[Policy Analysis] Stark Differences in Energy Pledges: Lee Lacks Economic Feasibility, Kim Faces Questions on Practicality

Lee Jaemyung expands renewables: "Incompatible with AI powerhouse ambitions"
Kim Moonsoo targets 60% nuclear share: "Technology not ready, lacks feasibility"

"How can we claim to be one of the top three AI powerhouses without building nuclear power plants?" (Kim Moonsoo, People Power Party presidential candidate). "Candidate Lee Jaemyung seems likely to hinder industry by accepting the environmental cartel's position." (Lee Junseok, Reform New Party presidential candidate). "Nuclear power cannot be judged in black and white." (Lee Jaemyung, Democratic Party presidential candidate).

As seen in the statements made during the presidential TV debate on May 18, energy policy is an area where the differences between candidates are starkly revealed. While Lee Jaemyung and Kim Moonsoo each presented pledges focused on renewable energy and nuclear energy respectively, questions regarding cost efficiency and feasibility remain unresolved.

Lee Jaemyung focuses on renewables... Funding plan absent

Lee Jaemyung proposed a direction that utilizes nuclear power but transitions to a renewable energy-centered system. To this end, he introduced the "Sunlight and Wind Pension" initiative?a model in which renewable energy generation facilities are installed in villages, and profits from selling electricity are distributed to residents. He also pledged to build a U-shaped energy expressway across the Korean Peninsula by 2040.

Experts have pointed out that there is a lack of consideration for industrial impact in these energy policies. The electricity production cost per 1 kWh is 50 to 60 won for nuclear power, while it is 270 won for renewables. In particular, they noted that Lee's goal of making Korea a top-three AI powerhouse is incompatible with expanding renewables. Jung Yonghoon, professor of Nuclear and Quantum Engineering at KAIST, said, "Google and Microsoft build data centers next to nuclear power plants," adding, "You cannot talk about AI development without a nuclear energy policy."

When taking into account not only the production cost of energy but also the cost of transmission networks, securing astronomical funding becomes a prerequisite. An industry insider explained, "Just as an expressway requires sufficient average traffic, solar power operates at only 15% and wind power at 25-30% capacity factors," adding, "This means cost efficiency is low."

Kim Moonsoo targets 60% nuclear share... Feasibility questioned

Kim Moonsoo emphasized expanding nuclear power. He plans to increase the share of nuclear power in electricity generation to 60%, aiming to halve electricity rates. He also pledged to proceed without delay with the construction of six large-scale nuclear power plants initiated under the Yoon Sukyeol administration and to accelerate the commercialization of small modular reactors (SMRs).

The academic community has raised doubts about the feasibility of these plans. For SMRs currently under development, commercialization is targeted for 2030. Increasing R&D investment does not make this a goal that can be achieved in the short term. Kang Cheongu, professor of Energy Resources Engineering at Inha University, assessed, "There are not many suitable sites for nuclear plants in Korea, and there is local opposition, so the target is set too high."

There is also a lack of fundamental measures to normalize electricity rates. Without addressing issues such as Korea Electric Power Corporation's chronic deficits and the electricity billing system, simply increasing the share of nuclear power will not make electricity rates more realistic. Jung Beomjin, professor of Nuclear Engineering at Kyung Hee University, commented, "There is no discussion of how to resolve urgent issues, such as KEPCO's annual deficit of 200 trillion won."

Meanwhile, Lee Junseok did not present a separate energy policy. Although he emphasized fostering the AI industry, he did not propose a plan to secure the necessary electricity supply. Based on his TV debate remarks, he appears favorable toward nuclear power, but observers note that more concrete policies are needed.