The South Korean government is actively exploring a proposal for constructing more than four nuclear power plants in the preliminary version of ‘The 11th Basic Plan for Long-Term Electricity Supply and Demand,’ set to be effective until 2038. The Ministry of Trade, Industry, and Energy plans to release the draft as early as next month, with the goal of finalizing the official version in the first half of the year. This comprehensive process involves a strategic environmental impact assessment and public hearings.
As of the 14th, the committee responsible for developing this plan is in the final stages of determining its basic structure, according to domestic energy industry and government sources. The working committee is currently confirming the draft’s fundamental direction, long-term prospects, and facility plans, while also progressing with concluding tasks, including measures for greenhouse gas reduction.
Central to this plan is the proposal for constructing new nuclear power plants. If the plan includes the construction of new nuclear power plants, it would be the first such inclusion in nine years since the 7th plan, which featured the Shin Hanul 3-4 units.
There is also curiosity about the potential inclusion of the Small Modular Reactor (SMR), which began active development this year. SMRs are not yet easily utilized as a mainstream energy source. However, including a provision like “upon completion of SMR development, new nuclear power plants can be replaced with SMRs” would ensure continuity in SMR development. The government aims to complete the ‘1st SMR’ construction by 2030.
The nuclear power industry is finding it challenging to discern the restoration policies for the nuclear ecosystem under the Yoon Suk-yeol administration. This difficulty arises from the exclusion of plans for new nuclear power plant construction in the 10th plan, announced in the previous year. The industry anticipates that the government is likely to incorporate plans for the construction of more than four nuclear power plants in the upcoming electricity supply and demand plan.
The government is exploring nuclear power options due to the surging power demand driven by semiconductor investments and the expanding electric vehicle sector. In the specialized Yongin area, set to become the world’s largest system semiconductor cluster developed by Samsung Electronics and SK Hynix, a power requirement of over ten gigawatts is anticipated. This represents approximately 25% of the total demand in the metropolitan region.
Furthermore, the government is obligated to achieve carbon neutrality by 2050. In pursuit of carbon neutrality by 2060, China has committed to constructing ten additional nuclear power plants. The French government is also considering increasing the number of newly constructed nuclear power plants from the current 6 to 8, exploring additional construction options.
The corporate sector is keenly interested in the content of the 11th plan, given its potential impact on various industries such as nuclear power, power grid investments, renewable energy, and power plant construction. The government’s objective is to double the export volume of the ‘new energy’ industry, valued at 28.6 billion dollars in 2021, to 57.2 billion dollars by 2030 and further increase it to 85.8 billion dollars by 2035. To achieve this target, the government plans to secure a spot in the global ‘top three’ across more than 10 categories, including SMRs, High Voltage Direct Current (HVDC) cables, and hydrogen turbines, by 2035.
