State-run Korea Hydro & Nuclear Power Co. – a subsidiary of Korean Electric Power Co. (KEPCO) – held a ceremony today in Uljin to commence building on two new nuclear reactors that use locally made components for all their critical systems, the government said. President Lee Myung Bak attended the ceremony, along with more than 700 nearby residents.
The reactors, to be built at the Uljin power plant in North Gyeongsang Province, will be based on the APR-1400 design that can generate 1,400 megawatts of electricity, the Ministry of Knowledge Economy said. The government plans to spend seven trillion won ($6.18 billion) to build the two units. The first is expected to be online around April 2017 and the second by February 2018.
"The reactors mark a turning point for South Korea's commercial nuclear energy program because no foreign-made parts are used in the most important areas," the ministry said, adding that safety has been drastically strengthened as well in accordance with new measures taken since the Fukushima disaster last year.
South Korea currently has 21 commercial reactors and has plans to build 12 new reactors by 2022.
Currently, Korean consortium led by KEPCO is building four APR-1400 reactors in the UAE under a contract worth $20.4 billion.