South Korea is positioned for nuclear expansion as Germany exits the nuclear market and Japan plans to phase-out nuclear energy over the next four decades, according to a report by Industrial Info Resources. As a result, South Korea, secured with a large nuclear plant order from the United Arab Emirates (UAE), will move up directly behind the United States, France and Japan after Germany’s exit.
“By the end of the decade, South Korea will have an installed nuclear capacity of more than 27 gigawatts and one of the largest nuclear reactor-to-land area ratios in the world,” Industrial Info reports. “By 2030, South Korea hopes to export as many as 80 reactors, boosting it beyond Japan.”
According to Industrial Info, Korea Hydro and Nuclear Power, a spin off of Korea Electric Power Corporation (KEPCO) responsible for South Korea”s nuclear energy industry, plans to spend more than $5 billion on safety improvement for its reactors in light of the Fukushima Daiichi nuclear accident in Japan. Korea Hydro and Nuclear currently operates 24 reactors at four domestic power stations with another seven on the record.
Other companies, including construction company BKB Company Limited, are looking to invest in foreign nuclear energy endeavors as KEPCO has done, Industrial Info says. BKB is seeking to acquire a stake in EnergoNuclear SA, the company responsible for Romania”s nuclear energy program. China Nuclear Power Engineering Company Limited is also seeking a stake in EnergoNuclear, according to the report.
Industrial Info reports Romania, along with Vietnam and Kazakhstan, view nuclear energy as a vital factor in their respective energy futures and will continue nuclear development, despite recent happenings in Japan.
To read the full Industrial Info Resources report, click here (registration required).