Ministry of Trade, Industry and Energy

KHNP consortium wins Romanian reactor refurbishment project

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea Hydro & Nuclear Power (KHNP)’s tripartite consortium with Canada's Candu Energy Inc. and Italy's Ansaldo Nucleare SpA won the bid for Romania’s refurbishment project of its Cernavoda nuclear power plant (NPP) Unit 1. Accordingly, KHNP and Romania’s Societatea Nationala Nuclearelectrica (SNN) signed a contract on the Cernavoda NPP Unit 1 refurbishment project today (local time) in Bucharest, Romania. The Cernavoda Unit 1 is a CANDU reactor with an operating license set to expire by 2027 and SNN is pushing the refurbishment project with aim for continued operation by 2030 through the replacement of old equipment. Of the total project cost of roughly KRW 2.8 trillion, KHNP’s portion of the scope of work is valued at approximately ₩1.2 trillion. Candu Energy is responsible for the reactor system and Ansaldo Nucleare will oversee the turbine system design and procurement of materials, while KHNP is in charge of replacing the main and auxiliary components as well as construction of radioactive waste storage facilities and other infrastructure. Korea Electric Power Corporation Plant Service & Engineering (KEPCO KPS), Doosan Enerbility, Hyundai E&C, and Samsung C&T will also participate in the construction process as KHNP’s subcontractors. With today’s contract signing on the Cernavoda refurbishment project, Korea will be taking part in an overseas continued operation project for the first time, which is anticipated to help diversify the country’s NPP exports going forward.   date2024-12-19

Korea Launches CF Alliance International Conference 2024

Minister for Trade, Industry and Energy (MOTIE) Dukgeun Ahn attended the CF Alliance International Conference 2024 today in Seoul with the participation of CF Alliance Chairman Hoesung Lee, former Executive Director of the International Energy Agency (IEA) Nobuo Tanaka, and former Assistant Secretary to the U.S. Department of Energy (DOE) David Sandlow among a number of other climate, energy, and industry experts. Minister Ahn gave an opening message, stating that within the one year since Korea’s proposing the CFE Initiative, it has won the support of the IEA and 11 countries and launched the CFE Global Working Group (October 2024) in which the Czech Republic, Japan, the United Arab Emirates (UAE), Korea, and the IEA are taking part. He added that these achievements were made possible thanks to the international community’s shared consensus on the need to utilize diverse carbon-free energy sources. date2024-12-18

KORAD selects Taebaek City as site for underground high-level radioactive waste research facility

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced that the site evaluation committee under the Korea Radioactive Waste Agency (KORAD) has made the final selection of Taebaek City, Gangwon Province, as the site for underground high-level radioactive waste research facilities during today’s committee meeting. The call for the radioactive waste research facility site proposal was announced in June this year, to which Taebaek City became the sole applicant. Composed of 20 private sector committee members, the site evaluation committee confirmed Taebaek City as the research facilities site through a fair and objective review process based on eight assessment criteria. The underground research facilities are for conducting studies on Korea’s rock mass properties and disposal system performance at 500m underground, at a depth similar to that of disposal facilities. Radioactive waste or used nuclear fuel will not be admitted inside the area. Technologies developed in the facilities will be utilized in the process of site selection, construction, and operation of radioactive waste disposal facilities following the legislation of the Special Act on High-Level Radioactive Waste Management (“Special Act”). After completion, the research facilities will be open to the general public to provide the opportunity to experience an environment quite similar to that of a high-level radioactive waste disposal facility. MOTIE plans to commence construction of the facilities beginning in 2026 ensuing a prefeasibility study in 2025 and other necessary procedures and make continued effort for the pending Special Act to swiftly pass the National Assembly.   date2024-12-18

Korea launches CF Alliance International Conference 2024

The Ministry of Trade, Industry and Energy (MOTIE), Korea Chamber of Commerce and Industry (KCCI), and the Carbon Free (CF) Alliance held the CF Alliance International Conference 2024 today in Seoul with the participation of MOTIE Minister Dukgeun Ahn, CF Alliance Chairman Hoesung Lee, former Executive Director of the International Energy Agency (IEA) Nobuo Tanaka, and former Assistant Secretary to the U.S. Department of Energy (DOE) David Sandlow among a number of other climate, energy, and industry experts. The Carbon-Free Energy (CFE) Initiative, introduced by Korea to the international community in September 2023, is a technology-neutral campaign aiming at carbon reduction without targeting specific energy sources. Conference attendees shared the view that the CFE Initiative is advantageous for companies in terms of supply stability and cost effectiveness considering the rapidly increasing power demand driven by the rise of artificial intelligence (AI) and high-tech industries. In his congratulatory message, MOTIE Minister Ahn said that within the one year since Korea’s proposing the CFE Initiative, it has won the support of the IEA and 11 countries and launched the CFE Global Working Group (October 2024) in which the Czech Republic, Japan, the United Arab Emirates (UAE), Korea, and the IEA are taking part. He added that these achievements were made possible thanks to the international community’s shared consensus on the need to utilize diverse carbon-free energy sources as shown at the United Nations Climate Change Conference COP28 in November 2023. MOTIE and the CF Alliance are committed to establishing a CFE certification system for Scope 1 and 2 through the Global Working Group next year to expedite the CF Initiative’s diffusion across major governments and private sectors worldwide.   date2024-12-18

