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(Bloomberg) — South Korea will speed up the restart of nuclear reactors undergoing maintenance to secure energy amid the ongoing war in the Middle East.
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The nation will seek to start two units this month, and a further four by mid-May, the Ministry of Climate, Energy and Environment said in a statement after an emergency meeting on Wednesday. The government will also consider flexible operation of coal-fired plants, generation from which is currently limited during weekdays to minimize pollution, if liquefied natural gas deliveries are affected.
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South Korea gets almost all its electricity from nuclear, natural gas and coal and, like other nations in the region, is heavily dependent on imports for the fossil fuels. The Asian country last year imported about 14% of its LNG from Qatar, which has had to stop production from the world’s largest production plant after an Iranian drone attack last week.
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“Although international oil and natural gas prices surged due to the Middle East situation, the direct impact on electricity charges remains limited for now as there’s a time lag before fuel costs are reflected in the power market,” the ministry said. “If high oil prices persist or LNG imports face disruptions, the power market will be inevitably affected.”
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The authority met with firms including state-owned utility Korea Electric Power Corp., nuclear power operator Korea Hydro & Nuclear Power Co. and Korea Gas Corp.
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South Korea currently has 15 nuclear units in operation, according to the statement. It will seek to restart Shin Wolsong 1 and Kori 2 this month, and Hanbit 6, Hanul 3, Wolsong 2 and Wolsong 3 by mid-May.
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