Are you ready for some shocking news? South Korea’s Ministry of Industry is currently reviewing the need for new nuclear power plants! With the predicted surge in electricity demand, driven by factors like electric vehicles and hi-tech industries, the country is looking to expand its capacity. This announcement was made during the 29th Energy Committee meeting, chaired by Trade Minister Lee Chang-yang. Under President Yoon Suk-yeol’s leadership, South Korea aims to increase its nuclear generating capacity from 24.7 GW in 2022 to a whopping 31.7 GW in 2036. Stay tuned for more updates on this electrifying development!
South Korea’s Ministry of Industry Reviewing Need for New Nuclear Power Plants
You’ll be interested to know that South Korea’s Ministry of Industry is currently reviewing the need for new nuclear power plants. With the predicted increased demand for electricity, there is a pressing need to expand the power supply in South Korea. This expansion is necessary due to the spread of electric vehicles, the expansion of data centers, and investment in hi-tech industries. During the 29th Energy Committee meeting, Trade Minister Lee Chang-yang presided over discussions on recent changes in power supply and demand conditions. The committee acknowledged that electricity demand is expected to increase rapidly due to industrial electrification, investment in hi-tech industries, and advancements in daily life. As a result, they have decided to start work on the 11th plan for electricity supply and demand covering 2024 to 2038.
Announcement Made During the 29th Energy Committee Meeting
During the 29th Energy Committee meeting, Trade Minister Lee Chang-yang presided over and announced recent changes in power supply and demand conditions. The committee noted that electricity demand is expected to increase rapidly due to the electrification of industry and life, as well as investment in hi-tech industries. As a result, the decision was made to start work on the 11th plan for electricity supply and demand, which will cover the period from 2024 to 2038. This plan will take into consideration the need for new nuclear power plants in South Korea. To give you an overview of South Korea’s nuclear energy ambitions, here is a table summarizing its current nuclear generating capacity and its plans for expansion:
| Nuclear Generating Capacity |
|—————————–|
| Year | Capacity (GW) |
|---|---|
| 2022 | 24.7 |
| 2030 | 28.9 |
| 2036 | 31.7 |
South Korea aims to increase its nuclear generating capacity through the start-up of six new reactors between now and 2033, including Shin Hanul units 1-4 and Shin Kori units 5 and 6. With these efforts, South Korea’s nuclear energy industry plays a significant role in the global market.
Expansion of Nuclear Energy Ambitions Since President Yoon Suk-Yeol Assumed Power
Since President Yoon Suk-yeol took office in May 2022, South Korea has significantly expanded its ambitions for nuclear energy. Under the new administration, there has been a reversal of former President Moon Jae-in’s policy of phasing out nuclear power. One of the key initiatives is the restarting of work on Shin Hanul 3 and 4, which had been suspended in 2017. In addition to this, the 10th Electric Plan suggests that the proportion of electricity generated by nuclear energy will increase to 34.6%. The government also aims to export 10 nuclear power plants by 2030 and develop a Korean small modular reactor. With these ambitious goals, South Korea is positioning itself as a prominent player in the global nuclear energy market and playing a significant role in meeting growing electricity demand domestically.
Nuclear Generating Capacity Expected to Increase
Don’t overlook the projected increase in nuclear generating capacity in South Korea, which is expected to reach 31.7 GW by 2036. This significant growth is driven by the country’s expanding electricity demand, fueled by the spread of electric vehicles, the expansion of data centers, and investments in hi-tech industries. The decision to start work on the 11th plan for electricity supply and demand, covering 2024 to 2038, was made during the recent Energy Committee meeting presided over by Trade Minister Lee Chang-yang. South Korea’s nuclear energy ambitions have been on the rise since President Yoon Suk-yeol took office and reversed the policy of phasing out nuclear power. With six new reactors set to come online between now and 2033, along with continued operation of existing reactors, increasing nuclear generating capacity is crucial to meet the growing electricity demand.
South Korea’s Role in Nuclear Energy
South Korea’s prominent role in the global nuclear energy market includes exporting its technology widely and participating in the construction of international nuclear power plants. With a focus on increasing nuclear generating capacity to meet growing electricity demand, South Korea is among the world’s leading nuclear energy countries. The country has set ambitious goals, including exporting 10 nuclear power plants by 2030 and developing a Korean small modular reactor (SMR). President Yoon Suk-yeol has also expressed his commitment to increasing the proportion of electricity generated by nuclear energy to at least 30% by 2030. South Korea’s nuclear industry plays a significant role in the global market, with involvement in projects like the construction of UAE’s first nuclear power plant under a $20 billion contract.
| Goal | Description |
|---|---|
| Exporting Nuclear Power Plants | South Korea aims to export 10 nuclear power plants by 2030 |
| Developing Small Modular Reactor (SMR) | South Korea is focused on developing its own Korean small modular reactor |
| Increasing Proportion of Nuclear Energy | President Yoon Suk-yeol targets at least 30% of electricity to be generated from nuclear sources |
(Source: World Nuclear Association)
Nuclear Power Generation in South Korea
Now let’s dive into the current subtopic, which is about Nuclear Power Generation in South Korea. You might be interested to know that South Korea has 25 reactors, providing about one-third of its electricity from 23 GWe of plant. Here are some key points to keep in mind:
- South Korea is one of the world’s leading nuclear energy countries and exports its technology widely.
- The country is involved in the construction of the UAE’s first nuclear power plant under a $20 billion contract.
- Nuclear energy has been a strategic priority for South Korea, with President Yoon Suk-yeol setting a target for nuclear to provide a minimum of 30% of electricity in 2030.
- In terms of generating capacity, South Korea had 144 GWe in 2021, with natural gas accounting for 43%, coal for 30%, and nuclear for 16%.
- The government aims to increase the proportion of electricity generated by nuclear energy to 34.6% by 2036.
Electricity Sector in South Korea
The electricity sector in South Korea relies heavily on fossil fuels, with coal and natural gas accounting for the majority of its generation. In 2021, coal accounted for 34% of total generation, while natural gas accounted for 31%. Nuclear energy contributed 26%, followed by solar at 4%, biofuels & waste at 1%, oil at 1%, hydro at 1%, and wind at 1%. South Korea’s per capita consumption of electricity was approximately 10,400 kWh in 2021. The country’s generating capacity in the same year was 144 GWe, with natural gas leading at 43%, followed by coal at 30%. The government aims to increase the proportion of electricity generated by nuclear energy to reach a target of 34.6% by 2036.
Energy Policy in South Korea
You should be aware of the energy policy in South Korea, as it has significant implications for the country’s future. Here are 5 key points about South Korea’s energy policy:
- The previous government had a policy to phase out nuclear power over a period of 40 years.
- President Yoon Suk-yeol’s administration plans to win ten new nuclear power plant orders abroad by 2030.
- The 10th Electricity Plan aims to increase the proportion of electricity generated by nuclear energy to 34.6% by 2036.
- The government also aims to export 10 nuclear units by 2030 and develop a Korean small modular reactor (SMR).
- Public opinion on nuclear power in South Korea is divided, with some supporting its use and others calling for its phasing out.
These points highlight the changing direction of South Korea’s energy policy towards a greater emphasis on nuclear power and its goal to become a prominent player in the global market.
