Korea Association of Educational Workers "KHNP Wolsong Unit 1 Economic Benefit of 137.9 Billion KRW Turned into 9.1 Billion KRW Loss"

Source: National Assembly Budget Office, 2016 Fiscal Year Public Institution Major Project Execution Inspection Analysis, page 171. (Photo by Professors' Council for Rationalizing Energy Policy)

[Asia Economy Reporter Moon Chaeseok] An accounting firm that had predicted a profit of 137.9 billion KRW when continuing to operate Wolseong Unit 1 has been accused of reversing this to a loss of 9.1 billion KRW.

The Professors' Council for Rational Energy Policy (Egyopyeop) urged the government on the 14th to "immediately revoke the permanent shutdown order of Wolseong Unit 1 and promote its restart."

In a statement, Egyopyeop claimed, "In the draft by Samdeok Accounting Firm, it was estimated that continuing operation of Wolseong Unit 1 in 2018 would yield a profit of 137.9 billion KRW, but during consultations with the Ministry of Trade, Industry and Energy and Korea Hydro & Nuclear Power (KHNP), it was confirmed that this was reduced and distorted to a loss of 9.1 billion KRW."

Specifically, they criticized that the utilization rate of Wolseong Unit 1 was reduced from 70% to 60%, and the estimated electricity sales price was lowered from 60.76 KRW to between 55.96 and 48.78 KRW.

Egyopyeop pointed out, "Based on the reduced and distorted economic evaluation, the KHNP board hastily decided on the permanent shutdown of Wolseong Unit 1, which is technically sound, causing irreparable damage to KHNP’s management, the national economy, and public safety."

They added, "Through a strict and prompt audit by the Board of Audit and Inspection, the manipulation of the economic evaluation of Wolseong Unit 1 and the unjust permanent shutdown resolution by the KHNP board must be fully uncovered, and those who instructed the accounting firm to reduce and distort the figures must be held fully accountable."

Egyopyeop is an organization consisting of 225 professors from 61 universities nationwide that criticizes energy transition (nuclear phase-out) policies.

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