LITTLETON, Colo., Sept 13 (Askume) – South Korea’s nuclear reactors will generate more electricity than coal and natural gas for the first time in the first half of 2024, with plans to add four more nuclear power plants by 2038.
The growing emphasis on nuclear power represents a major strategic shift for the world’s third-largest buyer of liquefied natural gas (LNG) and fourth-largest importer of thermal coal, and will reduce future purchases of fossil fuels for energy.
South Korea’s adoption of nuclear power stands in contrast to energy trends in Europe and North America, where power companies have recently phased out nuclear power but have enough clean electricity to meet growing energy demand from renewable sources alone.
If South Korean utilities can successfully meet the needs of its manufacturing-heavy economy by expanding the scale of nuclear power, the country could provide a viable blueprint for boosting clean electricity supplies without relying entirely on renewable energy.
Customized Solutions
Historically, coal and natural gas have been the main energy sources of South Korea’s economy, with cheap and abundant energy being vital to the country’s cost-sensitive manufacturers of automobiles, chemicals, and electronics.
According to energy think tank Ember, between 2010 and 2023, an average of 68% of the country’s electricity will come from fossil fuels, with about 40% coming from coal and 25% from natural gas.
Due to the lack of suitable land for building hydroelectric plants, solar farms and wind farms, the country’s main source of clean energy is nuclear power plants, which have provided about 28% of the country’s electricity since 2010.
Renewable energy generation has increased by more than 150% since 2018, mainly due to the doubling of solar power generation. However, the proportion of renewable energy in electricity generation is less than 6%, too low to have a meaningful impact on national power flows.
Nuclear Foundation
To meet emissions reduction targets – a 40% reduction in greenhouse gas emissions by 2030 compared to 2018 levels – the country has pledged to reduce the use of fossil fuels in power generation and industrial processes.
To prevent a steep decline in power generation, officials have outlined plans for a massive expansion of clean power generation over the next 15 years , including tripling solar and wind power generation by 2030.
But the main pillar of South Korea’s future energy plan is its nuclear fleet, which aims to increase the number of reactors from 26 to 30 by 2038.
In addition to about 4.4 gigawatts (GW) of new large reactor nuclear power capacity, there are also plans to build the country’s first small modular reactor with a capacity of 0.7 GW.
The planned increase comes on top of two new reactors that began commercial operation this year, helping push South Korea’s total nuclear power generation to a record high last year.
Growing specialization
South Korean nuclear power companies are also busy overseas.
Korea Hydro & Nuclear Power (KHNP) won a Czech government contract to build two new reactors this year .
KHNP beat EDF and other rivals to win the deal, South Korea’s first foreign order for a large reactor since 2009.
This helped South Korean companies become global leaders in nuclear manufacturing.
KHNP was also involved in the successful construction of the UAE’s first nuclear power plant, the 5,600 megawatt Barakah Project.
The last of Barakah’s four reactors began commercial operations this month, Mohammed Al Hammadi, chief executive of Emirates Nuclear Energy, said at an event marking the occasion. “From pouring concrete to refuelling, this is a first,” it said in eight years.
“The Barakah Nuclear Power Plant represents a new paradigm for the world and shows that nuclear energy can be profitable and delivered efficiently.”
Given reports of years-long construction delays and billion-dollar cost overruns of other nuclear projects , many energy developers are skeptical of the potential of nuclear power.
But if South Korean companies can build on recent successes and continue to help grow the country’s clean energy supply, it is likely to attract the attention of international energy system planners.
<The views expressed here are those of the author, a Askume columnist.
The views expressed are those of the author. They do not reflect the views of Askume News, which is committed to integrity, independence and non-partisanship in accordance with the principles of trust.
