The energy pledges of Lee Jae-myung, the candidate from the Democratic Party of Korea, and Kim Moon-soo, the candidate from the People Power Party, for the presidential election on June 3 contain 'similar but different' content in the field of 'nuclear power generation.'
Ahead of the presidential election, candidate Lee Jae-myung is showing a rightward trend in economic pledges, stating that 'utilization is necessary' regarding nuclear power. He has transitioned from the 'reduction of nuclear power' pledge announced during the 2022 presidential election to a pragmatic stance.
However, the focus remains on 'renewable energy.' Candidate Lee Jae-myung said during a TV debate for presidential candidates on the 18th, "Utilize nuclear power but let’s transition to a renewable energy-centered society." He added, "Nuclear power is fundamentally dangerous and has sustainability issues," explaining that "we should utilize nuclear power but transition to a renewable energy-centered society without going too far."
Candidate Kim Moon-soo advocates for an 'active utilization of nuclear power.' He argues that expanding electricity supply is inevitable for fostering advanced industries like artificial intelligence (AI), and that such energy sources will be provided by nuclear power, which is a zero-carbon energy source.
Candidate Kim has pledged to push forward large nuclear power projects that are currently under construction or planned without delay and to accelerate the commercialization of Korean-style small modular reactors (SMRs) to secure stable electricity sources. He also presented a blueprint stating that expanding nuclear power will lower energy production costs and reduce industrial electricity rates to create a more business-friendly nation.
◇ Lee Jae-myung shifts right from 'reduction of nuclear power'... Kim Moon-soo favors 'expansion of nuclear power'
Following the 'phasing out of nuclear power' policy during the Moon Jae-in administration, the Democratic Party, which pledged 'reduction of nuclear power' in the 2022 presidential election, is showing a different perspective on nuclear energy.
In light of the urgent situation requiring an expanded electricity supply due to the development of advanced industries, there is an intent to utilize the benefits of nuclear power. The 'nuclear industry policy agreement' signed on the 15th between the Democratic Party's central election campaign committee and the Federation of Nuclear Workers shows a representative example of this change.
The policy agreement between the Democratic Party and the Federation of Nuclear Workers contains acknowledgments on ▲ securing energy security and industrial competitiveness, responding to climate crises by recognizing the role of nuclear power ▲ harmonious mixing of nuclear power and renewable energy ▲ ensuring safety and acceptability regarding nuclear power. There is a recognition not to overlook the role of nuclear power while promoting energy policy focused on renewable energy.
However, Candidate Lee does not overlook the cautious perspective on nuclear power. His remarks during the debate, stating, "Nuclear power is fundamentally dangerous and has sustainability issues. We should utilize nuclear power, but not excessively," provide insight into his thoughts. Given that there are several opposing views on nuclear power within the party, it raises the possibility that policy direction may change after the election.
Candidate Kim Moon-soo's energy policy is 'active utilization of nuclear power.' He shows a willingness to inherit the previous administration’s nuclear power policy. His stance recognizes the industrial value of nuclear power and aims to strengthen the domestic foundation. Notably, as he officially mentions 'expanding the share of nuclear power,' it seems additional nuclear power construction will be pursued.
On the 18th during a debate, candidate Kim Moon-soo stated, "Our country is a world leader in nuclear power construction," adding, "I went to the Nuclear Safety Research Institute for inspection, and it is extremely safe, not breaking or malfunctioning even if a nuclear bomb falls." This demonstrated his absolute confidence in nuclear power.
In response, candidate Lee Jae-myung pointed out, "If it is that safe, then why did the Fukushima or Chernobyl accidents happen?" He also raised concerns regarding nuclear waste disposal, stating, "We should transition to as safe a renewable energy as possible."
◇ Lee Jae-myung’s 'Energy Highway of the Korean Peninsula' will cost 100 trillion won... how will funding be secured?
The electricity system pledges from candidates Lee Jae-myung and Kim Moon-soo are also attracting attention. Both candidates have included the term 'Energy Highway' in their pledges. They addressed the issue of the electricity system, allowing produced electricity to be used in different regions. Currently, the country is unable to fully utilize renewable energy due to an inadequate electricity system.
Candidate Lee Jae-myung stated he would construct the West Coast Energy Highway by 2030 and the Energy Highway of the Korean Peninsula by 2040. He mentioned that he would transmit 20 gigawatts (GW) of offshore wind energy from the southwest coast to major industrial areas through offshore power grids.
He continued, stating, "Starting the construction of the 'U'-shaped Energy Highway of the Korean Peninsula with a goal of completion by 2040, I will establish an offshore grid throughout the Korean Peninsula." Regarding the ground transmission network, he recognizes that negotiations for local acceptance are challenging due to 'Not In My Backyard' (NIMBY) sentiments, implying plans to lay an undersea transmission network to deliver energy to demand areas.
However, the lack of a funding plan is pointed out as a problem. The industrial sector anticipates that the construction of the West Coast Energy Highway alone will require around 40 trillion won. It is forecasted that if the Energy Highway of the Korean Peninsula, which includes the East and South seas, is pursued, it will cost over 100 trillion won.
The key issue is how to secure funds in a situation where public finances, such as Korea Electric Power Corporation (KEPCO), are in poor condition. KEPCO has seen increased energy production costs due to the renewable energy expansion policy of the Moon Jae-in administration. By the end of last year, KEPCO's cumulative deficit approached 35 trillion won. Considering this situation, the general view in the energy industry is that raising electricity rates is inevitable to construct the West Coast Energy Highway.
Concerns have also been raised regarding possible opposition from fishermen related to the installation of an undersea transmission network. From the fishermen's perspective, since it can directly impact their livelihoods, it may cause social conflict.
Candidate Kim Moon-soo also mentioned the issue of the electricity system in his number one pledge, stating that he would intricately connect the 'Energy Highway' with 'national roads' and 'local roads' to enhance the utilization of renewable energy. However, there are no specific explanations on what shape the Energy Highway, national roads, and local roads will specifically take.
The pledge to promote the development of new energy technologies and activate decentralized energy also lacks detailed designs. Without concrete proposals, the funding requirements and methods for securing funds remain blank. This is even more abstract than candidate Lee Jae-myung’s pledges.
An official in the electricity industry remarked, "Everyone knows that the issue of the electricity system is important, but without a plan for securing funds, we can only question its feasibility," and added, "KEPCO's resources are limited, and it's also not easy to proceed with the projects through national funding."