Government to Revive Ecosystem Hit Hard by ‘Nuclear Phase-Out’... Injecting ‘1 Trillion Won’ by 2025

Yoon Hosts 'Nuclear Power Plant Meeting' in Changwon... Announces 1 Trillion Won Support Plan
Emergency Order of 92.5 Billion Won for Nuclear Power Plant Work... 1 Trillion Won Supply by 2025
Nuclear Power Export Promotion Team to Launch Next Month... Customized Strategies by Country
Activation of Nuclear Policy Finance... 380 Billion Won Investment in Industry Within the Year
Doosan Enerbility Joins... Announces Win-Win Measures for Partner Companies on the Day

President Yoon Visits Cladding Material Storage for Shin Hanul Units 3 and 4
(Changwon=Yonhap News) Reporter Seo Myeong-gon = On the morning of the 22nd, President Yoon Seok-yeol visited Doosan Enerbility in Changwon, Gyeongnam, where he received an explanation about the Korean nuclear power plant APR1400 at the cladding material storage for the reactors and steam generators of Shin Hanul Units 3 and 4. June 22, 2022
Photo by Seo Myeong-gon
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＜Copyright(c) Yonhap News Agency, Unauthorized reproduction and redistribution prohibited＞

[Asia Economy Sejong=Reporter Lee Jun-hyung] The government will urgently place orders worth 92.5 billion KRW within this year to restore the nuclear power generation ecosystem that collapsed due to the phase-out of nuclear power. The government plans to place orders exceeding 1 trillion KRW for nuclear power projects by 2025, including the resumption of construction of Shin Hanul Units 3 and 4, which were halted during the Moon Jae-in administration.

The government announced that President Yoon Seok-yeol presided over a ‘Nuclear Power Industry Partner Companies Meeting’ at Doosan Enerbility in Changwon, Gyeongnam, on the 22nd. This meeting was organized to discuss measures to support the nuclear power ecosystem, which has faced a cliff in orders due to the previous administration’s nuclear phase-out policy. About 30 nuclear industry officials attended, including Lee Chang-yang, Minister of Trade, Industry and Energy, and Lee Young, Minister of SMEs and Startups.

1 Trillion KRW in Nuclear Orders... 380 Billion KRW Injected in Liquidity

At the meeting, the Ministry of Trade, Industry and Energy announced the ‘Support Measures for Nuclear Industry Partner Companies.’ Specifically, the ministry will urgently place orders worth 92.5 billion KRW for nuclear spare parts and other items within this year. In the mid to long term, it will supply additional orders exceeding 1 trillion KRW by 2025. The ministry also decided to conclude nuclear contracts as early as possible. To promptly resume the construction of Shin Hanul Units 3 and 4, where large-scale nuclear orders will be generated, the ministry plans to accelerate administrative procedures such as reflecting the projects in the Basic Plan for Electricity Supply and Demand.

The ministry also presented plans to revitalize nuclear power exports. First, the Nuclear Export Strategy Promotion Team will be launched next month. This team will serve as a control tower supporting nuclear exports at the government-wide level. For countries like the Czech Republic and Poland, where project operator selection is imminent, efforts will focus on preparing packages and high-level government bidding activities. The ministry plans to diversify export methods and pursue customized bidding strategies tailored to each country’s characteristics. Key export strategy countries will have designated nuclear export base diplomatic missions with dedicated officers dispatched.

Policy finance will supply 380 billion KRW in funds to the nuclear industry within this year. Korea Hydro & Nuclear Power will lead efforts to provide liquidity support worth 200 billion KRW to partner companies. Investment-type support will increase from the existing 12 billion KRW to over 30 billion KRW. The ministry plans to continuously monitor financial difficulties in the nuclear industry through the ‘Nuclear Industry Competitiveness Task Force (TF)’ chaired by Deputy Minister Park Il-jun.

Support for technology development projects will also be significantly strengthened. The ministry will invest 670 billion KRW in nuclear research and development (R&D) this year. From next year through 2025, it plans to invest an additional 3 trillion KRW or more in nuclear R&D.

Support for Talent Development... 100 Billion KRW for Nuclear SMEs

Efforts to nurture talent will also accelerate. The ministry will expand participation of universities and other educational institutions in nuclear R&D and establish a graduate school specializing in high-level radioactive waste fusion next year. Through this graduate school, the ministry aims to train about 20 master's and doctoral graduates annually specializing in high-level radioactive waste management. To promote the inflow of graduates from nuclear-related departments into the nuclear industry, support will be provided for internship hiring and conversion to regular employment. Educational programs will also be operated for retired personnel and field workers.

Investment in next-generation nuclear power will increase. The ministry plans to invest 399.2 billion KRW by 2028 in the development and commercialization of innovative Small Modular Reactors (SMRs). For hydrogen production technology linked to operating nuclear power plants, foundational research and system impact analysis will be conducted from this year through 2024, along with demonstration projects and legal and institutional improvements.

President Yoon Examines Scale Model of Korean-Style Nuclear Power Plant APR1400
(Changwon=Yonhap News) Reporter Seo Myeong-gon = On the morning of the 22nd, President Yoon Seok-yeol visited Doosan Enerbility in Changwon, Gyeongnam, where he examined a scale model of the Korean-style nuclear power plant APR1400 at the storage site for main forgings used in Shin Hanul Units 3 and 4 reactors and steam generators, receiving explanations. 2022.6.22
seephoto@yna.co.kr
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＜Copyright(c) Yonhap News Agency, Unauthorized reproduction and redistribution prohibited＞

The Ministry of SMEs and Startups also announced ‘Support Measures for Nuclear SMEs.’ It will first supply 50 billion KRW in policy funds to small and medium nuclear companies and establish a special guarantee of 50 billion KRW. Specifically, 30 billion KRW in working capital to overcome short-term management difficulties and 20 billion KRW in facility funds for new equipment investments will be preferentially allocated to nuclear SMEs. The facility fund support limit will be expanded from the existing 6 billion KRW to 10 billion KRW.

Government support to assist nuclear SMEs in technology development will also be strengthened. This year, the ministry plans to provide 20 billion KRW in R&D funds to nuclear SMEs. Next year, it will launch a ‘Nuclear Enterprise Specialized R&D’ project with a budget of 25 billion KRW. The number of win-win smart factories jointly supported by Korea Hydro & Nuclear Power and the ministry for smart factory construction costs will increase from 9 this year to 15 next year. Additionally, Korea Hydro & Nuclear Power and the ministry will establish a win-win growth fund worth 1.1 billion KRW within this year to support technology innovation costs for SMEs.

Meanwhile, Doosan Enerbility announced its win-win cooperation plan with partner companies on the same day. The plan focuses on expanding technical support such as helping train technical personnel at partner companies and dispatching quality experts. Doosan Enerbility also plans to use the win-win growth fund to expand loans to partner companies, support quality certification, and increase long-term supply agreement contracts.