32nd Energy Commission meeting

MOTIE Minister Dukgeun Ahn chaired the 32nd Energy Commission meeting on December 3 in Seoul and proposed project tasks in line with the K-grid global market strategy, including AI-driven energy system transition policies.   The meeting was attended by related ministries, academia, and organizations like the Korea NGO's Energy Network (ENET). date2024-12-04

K-Grid Export Alliance launching ceremony

Trade, Industry and Energy Minister Dukgeun Ahn attended the public-private K-Grid Export Alliance launching ceremony on December 3 in Seoul and announced Korea's global grid market strategy. The ceremony was attended by representatives of related institutions and companies including those specializing in EPC (engineering, procurement, construction) and power grids. date2024-12-04

Power grid industry to rise as Korea’s next energy export growth engine

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the launching of a public-private K-Grid Export Alliance (“Alliance”) and its strategy for penetrating global grid markets. Amid major countries’ efforts to achieve carbon neutrality and the rising power demand fueled by AI and such high-tech industries, the demand for old grid replacement and new grid establishment is expected to sharply increase in the future. Grid establishment projects are long-term projects (app. 10 years) entailing large-scale investments and maintenance work, leading to anticipation of economic spillovers for Korean companies by means of joint entries accompanying nuclear reactor exports. The Alliance was formed under the aim to promote exports across the entire electrical power industry value chain spanning power generation, transmission, distribution, and ancillary services under a national brand dubbed as “Team Korea,” combining the strengths of public power companies, EPC (engineering, procurement, construction) specialized firms, and grid businesses. As buyers and developers of materials and equipment, public power companies and large corporations will play the central role of the Alliance, while EPC companies are to focus on utilizing homegrown materials. Meanwhile, Korea Electrotechnology Research Institute (KERI), Korea Trade Insurance Corporation (K-SURE), and Korea Trade-Investment Promotion Agency (KOTRA) are to concentrate on assisting in areas like test certification, financing, and overseas marketing. Major law firms will be supporting Korean companies respond to legal issues in the process of overseas market entry. At the 32nd Energy Commission meeting following the ceremony, MOTIE proposed 13 project tasks in line with the K-grid global penetration strategy. MOTIE Minister Dukgeun Ahn stated that the ministry will make the utmost effort to support the industry reach USD 15 billion in grid exports and occupy over five percent of the global market by 2030.   date2024-12-03

KPX announces results of clean hydrogen power competitive bidding

The Korea Power Exchange (KPX) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the competitive bidding results of the world’s first clean hydrogen power generation bidding market. Following KPX’s bid announcement on May 24, six power plants (five companies) participated in the bid with a net 6,172 GWh. Based on the resolution of the hydrogen power generation bidding market committee and the bid proposal evaluation by the evaluation committee composed of external experts, a power plant with a bid of 750GWh/year was selected as the final successful bidder. The bid winner plans to produce electricity using clean fuel that fulfills Korea’s clean hydrogen certification standard requiring that greenhouse gas emissions be 4㎏CO2eq or less per 1kg of hydrogen.  Commercial operation will begin in 2028 ensuing the preparation time for infrastructure establishment and power plant renovation. Electrical power can be auctioned for up to 15 years starting from the commercial operation date.   date2024-12-02

3rd strategy meeting on East Sea deep-sea gas field development

Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn chaired the third strategy meeting on East Sea deep-sea gas field development on November 27 at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul, where attendees agreed to give final approval on the Korea National Oil Corporation (KNOC)'s drilling plan for Block 8 and the northern part of Block 6-1 of the gas field, referred to as the “Blue Whale.” The meeting was attended by relevant ministries, national policy research institutes, academia, resource institutions, and private companies. date2024-11-27

East Sea “Blue Whale” Gas Drilling Plan Granted Final Approval

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the third strategy meeting on East Sea deep-sea gas field development on November 27 at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul with the participation of relevant ministries, national policy research institutes, academia, resource institutions, and private companies, where attendees agreed to give final approval on the Korea National Oil Corporation (KNOC)'s drilling plan for Block 8 and the northern part of Block 6-1 of the gas field, referred to as the “Blue Whale.” They also discussed the investment attraction progress and measures to improve the mining royalty system. Concerning the mining royalty system reform, the Government has established an amended version of the enforcement ordinances and regulations under the Mineral Resources Development Act and completed the legislative proposal notice and consultations with related ministries in line with plans to finish the amendment process by the year end. Meanwhile, KNOC has been launching investment briefing sessions for both global and domestic companies since this July and plans to carry out investment attraction strategies following the first borehole drilling. Upon approval of KNOC’s first borehole drilling plan, a drilling rig will enter Busan Port this December to begin preparations for commencing the two-month drilling process. After analyzing the drilling data, the Korean government plans to announce the first borehole drilling results in the first half of next year.   date2024-11-27