The Asian nation plans to have 80 nuclear power plants and 20 percent of the global market share by 2030
By Sarah Wolfe
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South Korea has announced it plans to have $400 billion in nuclear energy contracts by 2030. In December 2009, Korea Electric Power Corp. and partners won the country’s first overseas order – from the United Arab Emirates - to build a power plant, beating out world-leading nuclear facility builder, AREVA SA, and General Electric Co.
By 2030, South Korea plans to have constructed 80 nuclear plants and to control 20 percent of the global market share, Bloomberg reports, making it the world’s third-largest nuclear plant exporter.
As global nations make clean technology investments to lower carbon emissions, demand is expected to rise considerably for nuclear power. The World Nuclear Association predicts South Korea’s nuclear market will be centered mainly on countries new to the technology, including Indonesia, Vietnam, Malaysia and Thailand as well as Middle Eastern nations, Bloomberg reports.
South Korea offers a competitive edge with a lower price tag on nuclear power plant construction on its home soil, which will help it attain more contracts.
Learn more at Bloomberg
(Edited by Militza Richard)