Last Year’s Nuclear Power Generation Hits Record High... Generation Share Recovers to Pre-Moon Administration Level

[Asia Economy Sejong=Reporter Dongwoo Lee] Last year, nuclear power generation reached an all-time high. The share of nuclear power generation also recovered to pre-anti-nuclear policy levels for the first time in six years.

According to the Korea Electric Power Corporation's monthly power statistics report on the 14th, last year's nuclear power generation was 176,054 GWh (gigawatt-hours), an 11.4% increase compared to the previous year (158,015 GWh). This is the first time nuclear power generation has exceeded 170,000 GWh. It is more than 10,000 GWh higher than the previous record of 164,762 GWh set in 2015.

The share of nuclear power in total power generation (594,392 GWh) last year was 29.6%, the highest since 2016 (30.0%). The share of nuclear power remained in the 30% range from 2014 to 2016 but dropped to 26.8% in 2017, the first year of the Moon Jae-in administration. It then stayed in the 20% range with 23.4% in 2018, 25.9% in 2019, 29.0% in 2020, and 27.4% in 2021.

Since the Yoon Suk-yeol administration took office last year, the share of nuclear power generation rebounded by 2.2 percentage points compared to the previous year, marking an upward trend.

[Image source=Yonhap News]

On the other hand, power generation using coal and gas decreased in both volume and share. Last year, coal power generation was 193,231 GWh and liquefied natural gas (LNG) power generation was 163,574 GWh, down 2.4% and 2.9% respectively from the previous year.

The nuclear power transaction volume, which refers to the amount of electricity purchased by KEPCO, the power sales company, from Korea Hydro & Nuclear Power, the power generation company, reached a record high of 167,102 GWh last year. The nuclear power generation settlement price was 52.5 won per 1 kWh last year, the lowest compared to other power sources such as bituminous coal (15.7 won), anthracite coal (202.4 won), and LNG (239.3 won).

The Yoon Suk-yeol administration's policy direction to utilize nuclear power as one of the main power sources for energy security and power supply stabilization is interpreted as having actively increased the domestic nuclear power operation rate, which influenced the expansion of nuclear power generation.

Last year, Hanul Unit 1, Hanbit Units 2 and 3, Kori Unit 2, and Wolseong Unit 3, which completed planned preventive maintenance, were consecutively put into operation, and Shin Hanul Unit 1, which was completed, and Hanbit Unit 4, which finished repair work, also began full-scale operation from last month.

The government has finalized the 10th Basic Plan for Electricity Supply and Demand, which includes a policy to increase the share of nuclear power generation to 32.4% of the total by 2030. With Hanbit Unit 1 and Shin Kori Unit 2, which resumed power generation after planned preventive maintenance at the end of last year, and Shin Hanul Unit 2, scheduled for completion in September, being put into operation, nuclear power generation is expected to expand further in the future.

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