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Global nuclear lobby very upset at election of South Korea’s President Moon Jae-in

New South Korean President Seen Hindering Nuclear Ambitions, Bloomberg by Stephen Stapczynski

May 16, 2017, 
  • Moon Jae-in campaigned to block new reactor construction
  • Kepco shares fell 5.8% on May 10 following election results

“… South Korea’s Moon Jae-in promised during his successful presidential campaign to scrap or suspend new atomic plants.

Now that Moon is president, that anti-nuclear stance is seen as a threat to South Korea’s ambitions to become a bigger exporter of nuclear equipment and technology — a market valued at as much as $740 billion over the next 10 years.

“If the new government withdraws its support for nuclear development in South Korea, this could send a negative signal to foreign countries looking to purchase reactors,” Kerry-Anne Shanks, a Singapore-based analyst at Wood Mackenzie Ltd., said by email. “An anti-nuclear stance could challenge Korea’s ambitions to export nuclear technology to other countries.”………

Besides the curbs on new nuclear facilities, Moon also campaigned to cancel any lifetime extensions for existing nuclear plants and to develop a roadmap to eventually rid the nation of atomic power altogether. In nuclear’s place, Moon would place greater emphasis on natural gas and renewables. On Monday, the new president ordered the shutdown for the month of June of 10 coal-fired power plants that have been operating for more than 30 years to cut pollution…..

“Exporting nuclear power plants requires substantial up-front financial support from the vendor and its home government,” said Rod Adams, publisher of Atomic Insights, an industry news website. “There is already some evidence suggesting that the anti-nuclear stance of President Moon Jae-in will make it more difficult for South Korea to export nuclear reactors.”…..

May 17, 2017 - Posted by | business and costs, politics international, South Korea

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