Among the 55 countries on the African continent (according to the African Union), 22 countries are pushing to introduce nuclear power, sparking a nuclear power boom in Africa. The International Atomic Energy Agency (IAEA) predicts that the nuclear power generation capacity in Africa could increase by as much as tenfold by 2050. The expected project cost is estimated to reach $100 billion (approximately 140 trillion won). The African nuclear power market is dominated by Russia and China, prompting calls for Korea and the United States to collaborate and enter the African market.
According to the 'Nuclear Outlook for Africa' report released on the 3rd, which was commissioned by South Africa to the IAEA, it was found that 22 African countries have expressed interest in or are at the stage of reviewing or starting the introduction of nuclear power. Africa has a population of approximately 1.4 billion, with around 600 million (about 43%) lacking access to electricity.
Until now, Africa has primarily relied on renewable energy sources such as solar and wind power. However, renewable energy production fluctuates with weather conditions and has difficulties in storing produced electricity, leading to a recent shift towards nuclear power. In June, the World Bank resumed funding for nuclear power construction for the first time in 64 years, making financing much smoother.
Currently, South Africa is the only country on the African continent that possesses nuclear power plants. South Africa operates the 1,800 megawatt Koeberg Nuclear Power Station, located about 50 kilometers north of the capital, CAPE Town.
South Africa is promoting the construction of a 2.5 gigawatt (1 gigawatt is 1,000 megawatts) nuclear power plant, aiming for operation as early as 2032. The project costs are estimated to be up to 60 billion rand (approximately 4.56 trillion won).
The African nuclear power market is a focus for Russia and China. The Russian state atomic energy corporation, Rosatom, has secured a contract for a nuclear power plant in Egypt and has established partnerships with at least 20 countries. China has also formed cooperative relationships with African countries by offering a package that includes its domestically developed reactor, Hualong 1, along with technology transfer, construction, and financing. China and Russia have each signed memoranda of understanding related to nuclear power technology development with South Africa.
Korea Hydro & Nuclear Power is preparing to bid by signing an MOU for mutual cooperation with the South African Nuclear Energy Corporation (NECSA) last November. KHNP promoted Korean-style nuclear power plants at the largest energy forum in Africa, the 'Africa Energy Indaba', and in May signed a contract for evaluating new nuclear power site assessments with Uganda. It also signed an MOU with the Nigerian government.
Experts believe that an alliance focused on small modular reactors (SMRs) with American nuclear corporations like Westinghouse, NuScale Power, and TerraPower is necessary. The United States also hopes to enter the nuclear market to curb the expanding influence of Russia and China in the African region. NuScale Power was selected as a partner for the 924 megawatt SMR construction project promoted by the Ghanaian government last year.
More than 17 African countries, including Kenya, Uganda, Nigeria, Algeria, Sudan, and Tunisia, are interested in introducing SMRs. SMRs are cheaper and faster to construct than large reactors. Companies such as SK, HD Hyundai, Doosan Enerbility, and Samsung C&T have invested equity in NuScale Power and TerraPower.
An industry insider commented, "Africa is referred to as a land of opportunity in the nuclear market, but the influence of France is significant, and Russia and China are heavily invested. Since the United States is also interested, there is a need to establish a cooperative framework for access."