▲ South Korean Prime Minister Han Duck-soo (R), alongside International Atomic Energy Agency Director General Rafael Grossi, views a model of the System-integrated Modular Advanced Reactor, a small modular reactor developed by South Korea, during their meeting at the agency's headquarters in Vienna, in this file photo taken May 9, 2023. (Yonhap)

S Korea-small modular reactors

S. Korean gov't, firms team up to boost small modular reactor industry

SEOUL, July 4 (Yonhap) -- The South Korean government and major companies launched a joint consultative body Tuesday to seek ways to boost the competitiveness of the country's small modular reactor (SMR) field, the industry ministry said.

The joint alliance on the SMRs will be tasked with devising industry development strategies and discussing related policy measures in an effort to lead the global market of the emerging energy sector, according to the Ministry of Trade, Industry and Energy.

The alliance brought together 31 private companies, including SK Inc., GS Energy Corp., Samsung C&T Corp., the Korea Hydro & Nuclear Power Co. and several other state-run institutions.

As advanced nuclear reactors, SMRs have a power capacity of up to 300 megawatts per unit, which is about one-third of the generating capacity of traditional nuclear power reactors, and can produce a large amount of low-carbon electricity.

SMRs can be installed in locations not suitable for large nuclear power plants, and reduce costs and construction time, according to experts.

"Based on this first meaningful step, we will promote the safety of SMRs and take a global leading position in the sector," SK Vice Chairman Jang Dong-hyun said.

The Yoon Suk Yeol government vowed to earmark 400 billion won (US$307.29 million) for SMR development from this year through 2028.

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