South Gyeongsang Province expects more than 5 trillion won in economic effects following the selection of sites for new nuclear reactors, including two large reactors and one small modular reactor (SMR), the province said Thursday.
Korea Hydro & Nuclear Power on the 17th selected Yeongdeok County in North Gyeongsang Province as the site for the two large reactors and Gijang County in Busan as the site for the one SMR. It marked the first new nuclear site decision in about 13 years and nine months since September 2012.
Gyeongnam is the country's largest cluster of the nuclear power industry. Centered on Doosan Enerbility, which can produce a complete set of main nuclear power equipment, a total of 243 companies, including 187 partner small and medium-sized enterprises, form the nuclear industry ecosystem. The region also has core manufacturing capabilities such as main equipment, forged products and special welding.
The province forecast that the construction of the three new reactors would bring orders worth more than 5 trillion won to local companies through main equipment production and material supply. It projected that once orders begin in earnest, economic ripple effects such as increased sales and new job creation would spread. During the reactor operation period, steady demand for equipment replacement and maintenance is also expected to arise, contributing to the revitalization of the regional nuclear industry ecosystem.
South Gyeongsang Province plans to continue expanding its support for strengthening the competitiveness of the nuclear power industry, in step with the government's nuclear expansion and SMR development policies. In particular, the province plans to grow Gyeongnam into a global SMR manufacturing cluster by pursuing without disruption projects including the development of localized SMR innovative manufacturing technology, the establishment of a one-stop SMR production and verification base, the training of specialized personnel, and financial and export support.
"This new nuclear construction will serve as a pillar in maintaining the regional nuclear industry ecosystem by filling the transitional work gap as the sector moves from large reactors to the SMR industry, while also providing a foothold to preemptively secure technological competitiveness in the SMR industry," said Lee Mi-hwa, director general of the industry bureau of South Gyeongsang Province. "As the country's largest nuclear manufacturing hub, Gyeongnam will actively respond to the government's nuclear and SMR development policies, and will continue to expand support for strengthening the technological competitiveness of nuclear companies and their entry into global markets."
