Reports have emerged that South Korea is gaining international attention in the nuclear power industry. Apart from China and Russia, it has the largest nuclear production infrastructure and is quickly expanding export opportunities amid rising global demand.
On the 15th (local time), Bloomberg reported that South Korea's nuclear technology and stable supply history are providing a competitive advantage in the global market.
For example, Doosan Enerbility in Changwon, South Gyeongsang Province, operates the world's largest industrial machinery, a forging press, and mass-produces reactor components. This factory, which operates 24 hours a day, is increasing its production share of key nuclear power components, in addition to producing ship shafts and steel mill rollers.
According to Bloomberg, South Korea currently operates 26 nuclear reactors and plans to add more reactors by 2038. Doosan Enerbility projects a backlog of orders to reach 20.6 trillion won by 2029, and it is supplying parts to the U.S. small modular reactor (SMR) company Nuscale. BloombergNEF, an energy research organization, assessed that "if nuclear power plants need to be built right now, South Korea is the most rational choice."
The core competitiveness of South Korea's nuclear power industry is the 'Team Korea' model. Power companies, construction firms, fuel suppliers, and financial institutions work organically together, with both the government and the private sector promoting exports. The energy consulting firm Radiant Energy Group explained that "South Korea operates as a nation, delivering a consistent message to customer countries."
Technical consistency and workforce are also strengths. After introducing commercial nuclear power plants in 1971, South Korea has succeeded in technological independence and has been building nuclear power plants for over 50 years. Receiving design certification from the European electricity operators' requirements body is another key milestone.
Past successful experiences are also a reason for global market attention. South Korea completed the Barakah nuclear power plant in the United Arab Emirates (UAE), which it won the contract for in 2009, in 2023. Compliance with schedule, which is often delayed for years in nuclear projects, has been assessed as unusual. A deputy minister of Hyundai E&C, Ahn Chan-ho, noted to Bloomberg that "there were many initial skeptical views, but we achieved results by executing things in the South Korean way."
As of 2022, South Korea set a goal to export 10 reactors over the next decade. Last year, it was chosen as the preferred bidder in a new nuclear power plant project in the Czech Republic, surpassing France's EDF, the world's largest nuclear corporation. Although the contract was delayed due to opposition from the European Commission and EDF, assessments continue to indicate that South Korea has an advantage over competing countries in terms of technology and reliability.
Globally, the demand for nuclear power generation is surging again. The background is the increase in power demand due to climate change, AI, and the expansion of data centers. The International Energy Agency (IEA) believes that to achieve carbon neutrality goals, nuclear power generation must be expanded to three times its current level by 2050. While wind and solar serve as complementary resources, analysts conclude that nuclear power remains the only option for stable and continuous electricity supply.
Global large technology companies are also taking action. Amazon, Microsoft, and Meta have invested in nuclear power to ensure energy supply stability. Morgan Stanley projected that additional demand equivalent to Spain's annual electricity consumption would arise by 2027 due to the rise of generative AI.
However, South Korea's political variables are seen as a risk. Concerns have grown over policy continuity after President Yoon Suk-yeol stepped down following the Constitutional Court's impeachment decision. Lee Jae-myung, a leading candidate for the next presidential election and leader of the Democratic Party of Korea, has previously expressed opposition to nuclear decommissioning. In this case, a reduction in national-level support such as fiscal guarantees could be unavoidable.
Some question the achievements of the Barakah project. The environmental group announced that the involvement of low-wage migrant workers and other special characteristics of the Middle East played a role, arguing that reproducing the same structure in Europe would be difficult. The Czech government also expects KHNP to hire local high-wage workers.
Nevertheless, South Korea is emerging as an alternative to fill the gaps left by the United States, France, and Japan in the global market. Major nuclear projects in the U.S. and the U.K. have been delayed for years, while France is experiencing budget overruns. Reports indicate that Russia and China are currently being excluded from Western markets due to security risks.