South Korea’s nuclear industry is entering a new era. With the comprehensive completion of Shin-Hanul Units 1 and 2 and the groundbreaking of Units 3 and 4, Korea's nuclear sector is making a strong comeback, establishing a robust position in the global market. This post delves into the Shin-Hanul project and the government’s nuclear energy policies.
1. Completion of Shin-Hanul Units 1 & 2: Stable Power Supply and Carbon Neutrality
Shin-Hanul Units 1 and 2 commenced commercial operations in December 2022 (Unit 1) and April 2024 (Unit 2), marking a significant milestone in South Korea’s nuclear energy sector. These units are the 27th and 28th commercial reactors in the country and utilize the advanced Korean-designed APR 1400 reactor technology.
Key Achievements:
- Power Generation: Addressing the growing power demand of advanced industries.
- For instance, the electricity generated by Shin-Hanul Units 1 and 2 can power 2–3 semiconductor plants.
- Carbon Neutrality: Reducing approximately 17.9 million tons of CO2 emissions annually.
- This reduction is equivalent to creating forests 27 times the size of Seoul.
- Energy Independence: Replacing LNG generation and saving approximately KRW 1.5 trillion in annual energy import costs.
2. Groundbreaking of Shin-Hanul Units 3 & 4: Job Creation and Industry Revival
Shin-Hanul Units 3 and 4 represent a large-scale project initiated under President Yoon Suk Yeol’s energy policy, revitalizing an industry that faced challenges during the previous administration’s phase-out policies.
Key Implications of the Groundbreaking:
- Job Creation: Revitalizing the ecosystem with increased demand for equipment and workforce.
- Policy Support: Expanding financial assistance for small and medium-sized enterprises in the nuclear sector.
- Advance Payments: Implementing a special system to provide up to 30% of contract value upfront to suppliers.
3. Global Advancement of K-Nuclear Industry
The Shin-Hanul project signifies substantial achievements domestically and internationally. Recently, South Korea was selected as a preferred bidder for a new nuclear plant in the Czech Republic, further solidifying its technological prowess on the global stage.
Government’s Core Policy Directions:
- 2050 Mid-to-Long-Term Nuclear Industry Roadmap: Ensuring sustainability through predictable policies.
- Small Modular Reactors (SMR): Developing and promoting next-generation nuclear technologies.
- Export Growth: Leveraging the Czech project to drive additional export opportunities.
4. Economic and Environmental Impact of Shin-Hanul
Economic Impact:
- Providing stable electricity for advanced industries.
- Improving trade balance by reducing LNG imports.
Environmental Impact:
- Contributing to carbon neutrality as a zero-carbon energy source.
- Substantially reducing CO2 emissions, enhancing environmental protection.
5. Celebrating the Shin-Hanul Milestone
On October 30, a ceremony was held in Uljin, Gyeongsangbuk-do, to celebrate the completion and groundbreaking of Shin-Hanul Units. President Yoon emphasized that the nuclear industry would not be subject to political disputes and reaffirmed the government’s commitment to driving the global success of K-nuclear energy.
Source: Korea Policy Briefing (www.korea.kr)
