Government to Continue Full Restoration of Nuclear Power Ecosystem... "Draft Special Act to Be Prepared by Q2"

Emergency Economic Ministers' Meeting
Follow-up Plan for the Nuclear Power Sector Public Discussion on Livelihood Issues

The government has decided to prepare a draft bill for a special law supporting the nuclear power industry to fully restore the nuclear power ecosystem by the second quarter of this year.

On the 14th, the government held an emergency economic ministers' meeting and announced that it discussed the "Follow-up Action Plan for the Nuclear Power Sector Public Forum," which includes this content.

Previously, to fully restore the ecosystem, the government planned to continuously expand nuclear power ecosystem work orders and special financing, and strengthen investment tax credits and research and development (R&D) for nuclear technology. It will supply 3.3 trillion won worth of nuclear power work orders this year and expand special financing for nuclear power to about 1 trillion won. In addition, tax credits in the nuclear power sector under the Restriction of Special Taxation Act will be significantly increased. Newly included under the current act’s tax credit targets for new growth and source technologies are "large nuclear power plants and small modular reactors (SMRs)" in the fields of "design technology" and "some SMR manufacturing technologies," along with the newly added "large nuclear power plant manufacturing technology."

The government is making all-out efforts to support work orders, financing, investment, and R&D to fully normalize the nuclear power ecosystem, which faced difficulties during the phase-out period. Regarding work orders, Korea Hydro & Nuclear Power is sequentially placing orders for auxiliary equipment for Shin Hanul Units 3 and 4, as well as export work orders for Egypt and Romania. Furthermore, the newly introduced "Nuclear Power Ecosystem Financial Support Project" and "Nuclear Power Export Guarantee Support Project" for 2024 are being steadily implemented.

To ensure the sustainability of nuclear power policies, the government plans to prepare a draft of the "2050 Mid- to Long-term Nuclear Power Industry Roadmap" in the third quarter of this year and announce the final version in the fourth quarter. Alongside this, the special law supporting the nuclear power industry, which will provide legal grounds for the roadmap and support projects, will have its draft prepared by June this year, with legislative procedures to begin in the second half of the year.