The UK is in talks with South Korea to build nuclear power plants in the UK to help the government triple capacity by 2050.
Energy Minister Grant Shapps met with his counterpart Lee Chang-yang in Seoul yesterday.
They agreed on a joint declaration on cooperation in the field of nuclear energy, including the design and construction of plants, the production of equipment, the decommissioning of nuclear power plants, fissile materials and small modular reactors.
Mr Shapps said Russia’s invasion of Ukraine “showed the world a mirror, a reflection of how fragile our energy security can be” and called for closer cooperation to achieve energy security.
“As we approach a tipping point where coal and gas no longer makes economic, let alone environmental, sense, there are more and more opportunities for UK and Korean companies to work together for the benefit of both countries and our communities.
“I want the Republic of Korea to work even more closely with us in the UK and make the most of the world-class UK experience to work further and faster towards greater renewable energy, create investment opportunities in the UK and redouble our efforts against. “Putin Arming Our Global Energy Resources”.
Lee, Korea’s trade and energy minister, said the cooperation would enhance the strengths of both countries. “Korea is competitive in the design, construction and production of nuclear power plants, while the UK is strong in the decommissioning of nuclear power plants and the decommissioning of fissile materials,” he said. “Two countries can work together for mutual benefit.”
Seoul said it would also speed up talks on the possible participation of the Korea Electricity Corporation in the construction of a new nuclear power plant in the UK.
Korea Electric Power Corporation, a state-owned power company that operates nuclear power plants, had previously considered acquiring a stake in the proposed Moorside nuclear power plant in Cumbria, England. However, this plan failed. The site continues to be assessed as a potential site for other forms of low carbon electricity generation.
Korea has stepped up efforts to export its own reactor technology. The company has delivered four reactors to a nuclear power plant in the United Arab Emirates and is reportedly exploring projects in Saudi Arabia, Poland, Turkey and Kazakhstan.
The move follows the creation of Great British Nuclear, the body tasked with leading the New Nuclear Projects program.
South Korea plans to increase its share of nuclear power to nearly 35 percent of its total energy mix by 2036, up from 28 percent in 2021.
Mr Shapps also called for more cooperation in the field of wind power, noting that UK companies account for 60 percent of offshore wind contracts in Korea and that Korea is already investing in UK offshore wind projects.
Mr Shapps’ visit follows the UK government’s Power Up Britain plan to make nuclear power environmentally friendly.
South Korea plans to build 12 GW of offshore wind power by 2030, with more than 25 projects under development and UK companies represented in 60 percent of its projects. By 2030, the UK plans to generate 50 GW.
The South Korean company has already invested £512 million in a new Teesside plant that will produce foundations for offshore wind turbines. Mr. Shapps hopes to attract more investors.