In Europe, where 'nuclear phase-out' was once shouted, the move to return to nuclear power plants is increasing. Following Switzerland and Italy's declaration of an end to their nuclear phase-out, Belgium recently announced the abandonment of its nuclear phase-out policy after 22 years and declared a reintroduction of nuclear power. Wind power leader Denmark is also considering the introduction of small modular reactors (SMRs) 40 years after declaring a nuclear phase-out. Sweden, which was a nuclear phase-out country, has decided to build four new nuclear power plants. There are prospects that the 'nuclear renaissance' originating from Europe will have a positive impact on the Korean nuclear power industry.
Reuters reported on the 21st (local time) that the Swedish parliament passed a law supporting funding for the construction of four new nuclear power plants. Eva Bouch, the Swedish Minister of Energy, said on X (formerly Twitter) that "we need electricity generated from more stable and competitively priced fossil fuel alternatives," adding that "we will ensure that Swedes can use electricity at reasonable prices while enhancing economic growth and defense capabilities."
Sweden pushed for a nuclear phase-out in the 1980s, but last year announced a 'nuclear roadmap' that includes the construction of nuclear power plants, including SMRs, by 2050. The Swedish government plans to construct four nuclear power plants or the same number of SMRs, each with a capacity of 500 MW (megawatts), with half of them targeted to be operational by 2035. Sweden currently operates six nuclear power plants built in the 1970s and 1980s, which provide 30% of its total electricity. Additionally, 40% comes from hydropower and 20% from wind power.
On the 15th, the Belgian parliament decided to abolish the 'nuclear phase-out plan law,' which mandated a full suspension of nuclear operations by the end of this year and prohibited the construction of new nuclear power plants, after 22 years. Belgium initiated its nuclear phase-out in 2003, citing environmental protection and aging nuclear safety issues, creating this law. According to the law, all nuclear operations must be suspended by the end of this year.
However, after Russia's invasion of Ukraine led to a sharp rise in energy costs, Belgium began to modify its nuclear phase-out plans. In January 2023, Belgium decided to operate the two most recently built nuclear power plants for another 10 years, and in February of that year, it extended the closure schedule for the oldest nuclear plant from 2025 to 2027. Ultimately, Belgium abandoned its nuclear phase-out policy.
Denmark is also reviewing plans to introduce next-generation nuclear technologies, such as SMRs, by adjusting its nuclear phase-out policy that has persisted for 40 years. Denmark declared a nuclear phase-out in 1985 and filled 90% of its total electricity generation with renewable energy sources such as solar and wind power. However, due to energy supply instability caused by the war between Russia and Ukraine and the blackout in Spain, Denmark has turned its attention to SMRs, which can ensure stable electricity production.
Italy, the world's first nuclear phase-out country, has also returned to nuclear power. In March, 25 years after the last nuclear power plant was closed, Italy approved a bill allowing the use of nuclear technology. The United Kingdom is constructing new nuclear power plants, while Germany, which had halted all nuclear operations, has started discussions on restarting them.
As Europe gradually returns to nuclear power, Korea Hydro & Nuclear Power (KHNP) and Korean nuclear-related businesses are seeking business opportunities. KHNP withdrew from European nuclear bidding competitions in Sweden, Slovenia, and the Netherlands around the time it finalized intellectual property negotiations with Westinghouse in January. Nuclear industry experts speculate that by resolving its intellectual property dispute with Westinghouse, KHNP has allowed Westinghouse to seize opportunities in the European market. In response, a KHNP official explained that "rather than engaging in a wasteful bidding process, we aim to strategically approach where demand exists."
KHNP is highly likely to enter the SMR market in Norway and Sweden. Previously, KHNP President Hwang Joo-ho stated at a press conference in Prague, Czech Republic, on the 8th that "the (European market) is a battlefield," adding, "Bidding in a legally very complex environment can drain KHNP's resources, so we decided to focus on the SMR market by establishing a memorandum of understanding (MOU) with Norway and Sweden."
Jeong Beom-jin, a professor at Kyunghee University, said, "A nuclear renaissance has arisen centered around Europe and the United States. It is hard to say that KHNP has given up on the European market, and there is also the SMR market." Korea Advanced Institute of Science and Technology Professor Jeong Yong-ho also noted, "As the European market expands, there will be roles for KHNP," adding, "Even if KHNP cannot secure contracts, corporations such as Doosan Enerbility within the Korean nuclear supply chain will play significant roles."