Yoon: "A 1000 Trillion Won Nuclear Market Opens... Accelerating Complete Normalization of the Ecosystem"

Completion of Shin Hanul Units 1 & 2, Groundbreaking of Units 3 & 4
Yoon: "Nuclear Power's Future Must Not Be Undermined by Politics"
"High-Level Radioactive Waste Act Pending in National Assembly Must Pass Quickly"

President Yoon Suk-yeol is delivering a congratulatory speech on the 30th at the 'Comprehensive Completion Ceremony of Shin Hanul Nuclear Power Plant Units 1 and 2 and Groundbreaking Ceremony of Units 3 and 4' held at the Hanul Nuclear Power Headquarters of Korea Hydro & Nuclear Power in Uljin-gun, Gyeongbuk. [Image source=Yonhap News]

President Yoon Suk-yeol emphasized on the 30th, "A global nuclear power market worth 1,000 trillion won is opening," adding, "We will further expand the export path of the nuclear power industry and accelerate the complete normalization of the nuclear power ecosystem."

He also stated that if nuclear power plants stop after their design lifespan, astronomical losses will occur to the public and industries, and that the system should be changed to allow continued operation of nuclear power plants that have been confirmed safe.

President Yoon attended the 'Comprehensive Completion Ceremony of Shin Hanul Nuclear Power Plant Units 1 and 2 and Groundbreaking Ceremony of Units 3 and 4' held at the Shin Hanul nuclear power plant site in Uljin, Gyeongbuk, in the afternoon, saying, "Thanks to nuclear power, South Korea has succeeded in economic growth, prosperity, and rapid industrialization, and now has become a genuine nuclear power powerhouse exporting nuclear technology with the best technology."

In his congratulatory speech, President Yoon said, "Shin Hanul Nuclear Power Plant Units 1 and 2 were constructed over 40 years ago with help from Europe, and now Team Korea is preparing to build a nuclear power plant in the Czech Republic," pledging, "I will personally oversee the successful signing of the main contract next year."

President Yoon emphasized that as we are now experiencing a 'nuclear power renaissance,' he will increase nuclear power exports to further accelerate the normalization of the nuclear power ecosystem.

To this end, he said that not only the construction of Shin Hanul Units 3 and 4 but also the ongoing construction of Saeul Units 3 and 4, continued operation of existing nuclear power plants, overseas nuclear power plant orders, and promotion of new nuclear power plant construction such as Small Modular Reactors (SMRs) will sufficiently supply work to the nuclear power industry.

He also stated that to prevent the future of the nuclear power industry from collapsing due to politics, a '2050 mid- to long-term nuclear power roadmap' will be prepared, and efforts will be made to enact a 'Special Act on Support for the Nuclear Power Industry.'

President Yoon explained, "To lead the nuclear power renaissance, sufficient manpower and excellent talent are absolutely necessary," and said that a comprehensive manpower training system will be established, ranging from nuclear meister high schools to nuclear universities, specialized graduate schools, national research institutes, and industry-academia cooperation programs.

He added, "We will increase investment in nuclear technology development by sector, including next-generation nuclear power such as SMRs, construction, operation, export, and decommissioning, and support joint research with leading foreign research institutions."

In particular, President Yoon said, "Due to the nuclear phase-out policy that mandates decommissioning after the initially approved design lifespan, five nuclear power plants will stop operation by the year after next because they cannot undergo continued operation reviews," and he pledged to promptly establish a system to safely extend the use of existing nuclear power plants and boldly introduce future innovative nuclear power plants.

Referring to advanced cases such as the UK and France, where nuclear power plants operate without time limits as long as safety is guaranteed, he said, "The system must be revised so that nuclear power plants confirmed to be safe can continue to operate."

President Yoon Suk-yeol is applauding at the 'Comprehensive Completion Ceremony of Shin Hanul Nuclear Power Plant Units 1 and 2 and Groundbreaking Ceremony of Units 3 and 4' held on the 30th at the Hanul Nuclear Power Headquarters of Korea Hydro & Nuclear Power in Uljin-gun, Gyeongbuk.
[Image source=Yonhap News]

President Yoon added, "Several 'Special Acts on High-Level Radioactive Waste' have been proposed in the National Assembly, and they must be passed promptly," and said, "We will provide institutional support such as safety and licensing standards to secure leadership in future innovative nuclear power plants like SMRs."

Shin Hanul Units 1 and 2 are the first nuclear power plants to be comprehensively completed since President Yoon declared the normalization of nuclear power policy in December 2021 during his presidential campaign. Units 3 and 4 are the first nuclear power plants to begin construction.

Regarding Shin Hanul Units 3 and 4, construction was suspended for five years from 2017 due to the previous government's nuclear phase-out policy, but after the launch of the Yoon Suk-yeol administration, various permits and construction approvals were completed, allowing the groundbreaking ceremony to be held on this day.

The Presidential Office explained, "The four nuclear power plants are expected to contribute to South Korea's advanced industrial development, carbon neutrality realization, and energy security, as well as serve as a stepping stone for the nuclear power industry's resurgence."

On this day, President Yoon awarded decorations and commendations to seven individuals, including Hong Seung-oh, Director of Nuclear Power Plant Construction at Korea Hydro & Nuclear Power (Silver Tower Order of Industrial Service Merit) for his contributions to the construction of Shin Hanul Unit 2, and Baek Seung-han, CEO of Woojin, and Kim Hong-beom, CEO of Samhong Machinery (both awarded the Order of Industrial Service Merit) for their contributions to the development of core nuclear power plant equipment technology.

About 500 people attended the event, including executives and employees of related companies, local residents, and students majoring in nuclear power. Also present were Kim Dong-chul, President of Korea Electric Power Corporation; Hwang Ju-ho, President of Korea Hydro & Nuclear Power; Ahn Deok-geun, Minister of Trade, Industry and Energy; Yoo Guk-hee, Chairman of the Nuclear Safety and Security Commission; Lee Cheol-gyu, Chairman of the National Assembly Industry, Trade, Energy, Small and Medium Enterprises Committee; Park Chun-seop, Senior Secretary for Economic Affairs at the Presidential Office; and Park Sang-wook, Senior Secretary for Science and Technology.