President Yoon Suk-yeol said South Korea is upon a “nuclear renaissance, with a 1,000 trillion won ($726 billion) global nuclear energy market on the horizon,” during a speech he gave at a ceremony to commemorate the completion of Shin Hanul units 1 and 2 and the groundbreaking of Shin Hanul units 3 and 4 in Uljin County, North Gyeongsang Province on Oct. 30.
The inauguration of Shin Hanul units 1 and 2 marks the first nuclear project completed since Yoon took office, while units 3 and 4 are the first to begin construction during Yoon’s tenure. Units 3 and 4 faced setbacks under the previous Moon Jae-in administration, which scrapped the project as part of its nuclear phase-out policy. The construction site for units 3 and 4, now overgrown with weeds, had come to symbolize the previous administration’s stance on nuclear energy.
The Yoon administration is intent on reversing that stance. “We will build on our recent progress in the Czech nuclear power project as a stepping stone to expand exports and fully restore the country’s nuclear sector,” Yoon said.
He also outlined plans for a “2050 Mid- and Long-Term Nuclear Power Roadmap” and a special law that promotes nuclear sector growth and long-term consistency in nuclear power-related policies to “ensure that politics do not undermine the future of the nuclear industry.” The ruling People Power Party proposed a special bill to support the nuclear industry on Oct. 23.
“Nuclear energy has been a key driver for the country’s economic growth, prosperity, and rapid industrialization, transforming Korea into a global nuclear powerhouse and a leading nuclear exporter,” said Yoon.
He vowed to boost job opportunities and employment in the nuclear sector through ongoing projects such as the construction of Shin Hanul Units 3 and 4 and Saeul Units 3 and 4, the continued operation of existing plants, exports, and promoting the development of advanced nuclear technologies such as small modular reactors.
He also called for a policy shift allowing nuclear plants with a confirmed high safety rating to operate beyond their initial service timelines, referring to examples in the United Kingdom and France, where nuclear plants continue to run as long as safety is ensured. “We will come up with a plan to safely extend the lifespan of existing plants and encourage innovation in future nuclear projects.”
The newly completed Shin Hanul units 1 and 2 and the groundbreaking of units 3 and 4 signal Yoon’s commitment to reviving the country’s nuclear sector. Unit 1 began commercial operation in December 2022, just seven months after Yoon took office, and unit 2 obtained its operational license and launched trial operations in September last year.
