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Straits Times
13 hours ago
- Business
- Straits Times
South Korea nuclear watchdog approves first dismantlement of nuclear power plant
FILE PHOTO: The Kori No. 1 reactor (R) and No. 2 reactor of state-run utility Korea Electric Power Corp (KEPCO) are seen in Ulsan, about 410 km (255 miles) southeast of Seoul, September 3, 2013. Picture taken September 3, 2013. REUTERS/Lee Jae-Won/File Photo SEOUL - South Korea's Nuclear Safety and Security Commission approved on Thursday the first dismantlement of a nuclear power plant in the country, the Kori-1, which was permanently shut down in 2017 after 39 years of operation, it said in a statement. The panel authorised a plan by the nuclear operator Korea Hydro and Nuclear Power (KHNP) to take down the plant at a cost of 1.1 trillion won ($810 million) over 12 years that would include the handling of approximately 170,000 tonnes of nuclear waste, it said. The decision marks the first such operation by the country, the world's fifth-largest producer of nuclear energy according to the International Atomic Energy Agency and a major global builder of atomic power plants, to decommission a nuclear plant. The nuclear safety commission said it concluded the plan submitted by KHNP met the technical requirements under the country's nuclear safety management laws. Experts have said the dismantlement operation could help South Korea enter the global nuclear decommissioning market, which is now dominated by the United States with countries such as Japan and Germany having also entered the race. South Korea generated 31.7% of its electric power from nuclear power stations in 2024, according to government data. It now operates 26 power plants and the Kori-1 power plant was the first to be commissioned for commercial operation in 1978. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Korea Herald
21-03-2025
- Business
- Korea Herald
KEPCO keeps electricity rate frozen for Q2
The state-run Korea Electric Power Corp. said Friday it will freeze the adjusted fuel cost for the second quarter as part of efforts to improve its financial stability. KEPCO said it will keep the adjusted unit fuel cost, a key part of the country's electricity rates, unchanged at 5 won per kilowatt-hour for the April-June period. The company has maintained the adjusted unit fuel cost at 5 won since the third quarter of 2022. For the second quarter, KEPCO initially had to decrease the cost to -4.2 won per kWh considering the decline of fuel prices over the past three months, but the industry ministry told the company to freeze the cost due to its financial pressure, according to the company. KEPCO's total debt hit a record high of 205 trillion won ($139.6 billion) last year, according to its regulatory filing, due to high interest payments on existing debt. The company's financial woes began as it supplied electricity at below cost despite soaring global energy prices in 2021-2023 triggered by the Russia-Ukraine war. In October, KEPCO raised the electricity rate for industrial use by 9.7 percent, while those for households and small stores remained unchanged as part of efforts to lower the burden on people's livelihood. (Yonhap)
