KHNP Applies for 720 Billion KRW Compensation for Wolsong Unit 1 Closure

[Asia Economy Sejong=Reporter Dongwoo Lee] Korea Hydro & Nuclear Power (KHNP) has applied to the Ministry of Trade, Industry and Energy for compensation costs exceeding 720 billion KRW related to the early shutdown of Wolseong Unit 1.

According to the "KHNP Wolseong Unit 1 Cost Compensation Application" submitted by the Ministry of Trade, Industry and Energy to Kwon Myung-ho, a member of the People Power Party, KHNP applied for 727.746 billion KRW in compensation costs for Wolseong Unit 1 in June.

This cost includes equipment investment costs, goods purchase costs, and maintenance costs incurred to obtain approval for continued operation until this year.

The compensation costs will be paid from the Power Industry Infrastructure Fund, which allocates 3.7% of electricity fees.

The Ministry of Trade, Industry and Energy is currently verifying the facts regarding KHNP's application and plans to determine the compensation costs after review by the Cost Compensation Deliberation Committee.

Wolseong Unit 1, which began commercial operation in 1983, was the second nuclear power plant in Korea following Gori Unit 1. It was shut down in 2012 when its design life (30 years) expired but resumed operation after receiving a 10-year extension approval from the Nuclear Safety and Security Commission in 2015.

Due to the Moon Jae-in administration's nuclear phase-out policy, the early shutdown was decided by KHNP's board in June 2018, and permanent shutdown was confirmed by the Nuclear Safety and Security Commission in December 2019.

This content was produced with the assistance of AI translation services.