Korea Hydro & Nuclear Power Co. (KHNP) said it will further raise the nuclear power utilization rate to the highest level in 15 years to ease electricity bill burdens. The utilization rate compares the amount of power a facility can generate with the actual generation over a given period.
According to work plans the Ministry of Climate, Energy and Environment received on the previous day from 21 energy-related agencies under it on the 13th, KHNP proposed lifting this year's nuclear utilization rate to 89%.
Last year's nuclear utilization rate was 84.6%, the highest in 10 years since 2015 (85.3%), and the plan is to raise it by a further 4.4 percentage points (p). If the target is met, it is expected to hit a record high since 2011 (90.7%).
KHNP said it will stabilize power supply and demand and ease electricity bill burdens by boosting the nuclear utilization rate. It added that to optimize nuclear safety and economics, it will introduce measures such as an "early warning system using artificial intelligence (AI) to detect and predict abnormalities."
Kori Unit 2, which received approval for continued operation from the Nuclear Safety and Security Commission in Nov., will be restarted in Mar.
KHNP said it is "a practical alternative in terms of carbon neutrality and securing energy security," adding, "We will continue to push for the continued operation of 10 reactors whose operating licenses expire before 2030."
Regarding the construction of two large reactors and one small modular reactor (SMR) reflected in the 11th Basic Plan for Long-term Electricity Supply and Demand, it signaled caution, saying, "We will secure sites in a timely manner in line with government policy direction and the results of policy forums and public opinion surveys."
KHNP, Korea Nuclear Fuel and others said they will develop technology by 2032 to operate reactors with output reduced by up to 50% for up to 100 days a year to secure operational flexibility for nuclear power amid the expansion of renewables. Currently, output can be controlled down to 80% for up to 20 days a year.
◆Korea Electric Power Corporation aims early buildout of West Coast energy highway
Korea Electric Power Corporation said in its work plan that it will accelerate the early construction of the "West Coast energy highway," which will transmit power generated from renewables in Honam to industrial complexes in the greater Seoul area. Of 25 construction projects, seven will be completed in 2030, a year earlier than planned.
KEPCO said it will review using the Public Growth Fund or creating a public fund to enable the early buildout of the energy highway and will consult with the government.
Regarding anticipated conflicts from grid expansion such as the energy highway, KEPCO stuck to a general stance, saying it will "strengthen multilayered communication."
On the "East Seoul Substation high-voltage direct current (HVDC) converter station expansion project," which faces strong resident opposition, it said, "We will communicate sufficiently with residents and work with the government to push the project forward."
The converter station planned near Gamil New Town in Hanam, Gyeonggi, at the East Seoul Substation is the terminus of a 280-kilometer HVDC transmission line running from the East Coast to the greater Seoul area. The transmission line was designated a "national backbone power grid facility" by the National Committee for Power Grid Expansion on Oct. 1 last year. The designation of a national backbone power grid facility was carried out to speed up the "energy highway," a state agenda item of the Lee Jae-myung administration.
KEPCO also unveiled a plan to promote a "local production for local consumption siting scheme." Local production for local consumption means producing energy where it will be used. Under the planned siting system, the government or a public institution preemptively designates sites suitable for power projects and solicits operators.
KEPCO will also push to revamp electricity pricing by time and region. KEPCO's five power generation subsidiaries said they plan to expand renewable energy projects in line with the policy to phase out coal-fired power generation.