Moon Jae-in administration's nuclear power phase-out is expected to cause “cumulative loss of 1,067 trillion won for next 30 years”

기사입력 : 2021-09-27 09:23

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People Power Party lawmaker Seo Il-jun
It is analyzed that the cumulative loss to surpass 1,000 trillion won over next 30 years due to the Moon Jae-in administration’s nuclear power phase-out and energy conversion policy. It is predicted that electricity production costs will increase 15.9% next year and 72.08% in 10 years. At this rate, a surge in electricity bills is also inevitable.

This is an analysis result released by the National Assembly Research Service, which received a request from People Power Party lawmaker Seo Il-jun to estimate amount of the 'cost of Moon Jae-in government’s policy on energy conversion’ on September 23. This is the first time that the government institution has estimated the losses caused by the nuclear power phase-out policy.

Assuming that the price of renewable energy is 170 won per kWh, the National Assembly Research Service said that the cumulative loss caused by Moon Jae-in government’s energy policy will be 58.5 trillion won 5 years later, 177.43 trillion won 10 years later, and 1,067.4 trillion won 30 years later.

This is the result of predicting the demand for power generation in 2050, 30 years later, at 854,027GWh. This is more than 300,000 GWh than this year's power generation amount, 540,853 GWh.

The increase rate of electricity production costs caused by nuclear phase-out policy is estimated to be 48.14% 5 years later, 72.08% 10 years later, and 135.14% 30 years later.

Lawmaker Seo pointed out that even this analysis was also made on a fairly optimistic premise. Many of experts said that the actual loss will be larger than the estimated result, he said.

In addition, damage of domestic nuclear power plant industry and job losses caused by the nuclear phase-out policy were not included in this research. If these costs are added up, the amount of loss is expected to increase further.

By Global Economic Reporter Ji-wan Nam ; translate by Gounee Yang