Barakah Nuclear Power Plant in the United Arab Emirates
US President Joe Biden and South Korean President Moon Jae-in released a joint statement on May 21 stating that they would work together in the global nuclear power generation market.
The declaration is based on the same interests that the two countries share in the industry. South Korea is unmatched in the world for building and operating nuclear power plants, yet South Korean industry is on the verge of collapse due to the anti-nuclear policies of the Moon Jae-in government. Under these circumstances, the South Korean government is trying to export more nuclear power plants to prevent the collapse.
Cooperation with the United States can lead to greater competitiveness in the world market, where it competes heavily with China, Russia, France, etc. According to industry sources, these are the United Kingdom, Saudi Arabia, Poland and the Czech Republic. New nuclear power plants are currently planned to be built on their territory.
The goal of the United States is to regain its title of industry leader. Today, China and Russia are winning the most new orders in the industry, and US players, including Westinghouse and GE, are looking to increase their presence by working with US allies. “US companies have original technologies and techniques in the field of nuclear power plant design, etc. South Korea is excellent at construction and equipment, which means that working together will be beneficial for both,” an industry source said, adding : “By working with South Korea in the industry, the US can also keep China and Russia in check, which are strengthening their partnership in the industry.”
Cooperation between South Korea and the United States is expected to include small modular reactors, which are currently the most advanced form of nuclear power generation. The capacity of an SMR is about 10 percent that of a conventional nuclear power plant, and yet the former is much more usable and safer due to its completely new design concept.
Some point out that it is difficult to predict the real benefits of the Joint Declaration as it aims to establish a broad principle for future cooperation and where and how such cooperation has yet to be clarified. In addition, the cooperation can take place in the form of South Korea, which participates as a supply chain component with the leading nuclear power plant construction company in the USA.
“The most likely form of their collaboration is currently to win a joint contract for two plants in Saudi Arabia, which will not take place until 2025,” said Professor Joo Han-kyu of the Nuclear Engineering Department at Seoul National University. adding, “This means that the South Korean nuclear industry will have to struggle for a while, that policies are needed to keep the industry competitive during this period, and that the current policy of the South Korean government will have to be changed towards the end.”
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