South Korea's KHNP temporarily ceases nuclear power plant construction
South Korean nuclear power operator Korea Hydro & Nuclear Power (KHNP) has temporarily ceased construction of projects, including reactors Shin-Kori 5 and 6.
The move follows an announcement made last month by South Korea's President Moon Jae stating that the country will be suspending new reactor construction and shutting down facilities that have reached their maximum life cycles to pursue clean and renewable energy.
Located 414km southeast of Seoul, the reactors were being constructed under a consortium between Samsung C&T, Doosan Heavy Industries & Construction, and Hanwha Engineering & Construction, reported Yonhap News.
Shin-Kori 5 and 6 reactors were reported to be 29.5% complete in June.
The new policy may lead to increases in electricity prices and power shortages. The government is seeking debate and public opinion on the issue.
Suspending work is estimated to result in a total loss of approximately KRW100bn ($88m). KHNP plans to send official documents to any companies involved in its construction processes and included in the 164 previously signed contracts, which are worth a total of KRW4.9 trillion ($4.3bn).
The firm further informed that any suspension of work will be finalised after consulting the Ministry of Trade, Industry, and Energy.