13 Japanese Shipbuilders Jointly Invest in 'Floating Nuclear Power Plants'... Accelerating Return to Nuclear Amid Power Shortage

$80 Million Investment in Floating Nuclear Power Plant Development
"Have You Forgotten Fukushima?" Environmental Groups Protest

Thirteen shipbuilding companies in Japan have announced a joint investment in a UK startup developing floating nuclear power plants, drawing attention to the background of this move. Amid domestic opposition in Japan over the discharge of contaminated water from Fukushima and anticipated diplomatic friction with neighboring countries, analysts suggest that Japan, facing a severe power shortage, has ultimately reverted to a nuclear-first policy. Environmental groups in Japan are strongly opposing this, recalling the severity of the Fukushima nuclear accident.

Conceptual diagram of CorePower's floating nuclear power plant.

According to the Nihon Keizai Shimbun (Nikkei) on the 24th, 13 Japanese shipbuilding companies, including Imabari Shipbuilding and Onomichi Shipbuilding, announced a joint investment of about 80 million dollars (105.5 billion yen) in the UK startup 'Core Power,' which is developing floating nuclear power plants.

The floating nuclear power plant developed by Core Power uses a molten salt fast reactor (MCFR), a type of small modular reactor (SMR). The MCFR heats salt to over 400 degrees Celsius to make it liquid, into which low-enriched uranium is dissolved. Nuclear fission occurs in the molten uranium, generating thermal energy that drives turbines to produce electricity. After passing through a cooling system, it is cooled down, eliminating the need to build separate light water reactors or similar facilities.

Nikkei reported, "Because it floats in the form of a ship at sea, it is less affected by earthquakes compared to land-based nuclear power plants," adding, "Construction costs are about half of those on land, and construction time can be reduced by 70%." The floating nuclear power plants Japan plans to introduce have an output of about 300,000 kW per unit, and three to four units combined can produce electricity comparable to that of a conventional nuclear power plant.

Core Power aims to deploy a demonstration vessel in 2026 and commercialize the technology between 2030 and 2032. Similar commercialization is expected in Japan around the same period. The development of the demonstration vessel is estimated to cost about 50 billion yen (4.761 billion yen), and the investment from Japanese companies will be used as development funds.

[Image source=Yonhap News]

The decision by Japanese shipbuilders to invest appears closely related to the severe power shortage in Japan. Since the Fukushima nuclear accident in 2011, the operation rate of nuclear power plants has sharply declined, and the decommissioning of aging thermal power plants has reduced Japan's power self-sufficiency. Additionally, due to soaring energy prices caused by the Ukraine war and other factors, seven major power companies, including Tokyo Electric Power Company, plan to raise electricity rates by 14 to 42% starting next month. Consequently, Japan is restarting previously halted nuclear reactors and pursuing additional new constructions.

Environmental groups in Japan have immediately voiced strong opposition. Above all, given the high concerns about marine pollution following the Fukushima nuclear explosion accident, they argue that floating nuclear power plants should not be introduced. The nonprofit Environmental Finance Research Organization pointed out, "The solvent salt is highly corrosive, which may cause corrosion of pressure vessels and piping," and added, "Although it is installed on the coast and considered safe from earthquakes, risks of marine pollution could increase if a tsunami occurs during operation or if an earthquake happens while transporting spent nuclear waste from the offshore power plant."

They also criticized, "With the outlook for reactor processing unclear after the Fukushima accident and the government's plan to discharge contaminated water into the ocean drawing attention, it is interesting to see how domestic and international reactions will unfold regarding the plan to deploy floating reactors in Japanese waters."

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