The next government will put nuclear power at the forefront in achieving the 2030 National Greenhouse Gas Reduction Goal (NDC). The plan is to raise the proportion of nuclear power generation by 2030, resume construction of Shin-Hanul Units 3 and 4 early, and win orders for 10 nuclear power plants.
Kim Ki-heung, Deputy Spokesperson for the Presidential Transition Committee (hereinafter referred to as the Transition Committee) made this statement at a briefing on ‘Five Policy Directions for Normalization of Energy Policy’ with the 2nd Economic Division at the joint press conference of the Transition Committee in Tongui-dong, Jongno-gu, Seoul on the 28th.
The basic direction of energy policy disclosed by the transition committee is ▲ rational harmony of nuclear power and new and renewable energy ▲ strengthening demand policy focusing on supply expansion ▲ normalizing the function of the energy market. To this end, the company plans to implement five key tasks: ▲ feasible carbon neutrality and energy mix ▲ market-based demand efficiency ▲ energy industry as a new growth engine ▲ strong resource security ▲ warm energy transition.
The biggest core of the next government’s energy policy is nuclear power. The transition committee announced that it would raise the proportion of nuclear power generation in 2030 by resuming the construction of Shin-Hanul Units 3 and 4 and adjusting the continuous operation and utilization rate of nuclear power plants. Previously, the transition committee decided to extend the application period for continuous operation of nuclear power plants, which are approaching the expiration of their design life, from 2 to 5 years ago to 5 to 10 years ago. Renewable energy also maintains the previous government’s target of 30%, but it is likely that the ratio will be slightly adjusted in parallel with economic feasibility and fostering the domestic renewable energy industry ecosystem.
The nuclear power plant industry ecosystem, which has been stagnant in the past, is also expected to be stretched. The transition committee announced that it aims to win orders for 10 nuclear power plants by establishing a nuclear power plant export industrialization and nuclear power plant export promotion group. The early restart of the construction of Shin-Hanul Units 3 and 4 and the introduction of a forecasting system for nuclear power plant equipment and materials were also included. In the case of renewable energy, it plans to expand R&D and demonstration of solar power and wind power, and focus on building clean hydrogen supply chains at home and abroad.
Park Joo-heon, a professor of economics at Dongduk Women’s University, an expert in Economics Division 2, said, “It is difficult to say clearly the extent of the increase in the proportion of nuclear power plants in 2030 because there may be various uncertainties and technical variables for continuous operation of Shin-Hanul Units 3 and 4 in the early construction process.” “What is certain is that the nuclear power plant utilization rate will show a meaningful increase compared to the nuclear power plant utilization rate planned by this government,” he said.
Regarding the establishment of a new nuclear power plant and small module nuclear power plant (SMR), Jung Yong-hoon, an expert in Economics Division 2 (professor of the Department of Nuclear and Quantum Engineering at KAIST), said, “The new nuclear power plant will be dealt with when establishing the national energy and electricity supply plan in consideration of the domestic economic situation and public acceptance. “There was no separate review by the acquisition committee,” he explained.
A national resource security control tower will also be established. However, according to Professor Park, there is still no concrete blueprint for the control tower. The idea is to expand the concept of resource security, which has been focused only on oil and gas, to core minerals, and create a control tower that manages them overall.
In addition, the transition committee announced on the same day that it would gradually open the KEPCO monopoly sales structure by expanding the range of PPA (electric power purchase contract) allowed, and establish a cost-based pricing principle for electricity rates. Expansion of energy voucher support for strengthening welfare policies was also included.
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