Nuclear Power, Highly
Efficient Energy Source
Best alternative for curbing global warming

By Lee Joong-jae, President of Korea Hydro & Nuclear Power Co.

International oil prices is are renewing its their highest day by day. Nobody can dare to estimate the end of this soaring rising curve. The price of West Texas Intermediate (WTI) prices has have passed the $70 a barrel mark and those that of Dubai oil is are heading toward to $60, drawing a prospect among experts that the 3rd Oil Shock with prices topping the price over $100 a barrel might break out.
Whit this unparalleled high oil prices, concerns of Korea are that almost all (98 percent) of the country's demand for oil is supplied by imports, and the amounts is are going up every year: $38.3 billion in 2003 and $49.8 billion in 2005.
A report released recently by a domestic institute analyzed that in case the annual average price of Dubai oil hits $50, Gross Domestic Product (GDP) will decline by 0.83 percent, Consumer Price Index increases 0.5 percent and the trade balance falls by $300,000. And as for the economic effects from the entry into force of the United Nations Framework Convention for Climate Change, even ballpark estimation is beyond imagination.
In this desperate energy context with global energy upheaval and such environmental disasters due to global warming, Hurricane Katrina, for example, the one and only alternative Korea can choose is the nuclear energy that produces no CO2. Atomic energy is a clean source of power with no greenhouse gases and also is one of the cheapest energies as well as stable in supply and demand. Those are the reasons why many advanced countries, including the United States, and developing countries are re-focusing on nuclear power plant in the security perspective.
Korea is the 6th biggest nuclear power-producing country running 20 units of nuclear power plants (in a total of 17.72 million kW). This accounts for approximately 30 percent of the entire power generation capacity (60.99 million kW) and about 40 percent of total electricity power production in Korea.
Starting commercial operation in 1978, Kori Nuclear Power Unit 1 has greatly contributed to Korea's economy. In 2004, domestic nuke generation ran into 130.7 billion kWh, which resulted in a decreased in discharge of CO2 emissions by 110 million tons and import substitution of 1.6 trillion won compared to in case of coal-fired power generation.
Moreover, nuclear station can be operated for 15~18 months by only one charge of fuel. As for the fuel, uranium, Korea already has secured a stable fuel supply through a long term contract with politically safe and settled countries like Canada and Australia. And, material processing technology has been completely localized excepting uranium enrichment process. It means that our nuclear power generation is hardly affected by the world situation and global energy crisis.
Also in terms of construction of atomic power stations and its operation, Korea takes pride in the world best safety and operation performance. Korea has succeeded in developing Korean Standard Nuclear Power Plant (KSNP), dubbed OPR1000 and now running 6 KSNPs nation wide. So to speak, Nuclear power is a quasi-domestic energy, which is highly competitive in all aspects, including such as energy security and technological independence as well as economic feasibility and safety.
Nonetheless, public sentiment and recognition on nuke power generation are quite negative, which is mainly due to misunderstanding and false information.
With its excellent environmental- friendliness and competitive economical feasibility, atomic energy can be the driving force for achieving our energy independence and economic & industrial development. In such an age where the price of oil prices are extremely high, the Korean government has to commit itself to keeping stable supply of electricity at a reasonable price and to creating new value-added through the exploration of nuclear power generation technology. nw

Ulchin Nuclear Power Complex