The United States is accelerating the revival of nuclear power by starting domestic nuclear fuel (enriched uranium) production for the first time in nearly 70 years since the 1950s and establishing a supply chain restoration consortium for nuclear power plants. It has also introduced groundbreaking regulatory relief measures, such as completing new nuclear power plant permits within 18 months and extending the nuclear plant design certification period to a maximum of 40 years.
U.S. President Donald Trump announced a 'nuclear renaissance' policy in April to build 100 nuclear power plants by 2050. It is estimated that the cost of building 10 nuclear power plants by 2030 will be $75 billion (about 100 trillion won). While Westinghouse in the U.S. has excellent design capabilities, it lacks construction capacity, making collaboration with Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and Hyundai E&C essential.
According to the nuclear power industry and the government on the 28th, the U.S. Department of Energy (DOE) announced the establishment of a 'nuclear fuel supply chain consortium' in the official gazette on the 25th (local time), which will bring together all stakeholders necessary for strengthening the nuclear fuel industry based on the Defense Production Act (DPA).
This measure is a follow-up to President Trump's executive order for the restoration of nuclear power. The consortium, which is under the DOE, will allow participation from American corporations, organizations, and individuals. They will play a pivotal role in future U.S. nuclear power policy decisions.
The reason the U.S. is creating a consortium is that Russia and China account for nearly 80% of the global nuclear fuel market. The U.S. is also importing about 30% of its nuclear fuel from Russia. The country plans to ban imports of Russian nuclear fuel after 2028 and aims to establish a nuclear power supply chain centered around itself and its allies.
The consortium will include stakeholders involved in all aspects of nuclear fuel, from uranium mineral extraction and grinding to conversion, enrichment, recycling, and reprocessing. Major nuclear power corporations, such as Westinghouse, Centrus, Oklo, TerraPower, and X-energy, are expected to participate in the consortium. The first meeting of the consortium is scheduled for October 14 this year.
As directed by President Trump, the U.S. is also moving to eliminate nuclear power regulations. The U.S. Nuclear Regulatory Commission (NRC) announced on the 25th that it has extended the design certification for Westinghouse's AP1000 reactor until February 2046. This extension is a significant increase in the design certification validity period from 15 years to 40 years at the direction of President Trump.
Additionally, the U.S. has decided to make permit decisions for new nuclear power plants within 18 months to facilitate rapid construction. Korea also has regulations requiring decisions on new nuclear power plant applications within 24 months, but in most cases, it takes longer. The most recent permit awarded for the Shinhanul units 3 and 4 took 8 years and 8 months to receive construction permission after the application.
A source from the nuclear power industry said, 'Recently, the United States has been moving quickly regarding the restoration of nuclear power. For Korea to find opportunities, close communication with member corporations is necessary.'