and Security Commission, a group criticized in recent years for a slew of politically motivated and ideology-driven decisions. Most of the members entrusted with nuclear safety regulations and policy-making were left-leaning environmental activists with little expertise in or knowledge of nuclear energy.
Among projects taking a higher priority will be the development and export of small modular reactors (SMRs), the next-generation nuclear reactors that are smaller and produce less output.
Yoon said that his administration will export 10 nuclear reactors, thereby creating 100,000 high-end jobs by 2030.
Shares of nuclear energy-oriented businesses rallied, with Doosan Heavy closing at 21,100 won ($17.18), up 300 won or 1.44 percent from the previous session, a dramatic spike less than a month after hitting a low of 15,200 won, Feb. 15.
Korea Electric Power Corp (KEPCO) shares closed at 24,400 won, up 900 won or 3.83 percent from the previous session.
