South Korea, one of the world's most nuclear-reliant nations, has seen nuclear power generation reach historic highs for two consecutive years. Under President Yoon Suk-yeol's administration, the nation has leaned into nuclear energy, driven by surging global energy costs and mounting pressure to achieve carbon neutrality. This shift positions nuclear energy as a critical component of South Korea's power mix, with plans to boost nuclear power exports and foster a skilled workforce to support the industry.
In 2023, nuclear energy accounted for nearly a quarter of South Korea's power, contrasting with Taiwan's heavier dependence on fossil fuels. While both nations have similar per capita electricity usage, South Korea's energy structure skews more towards nuclear, with nuclear power and renewables comprising about half of its power supply, unlike Taiwan's dominant reliance on coal and gas.
Amid global crises that have heightened energy insecurity, countries like Japan, China, and India are rethinking nuclear energy's role. South Korea aims to achieve carbon neutrality by 2050. This goal drives efforts to reduce coal use, expand nuclear power and renewable energy sources, and invest in emerging technologies, such as hydrogen energy.
Currently, South Korea operates six nuclear plants with 24 reactors, placing Korea Hydro & Nuclear Power (KHNP) as the sixth-largest nuclear power generator globally. Nuclear power's advantage lies in cost-efficiency; fuel expenses make up only 10% of nuclear generation costs compared to 60% for fossil fuels, a particularly attractive feature as AI and data centers add significant power demands.
Global enthusiasm for nuclear is resurging. Europe and the US are reclassifying nuclear power as a climate solution, with nuclear capacity projected to grow 2.5 times by 2050, according to the International Atomic Energy Agency (IAEA). In Asia, capacity could nearly quadruple by then. South Korea, too, is embracing this trend, with plans to expand its fleet from 25 to 28 reactors and complete its Small Modular Reactor (SMR) design by 2025.
South Korean firms are also making strides internationally. KHNP was recently selected as the preferred partner for a US$18 billion nuclear project in the Czech Republic, positioning South Korea as a competitive player in global nuclear construction with its cost-effective third-generation APR1400 reactor technology.
Domestically, President Yoon's pro-nuclear policies have ramped up nuclear utilization rates above 80%, a reversal from the Moon administration's partial exit. Public sentiment mirrors this shift, with 75% of South Koreans backing nuclear power, though concerns about nuclear waste storage persist.
As part of a broad industrial vision, the government is also investing in nuclear R&D and talent, aiming to train 1,000 graduate-level specialists to fuel its nuclear ambitions. The revival of South Korea's nuclear industry under Yoon's administration suggests a robust future, with the sector poised to become a key export engine in the coming years.
