New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
South Korea has announced that it will restart construction work on two nuclear reactors and extend the life of those that are already in operation as the country strives to ensure energy security and reach ‘carbon neutral goals’ amid global energy supply chain pressures.
Construction will restart on two new reactors at the Hanul nuclear power plant on the country’s east coast, the South Korean Energy Ministry has announced.
Work on the reactors was halted when former President Moon Jae-in, who had pushed hard to phase out nuclear, took office in 2017. President Yoon Suk Yeol, who assumed office on 10 May this year, has promised to boost investment in the nuclear industry and revive its status as a key exporter of nuclear reactors.
By 2030, the Energy Ministry wants nuclear to make up at least 30% of the country’s power generation – a step up from its previous goal of 27%. The country will also continue to work towards phasing out coal, the Ministry says, and aims to reduce fossil fuel imports to 60% of South Korea’s total energy supply by 2030, compared to 81.8% in 2021.
In addition, it is also planned to export 10 nuclear plants by 2030 and develop a small modular reactor type with a $300mn investment by the same year.
