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| Shin Hanul nuclear reactors in Uljin, North Gyeongsang Province / Korea Times file |
By Lee Kyung-min
Officials from state-run nuclear power companies will visit Uganda this week, upon a request from their counterparts in Africa for a consultation to build two 1,000-megawatt (MW) reactors by around 2030, according to market watchers and Korea Hydro & Nuclear Power (KHNP), Tuesday.
The project which could amount to $9 billion (11.3 trillion won) is the latest development in the continued demand from countries around the world seeking to fortify energy partnerships with Korea. The East Asian country is increasingly being recognized for its cost, quality and technological advantages as best encapsulated by the APR1400 ― a Korea-developed nuclear reactor with a capacity of 1,400 MW. The countries expressing interest include Poland and the Czech Republic, as well as Ghana.
Further underpinning the export bid is President Yoon Suk Yeol's new energy policy drive whereby the country plans to export about 10 reactors by 2030, in a newly marked reorientation of its energy initiative so as to advance and elevate the often-demonized source of energy into a growth driver for Korea's export-reliant economy.
At least two KHNP officials have left for Kampala, the capital of Uganda, at the invitation of the country's Ministry of Energy and Mineral Development.
The five-day business trip will be focused first and foremost on laying the groundwork for further feasibility reviews and construction planning. They will review construction site candidates, including Buyende, a city 100 kilometers northeast of the capital.
"The visit is only the beginning stage of cooperation that will take years to bear fruit," a KHNP official said. "It can develop into more tangible discussions in the years to come, depending on the pace and the degree of push demonstrated by the Uganda authorities among other relevant factors."
Korea's tailored strategies to meet the growing energy demand have been sparked and amplified by Russia's invasion of Ukraine and the resulting price spikes in global key commodities, including raw materials and energy.
Korea's strong track records in nuclear energy generation, facility maintenance as well as on-time delivery of cost-competitive reactors, have been largely underpinned by the four APR1400 nuclear reactors in the Barakah Nuclear Power Plant in the United Arab Emirates (UAE).
The Middle Eastern country inked a 20 trillion won deal with Korea to build the reactors in 2009. Two are operating, and the remaining two will begin commercial operation this year and next year respectively.
Also highly valued is Korea's ability to build a nuclear power facility with a unit cost to generate 1 kilowatt standing about $3,570 far cheaper than its peers, the U.S., Russia and France.
Whether Korea will be able to win over China, a rising global nuclear energy facility builder, remains the biggest obstacle, since the world's second-largest economy has been expanding its presence and influence in Africa, mostly by extending credit lines in the form of investments.
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