Competition Intensifies for Korea's First Small Modular Reactor Site
Local governments in Korea are vying to host the nation's first small modular reactor (SMR), projected to generate significant economic value. The SMR, with a capacity of 0.7 gigawatts, is expected to be completed by 2035, backed by substantial financial incentives and support.
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Korea's first small modular reactor (SMR) is set for completion by 2035, with a capacity of 0.7 gigawatts. Local governments, including Gyeongju and Gijang County, are competing to host the reactor, driven by expected economic benefits.
Financial projections indicate that legally mandated support for SMR construction could reach approximately 780 billion won ($530 million) over 80 years, with overall economic value for host regions estimated in the trillions of won. KHNP's site evaluations will conclude by June, with Gyeongju emphasizing its readiness for immediate construction due to existing nuclear infrastructure. Gijang is leveraging its geographic advantages and prior nuclear experience as it seeks to attract the SMR project.
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