South Korea's Nuclear Power Budget Triples Over Two Decades Amid Rising Costs
South Korea's government budget for nuclear power has surged to 1.4582 trillion KRW in 2026, more than three times its 2007 level. This increase raises concerns about the economic viability of nuclear energy as spending continues to rise for R&D and back-end management amidst growing electricity demand from the AI sector.
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The nuclear budget in South Korea increased from 473.4 billion KRW in 2007 to 1.4582 trillion KRW in 2026, reflecting a 3.1 times rise. The budget for research and development has rebounded to approximately 590 billion KRW projected for both 2025 and 2026, despite expectations for reduction post-commercialization.
Substantial risks are identified, including over 28 trillion KRW in future back-end costs and reliance on opaque funding mechanisms for small modular reactor development, which could complicate oversight. The report suggests enhancing budget transparency and independent verification of nuclear technology economics to mitigate the financial burden on future generations.
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