April 27, 2024
Industrials
Gov’t decision to phase out nuclear power hits Doosan
[THE INVESTOR] Doosan Heavy Industries & Construction and other local power plant-related firms continued to take losses for the second day on June 20, after President Moon Jae-in made clear the government‘s plan to phase out nuclear power.
Doosan Heavy was trading at 21,800 won (US$20) on the Seoul bourse as of 10:25 a.m., up 1.63 percent from the previous session’s close. On June 19, Doosan Heavy fell 11 percent to the lowest level in almost one year.
State-run utility firm Korea Electric Power Corp. also fell 1.78 percent to 41,300 won, following a 3.1 percent fall the previous session.
KEPCO Engineering & Construction Co., a firm specialized in the maintenance of power plants, dropped 4.94 percent to 20,200 won. In the previous session, it shed 11 percent.
At a ceremony to mark the permanent shutdown of the country‘s oldest nuclear power plant, the Kori-1, on June 19, the president said his government will scrap all existing plans for new nuclear power plants and won’t extend the operations of any aged reactors nearing the end of their initial life cycles.
“We will abolish our nuclear-centered energy policy and move toward a nuclear-free era. We will completely scrap construction plans for new nuclear reactors that are currently under way,” Moon said.
By Alex Lee and newswires (alexlee@herladcorp.com)
Doosan Heavy was trading at 21,800 won (US$20) on the Seoul bourse as of 10:25 a.m., up 1.63 percent from the previous session’s close. On June 19, Doosan Heavy fell 11 percent to the lowest level in almost one year.
State-run utility firm Korea Electric Power Corp. also fell 1.78 percent to 41,300 won, following a 3.1 percent fall the previous session.
KEPCO Engineering & Construction Co., a firm specialized in the maintenance of power plants, dropped 4.94 percent to 20,200 won. In the previous session, it shed 11 percent.
At a ceremony to mark the permanent shutdown of the country‘s oldest nuclear power plant, the Kori-1, on June 19, the president said his government will scrap all existing plans for new nuclear power plants and won’t extend the operations of any aged reactors nearing the end of their initial life cycles.
“We will abolish our nuclear-centered energy policy and move toward a nuclear-free era. We will completely scrap construction plans for new nuclear reactors that are currently under way,” Moon said.
By Alex Lee and newswires (alexlee@herladcorp.com)
