Korea Power Engineering Shares Surge

13 December 2009 (Last Updated December 13th, 2009 18:30)

Shares in nuclear power plant designer Korea Power Engineering jumped 44% in its Seoul debut on the prospect that global efforts to curb greenhouse-gas emissions will fuel demand for nuclear energy. Korea Power Engineering, a unit of the nation's biggest utility, climbed KRW9,450

Shares in nuclear power plant designer Korea Power Engineering jumped 44% in its Seoul debut on the prospect that global efforts to curb greenhouse-gas emissions will fuel demand for nuclear energy.

Korea Power Engineering, a unit of the nation's biggest utility, climbed KRW9,450 to KRW31,050 on the Korea Exchange, from the initial share sale price of KRW21,600, reports Bloomberg.

The benchmark Kospi stock index rose 0.5%.

South Korea, which operates 20 nuclear power stations, plans to add eight plants by 2016 as the crude-oil importer switches to alternative fuels and depends less on oil after prices reached a record $147.27 a barrel in 2008.

The nation, Asia's fourth-largest polluter, said last month it plans a 30% cut in greenhouse gas emissions by 2020.

South Korea is one of 192 nations meeting in Copenhagen in a bid to craft a new treaty to reduce global greenhouse-gas pollution.