SMRs must be approached in a completely different way from large nuclear power plants. SMR competitiveness depends on manufacturing capability rather than reactor performance.
On the 23rd, the second day of the 2026 Korea Nuclear Annual Conference being held at the Busan Exhibition & Convention Center (BEXCO), Kim Han-gon, head of the innovative Small Modular Reactor (i-SMR) development program, who took the podium as the first panelist in a session titled "Opportunities and challenges of Small Modular Reactor (SMR)," introduced the status of i-SMR development and said this.
An SMR refers to a small reactor of 300 MW or less in electric output that can be manufactured, installed, and operated in modular form. Compared with large nuclear power plants, it is smaller in scale, can be assembled on-site after factory manufacturing, has a shorter construction period, and requires less site area. More than 83 SMR designs are being developed in 17 countries worldwide.
In Korea, the innovative Small Modular Reactor (i-SMR) technology development program, established under a government initiative, is developing the i-SMR (170 MWe class). In Feb., the program applied to the Nuclear Safety and Security Commission for standard design approval for the i-SMR. This means it has entered the full licensing phase.
Kim Han-gon, the head of the development program, said, "The levelized cost of electricity for the i-SMR is estimated at about $65 per megawatt-hour (MWh). It is higher than the cost for large nuclear plants but lower than for natural gas," adding, "We aim to complete the design in 2028, conduct the first trial operation in 2033, and commercialize in 2035."
He added, "Korea has built up successful experience in constructing large nuclear power plants over the past 30 years," and "by adding smart technology that enables safe operation, we will develop the i-SMR to achieve carbon neutrality."
Experts from energy corporations in various countries also joined as panelists. James Wolf, president of ARC Clean Technology of Canada, shared the status of ARC-100 development. The ARC-100 is a 100-megawatt (MW) class SMR that is undergoing related licensing procedures in Canada with the goal of commercial operation in 2030. ARC Clean Technology is also collaborating with Korea Hydro & Nuclear Power (KHNP).
President James Wolf said, "The ARC-100 can recycle used nuclear fuel and features a long, 20-year fuel replacement cycle," adding, "We aim to enter North America, including Canada and the United States, and are also working to secure a site."
Andreas Wigand Schofield, chief technology officer of Seaborg Technologies of Denmark, introduced the seaMSR-100, an offshore floating molten salt reactor currently under development. The seaMSR-100 is built directly at a shipyard and then moved offshore. Compared with land-based nuclear plants, it is easier to secure a site and faster to install. The company is collaborating with Samsung Heavy Industries, KHNP, and others.
Each expert agreed that building the first-of-a-kind unit in the SMR development process carries high risk. Because it serves as a test case reflecting regulatory uncertainty, stable supply chain procurement, and massive expense, no one wants to be the first corporation.
They added that even corporations with demand do not want to buy the first device, in which risks are reflected. As products continue to be mass-produced, prices fall and better technology is applied.
Jung Beom-jin, a professor in the Department of Nuclear Engineering at Kyung Hee University who chaired the session, said, "Big Tech corporations are investing in SMRs not because they need nuclear plants, but because they need electricity," adding, "If problems are found and solved in the first-of-a-kind design, all customers will seek out that design, so it seems necessary to bear the risk of 'being the first.'"