On Aug 10, 2022, South Korea's Ministry of Trade, Industry and Energy (MOTIE) signed a memorandum of understanding with Korea Hydro and Nuclear Power Corporation (KHNP), Doosan Enerbility and a number of nucleargrade equipment and material manufacturers, aiming to revitalize the country's nuclear industry. 

According to the memorandum, the South Korean government plans to enhance the competitiveness of the nuclear industry in achieving carbon neutrality, coping with energy and stabilizing power supply through various efforts, and on this basis, create more jobs for the nuclear industry, develop new technologies and expand exports.  

 

The government plans to award contracts for new projects worth 130.6 billion won ($100 million) by the end of 2022.  Lee Chang-yang, minister of Trade, Industry and Energy, said it would provide nuclear companies in Changwon with a 1 trillion won ($800 million) order for power plant materials.  

 

South Korea's new president, Yoon Seok-yeol, has vowed to reverse his predecessor's policy of abandoning nuclear weapons.  In July 2022, the South Korean government formulated a new energy policy, which aims to maintain the share of nuclear power in the country's electricity mix at least 30% by 2030.  The new policy also calls for restarting construction of Shin Hanul Units 3 and 4.  The new policy also focuses on the export of nuclear technology as an engine of growth, setting a target of exporting 10 nuclear power units by 2030.  At the same time, small heap designs are included in the new policy.