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.

"Suspending work is estimated to result in a total loss of approximately KRW100bn ($88m)."

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).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The firm further informed that any suspension of work will be finalised after consulting the Ministry of Trade, Industry, and Energy.