The South Korean President wants to revise the phasing out of nuclear energy.
(Photo: Reuters)
Tokyo South Korea’s new President Yoon Suk Yeol is reversing the country’s phase-out of nuclear power. The country will expand the share of nuclear power in electricity production to 30 percent by 2030, the Ministry of Industry said on Tuesday. In doing so, the government wants to increase energy security and contribute to the goal of operating carbon-neutrally by 2050.
Specifically, the conservative president wants to resume construction of reactors three and four at the Shin Hanul nuclear power plant, which his left-wing predecessor stopped. The share of nuclear power, which currently accounts for 27 percent of the energy mix, would rise to 30 percent permanently. The previous strategy was to shut down nuclear power plants at the end of their lifetime. This would have reduced the number of active reactors from the current 20 to 17 by 2035.
In addition, Yoon relies on the export of nuclear technology. By 2030, his government wants to build ten nuclear power plants abroad. On his recent trip to Europe to the NATO summit in Spain, Yoon was already campaigning for orders from Europe. The government has high hopes for Poland and the Czech Republic. But Great Britain, the Netherlands and Romania are also traded as interested parties.
The South Korean energy transition could also have an impact elsewhere: the East Asian export nation has so far met its energy hunger largely with fossil fuels, all of which have to be imported. Renewable energies contribute only six percent to electricity generation.
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On the other hand, the country is one of the world’s largest importers of liquid gas – and thus a direct competitor of European countries, which are currently searching for alternatives to Russian gas under high pressure. Yoon’s decision would reduce some of the competitive pressure in the liquefied natural gas (LNG) trade.
The Ministry of Trade, Industry and Energy calculated that if the new plans are implemented smoothly, dependence on imported fossil fuels for total energy consumption could be reduced from 81.8 percent last year to around 60 percent in 2030.
Yoon struggles against dwindling popularity
Whether Yoon can enforce his about-face, however, is still open. His predecessor’s Democratic Party still has the majority in parliament. And the left makes mood against Yoon. The daily newspaper “Hankyoreh” criticized that Yoon “apparently succumbed to the illusion that nuclear power is an industry of the future.”
The editorialist highlighted the unresolved issue of nuclear waste disposal. Other countries therefore see nuclear power as a temporary solution at best. The criticism is reinforced by the fact that Yoon has already lost a lot of popularity after his extremely narrow election victory. In a survey over the weekend, the proportion of his opponents outweighed his supporters for the first time.
And the issue of nuclear power is not likely to turn the tide. In a survey in April, only 49 percent were in favor of expanding nuclear energy, while 39 percent were against. In addition, in the politically deeply divided country, Yoon can hardly hope to win over left-wing voters with his nuclear course. According to other surveys, 70 percent are in favor of phasing out nuclear power.
Government makes a lot of money available for nuclear technology
But the new president is not letting the headwind slow him down. This exit decision was “idiotic,” Yoon said last week during a visit to Doosan Enerbility, a leading company in the Korean nuclear industry. The emotional choice of words already shows that nuclear power is an affair of the heart for him. After all, the exit decision is considered to be the trigger for the former chief prosecutor to get involved politically.
And through visits he is now making a mark. “The nuclear power industry is something we should build!” Yoon called out to the workers. In his opinion, it is the safest in the world and was an export hit before its predecessor Moon took away its future. “It’s very unfortunate and we have to correct that now,” Yoon said.
Therefore he wants to invest heavily. This year, his government plans to spend 670 billion won ($500 million) on research and development related to nuclear energy, with at least another 3 trillion won between 2023 and 2025. In addition, the responsible ministry promised to spend 399 billion won (300 million euros) by 2028 on the development and marketing of small and modular nuclear reactors. They are a great beacon of hope for the nuclear industry worldwide.
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