[The Future of Nuclear Power②] 'Game Changer' SMR... Korea's Commercialization Technology at the 'Walking Stage'

Global SMR Market Expected to Reach 440 Trillion KRW by 2050
Capacity and Size Up to 5 Times Smaller Than Large Nuclear Plants
Ultra-Small Core Offers Advantages for Island and Mountainous Area Construction
Government Budget 399.2 Billion KRW... 200 Billion KRW Cut
Possible Delays in Nuclear Export Powerhouse Portfolio

[Image source=Yonhap News]

Small Modular Reactors (SMRs), hailed as the next generation of nuclear power, have recently attracted the interest of major South Korean conglomerates such as Samsung, SK, and Doosan Group as future business ventures. SMRs offer higher safety compared to traditional nuclear reactors and feature ultra-small cores that enable construction in island and mountainous regions, positioning them as a ‘game changer’ in the energy market. However, compared to the rapid technological advancements of nuclear power leaders like the United States, Russia, China, Japan, the United Kingdom, and France, South Korea is still in the early stages, highlighting the urgent need for government support to realize the vision of becoming a ‘nuclear power superpower.’

According to the Korea Institute of Science and Technology Policy on the 30th, the global SMR market is projected to reach 440 trillion won by 2050. Over 70 reactor designs are currently under development in countries including the United States, Russia, China, Japan, the United Kingdom, France, and South Korea. South Korea is developing its own ‘innovative Small Modular Reactor (i-SMR).’

SMRs refer to reactors with an output of 300 MW or less. Compared to the existing large-scale reactors of 1000 to 1400 MW, SMRs reduce capacity and size by nearly five times. While large reactors consist of 1.5 to 2 million components, SMRs can generate power with just 10,000 components. Construction costs are also significantly lower, ranging from 1 trillion to 3 trillion won, making them up to three times cheaper than large reactors. Notably, the core damage frequency for SMRs is once every billion years, which is safer and easier to maintain than large reactors, which have a frequency of once every 100,000 years.

This is why major nuclear power countries are actively pursuing commercialization development. Success in development could allow a country to lead the future SMR market with international standards. Domestic companies are also ramping up investments in SMRs. In April this year, Doosan Group announced a plan to invest 5 trillion won over five years in next-generation energy businesses including SMRs. Doosan Enerbility has established a partnership by investing 104 million dollars in NuScale Power, a global leader in the SMR market based in the United States.

The South Korean government also aims to develop an innovative SMR by 2028. However, contrary to this goal, the government has significantly cut the budget for securing SMR standard design approval this year, showing a discordant approach. Previously, the Ministry of Trade, Industry and Energy and the Ministry of Science and ICT applied for a preliminary feasibility study for the SMR project worth 583.2 billion won in September last year, but the government decided on a budget of 399.2 billion won in May this year, cutting nearly 200 billion won from the original plan.

Experts warn that the drastic budget cuts for the SMR development project could disrupt the government’s future nuclear power export roadmap. Delays in SMR development may also postpone the plan to establish a portfolio of nuclear power export superpowers utilizing the Korean-type reactor (APR1400) and SMRs.

Jung Dong-wook, a professor in the Department of Energy Systems Engineering at Chung-Ang University, said, "To avoid falling behind in the global SMR competition, it is necessary to strengthen support for development in areas where the United States is leading, such as system module development."