South Korea looks to invest $1.04B to revamp existing nuclear plants

South Korea’s Energy Ministry has put forth a plan that lowers goals for nuclear power’s share of total power capacity to 29 percent by 2035, from 41 percent by 2030, Reuters reported. The updated initiative would also see the government invest $1.04 billion toward revamping the country's older nuclear power facilities through 2017 in an effort to improve safety.

"If nuclear power proportion is kept at 29 percent, we will need a total of 43,000 MW nuclear power capacity in 2035," Kim Jun-dong, deputy minister of energy & resources policy, told parliament.

South Korea is home to 23 nuclear reactors and anticipates the construction of 11 more by 2024. However, six of the nation’s nuclear facilities currently remain idled. Three of which were taken offline as the result of a scandal involving components supplied to the plants using fake certificates.

The government aims to finalize its energy policy revision in January, said Reuters.

More information on nuclear power generation in South Korea can be found at PennEnergy Research

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