Korea Atomic Industrial Forum Hosts New Year’s Gathering of Nuclear Power Industry
In 2023, South Korea’s nuclear power industry achieved record revenue and investment, driven by the acceleration of the Shin Hanul Units 3 and 4 construction and the expected completion of the Czech Dukovany nuclear power plant contract in March, the Ministry of Trade, Industry, and Energy (MOTIE) said on Jan. 10.
The ministry reported that nuclear power sector revenue reached 32.1 trillion won (approximately $22 billion) in 2023, a nearly 1.5-fold increase from 21.6 trillion won in 2021. Investment also surged from 143.8 billion won in 2021 to 488 billion won in 2023, marking a 3.4-fold rise, both hitting record highs since data collection began in 1996. The record results were attributed to the signing of the primary equipment contract for Shin Hanul Units 3 and 4 in March 2023.
The ministry disclosed these figures at the New Year’s gathering of the domestic nuclear power industry held at the Westin Josun Hotel in Jung-gu, Seoul. The event, hosted by the Korea Atomic Industrial Forum, was attended by Minister of Science and ICT Yoo Sang-im, MOTIE Second Vice Minister Choi Nam-ho, Nuclear Safety and Security Commission Chair Choi Won-ho, and Korea Atomic Industrial Forum Chairman Hwang Joo-ho, along with over 300 industry officials and academic experts. Lawmakers from both parties, including Lee Cheol-gyu and Choi Hyung-doo from the People Power Party and Heo Sung-moo from the Democratic Party, were also present. Minister Ahn Duk-geun was unable to attend as he was on an official visit to the United States.
Participants highlighted the significant improvement in nuclear power industry revenue and investment, expecting the trend to continue through this year. Indeed,
Minister of Science and ICT Yoo Sang-im stated, “We plan to strengthen investments for next-generation nuclear power development,” identifying high-temperature gas-cooled reactors (HTGR), sodium-cooled fast reactors (SFR), and molten salt reactors (MSR) as game-changers in the future nuclear market. He urged the nuclear sector to seize new opportunities while addressing emerging challenges.
Yoo emphasized, “Climate change and global energy supply chain instability are increasing the demand for nuclear energy. Global big tech firms are also investing in next-generation nuclear technologies to power AI servers and data centers.” He added, “To respond swiftly and flexibly to the rapidly changing global nuclear market, we will break away from the existing public-led paradigm and create an innovative ecosystem where the public and private sectors work as a united team through public-private joint technology development and commercialization efforts.”
Second Vice Minister Choi Nam-ho affirmed, “The government will continue to support the nuclear industry with work orders and financial assistance in 2025. It will also make full-scale investments to secure future markets, such as establishing infrastructure for regional small modular reactor (SMR) manufacturing and creating a 100 billion won nuclear power fund.” He further urged, “We must continue efforts to strengthen nuclear safety and expand public communication to ensure nuclear power gains unwavering trust from the public by focusing the combined efforts of both the public and private sectors.”
Source: Business Korea
