Three firms interested in applying for Korea's upcoming SMR preliminary review system

Several companies have shown interest in Korea’s preliminary review system aimed at expediting the development of next-generation nuclear power plants, a nuclear watchdog official said.

Jang In-sook, an official from the Nuclear Safety and Security Commission, made the remarks at a press conference on Wednesday when asked about the upcoming regulatory framework, which is designed to derisk and accelerate the commercialization of small modular reactors (SMRs).

“Three companies have expressed their intent to apply,” she said.

The system allows nuclear power plant developers to undergo safety and design verifications before formal licensing. It is already adopted in countries such as the United States and Canada.

Korea passed an amendment to the Nuclear Safety Act in April to include such a system. The amendment is set to take effect on Nov. 20.

Industry watchers speculate that the three companies are TerraPower, Saltfoss Energy and BEES, which are SMR developers from the United States, Denmark and Korea, respectively.

The nuclear watchdog also vowed to carry out its plan to establish safety regulations for SMRs by 2030 due to growing interest in next-generation nuclear reactors following the government’s massive investment plans for data centers, AI and semiconductors.

The commission also plans to actively engage in global standardization efforts by participating in the Atomic Technologies Licensed for Applications at Sea initiative expected to be set up next month.

Yonhap