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The cost of government pressure for a nuclear power plant policy continues to mount.
The amount of provisions that Korea Hydro and Nuclear Power would need to accumulate to cover the cost of dismantling Unit 1 of the Kori Nuclear Power Plant was estimated to be 850 billion won. The cost of denuclearization is another 40 billion won increase compared to the previous one.
According to the ‘KHNP Provision to Increase KHNP Unit 1 Dismantling Allocation’, which KHNP submitted to the Geum-Hee Yang People’s Power Office of People’s Power, KHNP has established a total of 84.9 billion won by 2022 as the provision for Kori Unit 1 debt.
This is nearly 40 billion won more than KHNP’s estimated decommissioning cost of 8129 billion won last month. KHNP announced last month that it would draw up a plan to increase provisions for decommissioning by unveiling a preliminary plan to dismantle Gori Unit 1.
KHNP said in its acquisition plan report that it is also considering issuing corporate bonds. You plan to use internal funds, such as operating cash flows generated by sales yourself, but use external funds if necessary.
The cost of dismantling Kori Unit 1, calculated by the government and KHNP, increases every year. It was initially set at 603.3 billion won in 2012, but increased to 643.7 billion won in 2014, and has grown by about 8.5 billion won.
The provisioning of debt, which is almost 40 billion won higher than the estimated cost of decommissioning, is due to additional fluctuations in existing expenses. KHNP said it is conducting additional investigative services to review the cost of Kori Unit 1.
When dismantling a nuclear power plant, currently the same amount is applied regardless of the type of reactor, but a service to evaluate the cost of dismantling is pursued considering the characteristics of each type of nuclear power plant. KHNP said: “We plan to estimate the cost of decommissioning the nuclear power plant reflecting the results of the service.” For this, the service was carried out until September next year, and the budget was invested about 1.76 billion won.
Kori Unit 1 is the first nuclear power plant in Korea that began operating commercially in April 1978, and it is the first nuclear power plant that was closed when it entered the Moon Jae-in regime. KHNP plans to present the final draft to the Nuclear Safety Committee late next month.
The final decommissioning plan is a license document that KHNP, a commercial operator, must submit to the ROK Committee for approval to decommission the nuclear power plant.
The plan is to get final approval from the Korean National Security Council by June 2022 and complete decommissioning by the end of 2032. However, there is a high possibility that the time has increased and the cost increased even further, as there is no there is a way to process nuclear materials after use. Initially, KHNP planned to build a temporary storage facility at the Kori nuclear power plant site by the end of 2024 and move it out there by the end of 2025. However, progress was slow as the review committee faced difficulties in its implementation. functioning.
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