Yoon's 'Nuclear Phase-Out Reversal' Declaration Leads GS, Samsung, and Doosan to Join Forces on SMR

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[Asia Economy Reporter Moon Chaeseok] As the Yoon Seok-yeol administration, which will launch next month, has declared that it will scrap the 'nuclear phase-out' policy, major domestic companies such as GS, Samsung, and Doosan have joined forces for the small modular reactor (SMR) power plant business. They have decided to promote the development of SMR power plants worldwide together with NuScale Power, a U.S. company possessing world-class SMR technology.

GS Energy, Doosan Enerbility, and Samsung C&T announced on the 26th that they signed a memorandum of understanding (MOU) at GS Energy headquarters in Gangnam-gu, Seoul, to jointly promote business development for constructing and operating SMR power plants worldwide with NuScale Power. The event was attended by Huh Yong-soo, President of GS Energy; Na Gi-yong, Vice President of Doosan Enerbility; Lee Byung-soo, Vice President of Samsung C&T; Kim Sung-won, Vice President of GS Energy; and John Hopkins, President of NuScale Power.

President Huh emphasized, "Carbon neutrality is an irreversible historical mission, and SMR is the most effective means to achieve it." He added, "The combination of NuScale's world-class SMR technology and Korea's excellent nuclear power and power generation business capabilities is expected to make a significant contribution worldwide." John Hopkins, President of NuScale, said, "We consider this event an important milestone to provide carbon-free, stable, and economical energy throughout Asia."

NuScale Power's SMR was the only design certified by the U.S. Nuclear Regulatory Commission (NRC), the world's leading nuclear regulatory body, in 2020. NuScale SMR is characterized by its versatility as a next-generation energy source, not only for power generation but also for hydrogen production using high-temperature steam, seawater desalination, and supplying process heat to industrial complexes. A NuScale SMR power plant is scheduled to be constructed and commercially operated in Idaho, USA, by 2029.

Following the agreement, it is expected that the synergy between NuScale's SMR technology, GS Group's top private power plant operation capabilities in Korea, Doosan Enerbility's world-class nuclear power equipment supply capabilities, and Samsung C&T's power plant construction capabilities will be realized. This cooperation system is expected to lead the global nuclear power market, which is anticipated to be reorganized around SMRs. If the three domestic companies jointly develop the power plant business with NuScale Power, most of the nuclear power equipment manufacturing, power plant construction, and operation will be handled by domestic companies, contributing to the recovery of the domestic nuclear power industry ecosystem and national economic growth.

SMR is a small modular reactor with a capacity of 300 MW or less, integrating major equipment such as reactors and steam generators of large nuclear power plants into a single module. It is known to be safer, more economical, and almost carbon emission-free compared to large nuclear power plants. According to the UK National Nuclear Laboratory, the small modular reactor market is expected to grow to an annual scale of 150 trillion won by 2035.

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