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South Korea approves $7 Billion nuclear project

South Korea on Wednesday (Jan. 29, 2014) approved a nuclear reactor construction project for the first time since the 2011.

The country will spend $7 billion to build two reactors, each with a capacity of 1.4 gigawatts, by the end of 2020, the Ministry of Trade, Industry and Energy said. The approval is part of previously announced plans to build 11 reactors by 2024.

The ministry said South Korea, Asia’s fourth-biggest economy, will need a total of 43 gigawatts of nuclear power capacity by 2035, up from 36GW by 2024. A ministry official said five or six additional reactors might be required for the extra 7GW power generation.

(Source: The Wall Street Journal)

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