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South Korea’s nuclear phaseout might put a damper on its nuclear export plans

Nuclear phase-out puts burden on S. Korea’s export drive By Kim Eun-jung  SEOUL, Sept. 23 (Yonhap) –– South Korea’s nuclear phase-out policy may create a boom for the renewable energy initiative and allay public safety concerns, but it may also send an unwanted signal to the outside world that could hurt the country’s push to expand into the global atomic power generation market.

Since taking office in May, President Moon Jae-in has scrapped plans for new nuclear power plants and vowed not to extend the life cycles of 24 existing reactors, in a bid to end decades of reliance on the controversial energy source.

The latest move was aimed at addressing safety concerns after the 2011 Fukushima disaster and is in line with actions taken by other advanced economies that are turning to renewable energy sources, including the U.S., France and Germany.

This drastic turn from past administrations’ pro-nuclear policies, however, raises questions over South Korea’s status in the global nuclear market, which has seen spike in competition with the rise of state-backed Russian and Chinese companies in recent years.

Seoul policymakers have pledged continued support for overseas projects separate from its domestic energy policy, but industry insiders worry that less enthusiasm for nuclear power could shrink investment in advanced nuclear technologies and give South Korea less bargaining power on the global stage…….http://english.yonhapnews.co.kr/business/2017/09/22/0503000000AEN20170922008800320.html

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September 25, 2017 - Posted by | marketing, South Korea

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