New Nuclear Reactors in South Korea to be Completed Next Year

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Researched by Industrial Info Resources East Asia (Kofu-shi, Japan)--The Wolsong nuclear power plant, located Gyeongju, North Gyeongsang province in South Korea, came online in 1983 and is widely known for housing the country's only CANDU-type pressurized heavy water reactor (PHWR). CANDU, which stands for Canada Deuterium Uranium, is a type of PHWR developed in Canada. As South Korea's nuclear energy industry grows in leaps and bounds, Korea Hydro and Nuclear Power Company Limited (Seoul), the nuclear branch of Korea Electric Power Corporation (NYSE:KEP) (KEPCO) (Seoul), is seeking improved technology for greater electricity generation.

This year the South Korean government adopted Nu-Tech 2030, a strategy that aims to ensure the country a 20% share in the global nuclear energy market by 2030. By then, not only will South Korea have the largest domestic nuclear reactor to land area ratios, but will also export 80 nuclear reactors to foreign customers.

In 2006, Korea Hydro and Nuclear, along with an engineering and construction consortium comprised of DAEWOO Engineering and Construction (SEO: 047040) (Seoul), Samsung C&T Corporation (SEO: 000830) (Seoul) and GS Engineering & Construction Corporation (SEO: 006360), began construction of the Shin Wolsong nuclear power station, located near the existing Wolsong power station. When completed late next year, Shin Wolsong will have a capacity of 2,000 megawatts provided by Doosan's OPR-1000 pressurized water reactors (PWR).

The OPR, which stands for Optimized Power Reactor, will also be utilized at Shin Kori nuclear power station that is currently under construction in Ulsan province. Shin Kori is also expected to see completion next year, though earlier in the year than Shin Wolsong. Currently, there are eight operational OPR units in South Korea at Yongwang and Uljin nuclear power stations.

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