Kim Moon-soo, a candidate for the presidential primary, said on the 29th that he would push forward with plans to construct six large nuclear power plants and one small modular reactor (SMR) without delay, increasing the share of nuclear power generation and reducing business electricity rates to household electricity rate levels during his term.
On this day, Kim announced an energy pledge outlining the same content at his campaign office in Yeouido, Seoul.
He noted, "The state has a duty to supply affordable electricity for economic revitalization and price stability," and stated, "I will expand the share of nuclear power generation to supply affordable electricity stably."
To achieve this, he proposed to continue using 10 nuclear power plants whose design lifespan will expire in 2030, replace the two currently being decommissioned with the world's best Korean-type nuclear power plant (APR1400), and push forward without delay with the construction of six large nuclear power plants and one SMR currently under construction or planned.
Considering the difficulties in securing nuclear power plant sites and constructing transmission networks, he stated that he would increase the share of carbon-free, high-efficiency energy sources through nuclear power using SMR.
Kim said, "By supporting large-scale research and development and strengthening international cooperation, I will accelerate the development and commercialization timeline of Korean-type SMRs and actively promote the export of nuclear power plants."
He emphasized, "If the early commercialization of Korean-type SMRs is realized and the share of nuclear power generation is increased to 60% (35% from large nuclear power plants + 25% from SMRs), it will be realistically possible to halve electricity rates."
Additionally, he stated plans to expedite the amendment of the Korea-U.S. nuclear agreement to secure spent nuclear fuel reprocessing technology at the level of Japan and to secure nuclear fuel production technology.
He also plans to focus on developing energy new technologies and activating distributed energy. He promised to reduce liquefied natural gas (LNG) and coal generation by more than half and gradually increase the share of new energy, such as fuel cells. To activate distributed energy, he stated that he would actively foster energy new technologies such as Energy Storage Systems (ESS) and Virtual Power Plants (VPP), and distribute advanced demand response (DR) systems.
Kim said, "By realizing world-class nuclear technology to supply cheap electricity, I will create a favorable business environment in South Korea," and announced plans to reduce industrial electricity rates to the level of household electricity rates.
Park Soo-young, head of Kim's campaign policy division, stated, "We are examining various measures to lower electricity rates during the term," mentioning the decline in LNG prices, improvement in nuclear plant operation rates, and remodeling of nuclear power plants as factors for lowering electricity rates.