Stalled Korea Reactors Show Risks to Betting on Moon
- Panel recommends proceeding with $7.5 billion nuclear project
- South Korean president’s support has slipped after election
S. Korea's Moon Drops Nuclear Power Pledge
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South Korean President Moon Jae-in reversed his policy on halting the construction of two nuclear reactors, sending construction shares soaring while casting fresh doubt on his ability to carry out election promises.
Prior to his May election win, Moon pledged to scrap a $7.5 billion project for two atomic reactors in the southeastern village of Ulju as part of a plan to eliminate nuclear energy and switch to natural gas and renewables. The town’s 9,000 residents were angry, and experts warned that getting rid of nuclear power -- which accounts for 30 percent of South Korea’s energy -- would boost electricity costs.