Korean Builders Anticipate Nuclear Power Plant Construction Amid Rising Domestic and Global Orders
South Korean construction companies are optimistic about a resurgence in nuclear power plant construction, fueled by rising domestic and global orders. The government is reassessing its nuclear energy policies, with plans to finalize a new electricity supply plan by February, while Hyundai Engineering & Construction leads the sector with significant contracts, including a major project in the Czech Republic valued at 27 trillion won.
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South Korean construction companies are optimistic about the potential revival of nuclear power plant construction, both domestically and internationally. The Ministry of Climate, Energy and Environment is conducting a public opinion survey regarding the construction of new nuclear plants and plans to finalize the 12th Basic Plan for Electricity Supply and Demand by February.
The previous administration's plan included two large reactors and one small modular reactor (SMR) to be built by 2038. The current government has shifted its stance from a nuclear phase-out policy, recognizing the need for nuclear energy to ensure stable power supply.
Since May 2017, only one nuclear project has been approved. The cost for new nuclear projects is estimated at around 20 trillion won, providing stable revenue over long construction periods. Hyundai Engineering & Construction leads the sector, with significant orders in North America and Europe, including contracts for large reactors. The Dukovany nuclear project in the Czech Republic, valued at 27 trillion won, marks a significant overseas achievement.
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