[Insight & Opinion] The New Administration's Energy Policy Requires a Rational Balance

Nuclear Phase-Out Debate Reignites Amid Looming Power Shortages
Disappointing Results from Solar and Wind Power
Nuclear Comeback Overseas... Korea Remains Stagnant

Once voting concludes on June 3, the 21st president will be decided. With the Korea Meteorological Administration forecasting an unprecedented heat wave and air conditioner sales surging, it is only natural that public attention is focused on the new administration's energy policy. In particular, there is growing concern over potential power shortages this summer. Warning signs are already flashing.

Presidential candidates are fiercely clashing over energy policy. Some candidates emphasize the expansion of renewable energy, citing the "risks" of nuclear power, while others argue for increasing nuclear power, pointing to the "instability" of renewables. The ideological conflict over "nuclear phase-out," which began under the Moon Jae-in administration, still looms over the presidential race. The specter of "RE100" has also returned.

In reality, the "emotional confrontation" between renewables and nuclear power is not a matter of public concern. What is urgently needed is an energy policy that seeks a rational balance between nuclear power and renewables. It is no longer acceptable to confuse the public with clumsy and fragmented advice from so-called experts.

By now, the disastrous consequences of the "nuclear phase-out" policy are common sense even to a child. Korea had to give up bidding for nuclear power plant construction in the UK, and the entire nuclear industry has been pushed to the brink of collapse. KEPCO has fallen into a deep deficit, while both citizens and businesses are suffering from skyrocketing electricity bills. In particular, the industrial electricity rate soared from 114.2 won per kWh in 2021 to 182.7 won in just three years?a 60% increase. Companies are anxiously resorting to self-help measures, such as building their own power plants.

The limitations of renewables have also become abundantly clear. Renewable energy, which cannot overcome its intermittency, makes it impossible to operate data centers, and energy storage systems (ESS) remain an incomplete technology of the future. The enormous costs are unsustainable, and the risk of fires breaking out at any time has yet to be resolved.

The massive blackout that struck Spain and Portugal for 10 hours at the end of April was also not unrelated to excessive reliance on renewables. It is estimated that an extreme power mix, with renewables accounting for over 71%, undermined the frequency stability of the transmission grid. Our situation, living on a "power island" without the ability to rely on other countries' grids, is no different from Spain's.

The claim that the unit cost of offshore wind power will soon drop below 70 won per kWh is an outdated fallacy. The reality is the exact opposite. Construction costs for offshore wind facilities, which will have to be used for more than 20 years, are actually soaring out of control. Baseless "projections" that future production costs will decline are nothing new. There was a time when it was widely claimed that solar power would drop to the 90 won per kWh range. Ten years have passed, but the production cost of solar power remains unchanged. There is no foolish consumer anywhere in the world who would buy a product based on the hope that its price will fall in the future.

The cowardly argument that nuclear power should be abandoned because it is dangerous is also unconvincing. It is an irresponsible claim from laypeople who lack even a basic understanding of the essence of technology. Technologies that are dirty and dangerous can be made clean and safe through our efforts. This is true for cars and airplanes alike. US President Donald Trump has also declared an expansion of nuclear power. European countries that once declared a nuclear phase-out are now choosing to return to nuclear energy. These choices stem from confidence that the risks of nuclear power can be sufficiently overcome. There is no reason for us alone to stubbornly insist on a cowardly choice. Simply creating a new Ministry of Climate and Energy may not be the answer.

Lee Deokhwan, Professor Emeritus at Sogang University, Chemistry and Science Communication