South Korea intends to return to a pro-nuclear stance. This decision will be an important step in how the country will generate electricity for coming years. The government forecasts that nuclear power generation will reach 222.7 terawatt-hours (TWh) by 2035, underlining its significance in meeting the country’s growing energy demands. In 2022, South Korea backtracked on its recent decision to end the use of nuclear energy. Today, the country believes that nuclear power is necessary for guaranteeing energy security, especially with growing demand and few interconnections to other countries.
The nation is struggling to meet its electricity demand and can no longer depend solely on domestic production to meet its growing needs. Escalating peak demand makes it difficult for South Korea to maintain a reserve margin of less than 10%. This is compounded by the fact that the country has zero capacity for electricity imports or exports. The writing has been on the wall for a while that authorities have wanted to increase nuclear capacity. These resources now account for almost a third of the U.S. electricity use.
Growth in Nuclear Power Generation
The future of South Korea’s nuclear power generation, meanwhile, looks relatively bright. From 2024 to 2035, experts project a 2.4% CAGR. The entire country is booming and growing. By 2038, it hopes to increase the portion that nuclear power makes up of its electricity generation mix to 35.2%. This new advancement marks a dramatic increase from the 23.2 gigawatts (GW) of nuclear energy capacity in 2020. It’s expected to grow to 24.4 GW by 2024.
South Korea is working to meet its ambitious goals by building three new nuclear reactors. Furthermore, the country intends to construct one small modular reactor (SMR) by 2038. This expansion will increase nuclear power capacity at a CAGR of 1.8%. Surprisingly, though, it’s projected to snap 29.8 GW in that span. South Korea’s commitment to nuclear energy not only addresses domestic energy security but positions the country as a key player in the global nuclear market.
International Expansion and Recognition
South Korea’s priority is the creation of strong domestic capabilities. Meanwhile, domestically the country plans to win contracts to build ten nuclear reactors abroad by 2030. Their domestic nuclear enterprises have received substantial attention on the global stage. What’s more, they’ve been able to win contracts in other countries with lower prices, including the Czech Republic. This foreign outreach highlights South Korea’s global aspirations to be a premier nuclear technology and services provider.
As a nation, we can’t be reactive. It is the world’s second largest energy consumer and a leading contributor to global greenhouse gas emissions. To improve its energy security, South Korea continues to emphasize nuclear power as part of its long-term development. Simultaneously, it is attempting to reduce carbon emissions by transitioning to cleaner energy sources.