ULSAN < invest Korea

According to Yonhap News,

(SEJONG = Yonhap News) SEJONG, Jan. 29 (Yonhap) -- The South Korean government said Wednesday that it has given final approval to a plan to build two new nuclear reactors on the country's eastern coast by 2020.

Under the plan, approved Jan. 23, the construction of what will be Shin Kori Reactor Unit 5 and 6 will begin in September for completion by December 2020, the Ministry of Trade, Industry and Energy said in a press release.

The project is expected to cost some 7.6 trillion won (US$7.09 billion).

The two new reactors at the Kori Nuclear Power Plant in Ulsan, 410 kilometers southeast of Seoul, will each have a generation capacity of 1.4 million kilowatts, according to the ministry.

South Korea currently operates 23 nuclear reactors that supply about 30 percent of its total electricity consumption. Construction for five new nuclear reactors, including Shin Kori Reactor units 3 and 4, is already under way.

Under a long-term energy plan, finalized earlier in the year, the country needs to build at least 12 additional reactors by 2024 to maintain the proportion of electricity supplied by nuclear reactors at around 30 percent.

bdk@yna.co.kr

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Source Text

Source: Yonhap News (Jan. 29, 2014)