President Chung Jae-hoon of Korea Hydro & Nuclear Power. (KHNP)

The International Energy Agency (IEA) recently issued a report that continued investment into nuclear power is essential to ensure energy security in the era of COVID-19.

The world had gotten to know that electricity played an important role in work, schooling, shopping or other parts of life while experiencing the COVID-19 crisis, and in the course, particularly, nuclear power had attracted much attention, it said.

IEA evaluated that nuclear power units became the backbone to ensure a stable supply of electricity.

Nuclear power units had been operated smoothly despite restrictions such as lockdowns and social distancing measures, the report said.

The reason is that countries will have to make continued investments in the nuclear power sector. Currently, there are 441 nuclear power units in operation in 31 countries around the world.

The report said nuclear power, a low-carbon power generation source, is essential to properly cope with climate change.

Nuclear power units need to be operated simultaneously to raise the portion of new and renewable energy power generation, which has higher fluctuations.

Ways of reducing nuclear power and shifting into new and renewal energy sources are not impossible, but it would cause a huge cost, heightening energy security risks, the report said. Energy paradigm shift without nuclear power would cause an additional cost of $1.6 trillion (1,940 trillion won, it said.

Lee In-shik of KHNP’s Green Energy Division and President Kim Min-gyu of J-One hold a certificate of a shareholders’ contract they signed to to implement a 60MW photovoltaic power project on Jeju Island at Maison Glad Jeju on June 18. (Photos: KHNP)

KHNP Strikes Deal with J-One to Build 60MW Photovoltaic Power Plant in Jeju

Korea Hydro & Nuclear Power Co. (KHNP) signed a shareholders’ contract with J-One to implement a 60MW photovoltaic power project on Jeju Island.

Among those on hand at a contract-signing ceremony that took place at Maison Glad Jeju on June 18 were Lee In-shik of KHNP’s Green Energy Division, Bae Yang-ho, chief of KH’s New/Renewable Business Department, and President Kim Min-gyu of J-One.

The project calls for investing about 92 billion won for the construction of a 60MW photovoltaic power plant. It is to break ground next February, and the plant is scheduled to be dedicated next July.

The projected plant will be capable of producing 69,000MW per annum after it will be on line.

KHNP will be in charge of the purchasing of renewable certificates (RECs) and project management while J-One will be charged with licenses and permissions and support for the stable implementation of the project.

The project started with the signing of an MOU in September 2018.

The signing of a shareholders’ deal is expected to spur the progress of the project.

The photovoltaic power project will proceed with Jeju residents’ participation in the construction of clean energy infrastructure.

Part of proceeds accruing from the implementation of the project will be donated to the underprivileged and environment bodies during the operation period of 20 years, restoring profits to regional society.