Shin Hanul nuclear reactors in Uljin, North Gyeongsang Province. Korea Times file
By Lee Kyung-min
Nuclear power accounted for over 30 percent of the country's energy this year, in a marked elevation of the once-demonized power generation method that is increasingly appreciated for its affordability, stability and exportability, according to market watchers, Monday.
The seven-year high of 30.7 percent registered in the first 11 months of this year is the highest since 31.7 percent in 2015. The figure hit a 17-year low of 23.7 percent in 2018 and had long remained below 30 percent under the nuclear phase-out policy spearheaded by the previous Moon Jae-in administration.
However, the figure is expected to inch up further in the years to come, as anchored by the fostering of the nuclear energy industry. It is a policy priority of President Yoon Suk-yeol, who wants the country to export 10 domestically developed APR1400 nuclear reactors before his term ends in 2027. The energy directive will be underpinned by over 2 trillion won ($1.5 billion) in government support for the industry next year, up from 1 trillion won this year. Included are research and development and financing and government guarantees. Korea has succeeded and will continue to succeed in exporting the reactor, widely recognized for its price, quality and technological advantages.
The Ministry of Trade, Industry and Energy said in July that Korea will increase its portion of nuclear energy to over 30 percent of the nation's total energy mix by 2030.
Korea Power Exchange data showed that the trading volume of nuclear energy stood at 152,958 gigawatt-hours (Gwh) as of November. It accounted for 30.7 percent of the country's energy mix total of 498,757 Gwh.
The annual trading volume is certain to exceed the previous high of 157,167 Gwh in 2015, since this year's cold snap-driven energy demand this December will break records.
Also factored in is the resumption of nuclear reactors after undergoing regular or needed maintenance or repair work. Fewer malfunctioning or out-of-order issues can help increase the figures.
"The approval process has been simplified over the past few months, in line with the new government's energy directives," said an official of Korea Hydro & Nuclear Power, operator of the country's nuclear reactors. "Also helpful is the increase in power generation following the full operation of Shin Hanul unit 1 in Uljin, North Gyeongsang Province last month."
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