Kepco shares dip 2% after Moon renews nuclear phase-out vow. Shares in Korea Electric Power Corporation were down as much as 2.3 per cent on Monday after South Korean president Moon Jae-in. The state-run utility, known as Kepco, had surged on Friday after a state commission recommended resuming the stalled construction of two nuclear reactors. The commission composed of 471 citizens said 59.5 per cent of its members supported resuming construction of the Shin Kori-5 and Shin Kori-6 reactors near the southeastern city of Ulsan, which was suspended in June on Mr Moon’s orders. Mr Moon on Sunday, while accepting the recommendation, reiterated his commitment to phase-out nuclear power in favour of renewable energy, state-run news agency Yonhap reported. The broader Kospi index in Seoul was down 0.1 per cent on Monday.
FT 23rd Oct 2017 read more »
South Korea’s President Moon Jae-in said on Sunday the government will continue to phase out nuclear-generated electricity, following a public opinion survey that dealt a blow to his plans to do so. “We will completely stop all plans for the construction of new nuclear reactors like the government previously stated,” Moon said in a statement distributed to reporters by his office. “The government will also step up usage of natural gas and renewables in order to maintain its stance of phasing out nuclear-generated power.” Moon’s statement came after a public opinion survey on Friday found a majority of almost 60 percent in favor of resuming the stalled construction of two reactors. The president asked his supporters on Sunday to respect the outcome of the survey, which he called a “wise and intelligent” response. Completing the two reactors could mean a reversal of a strategy to slowly reduce nuclear energy’s share of the power mix, and also significantly eat into the liquefied natural gas (LNG) demand of the world’s second-largest consumer of the fuel. With the two reactors set to be completed in October 2021 and October 2022, according to state-run nuclear operator Korea Hydro & Nuclear Power, Moon said safety standards for nuclear plants would be ramped up. Moon also reiterated his plan to shut down the Wolsong No. 1 nuclear reactor, the nation’s second-oldest, once the government confirms stability in energy supplies. The 697-megawatt reactor in southeastern South Korea was taken offline in 2012 after reaching its 30-year lifespan, but the regulator approved a restart a few years ago until 2022.
Reuters 22nd Oct 2017 read more »
South Korean President Moon Jae-in announced Sunday that he will allow construction to resume of two nuclear reactors that he previously vowed to scrap. Moon did so two days after a state commission which canvassed public opinion recommended that the two reactors be completed and put into operation. “The government will quickly resume the construction of the Shin Kori-5 and Shin Kori-6 nuclear reactors in accordance with the outcome of the debate,” Yonhap News Agency quoted a statement issued by the presidential office as saying.
Nikkei Asian Review 22nd Oct 2017 read more »