ASEAN countries’ nuclear power plans have been revived one after another

Nuclear power plant construction and operation projects in Southeast Asia have been launched one after another. Against the backdrop of growing electricity demand and decarbonization, Vietnam and the Philippines have revived their past nuclear power plans. ASEAN has no experience in operating nuclear power plants and will seek technical assistance from Russia and the United States. Nuclear power giants such as Russia and the United States also regard it as a business opportunity and approach Southeast Asian countries.

Vietnam will restart the suspended nuclear power plant construction plan. It is expected to form a total of 4 million kilowatts of power generation capacity at two locations in the central province of Ninh Thuan. It was originally planned to be built with the assistance of Japan and Russia, but it was suspended in 2016 due to increased public debt.

In recent years, nuclear power plant construction usually takes about 10 years, but Vietnam strives to complete it in 2030, the 100th anniversary of the founding of the Communist Party of Vietnam. It is reported that the Vietnamese Prime Minister emphasized at the meeting that day that “the entire political system needs to be mobilized.”

Vietnam’s restart of nuclear power plans will rely on nuclear power giants. Vietnamese Prime Minister Pham Minh Chinh and Russian Prime Minister Mishustin held talks in January and signed a memorandum of understanding to promote cooperation in the field of nuclear energy.

Power shortage leads to increased demand for nuclear power

The sudden resumption of nuclear power projects comes as power shortages in Southeast Asia are worsening year by year.

The new leadership of the Communist Party of Vietnam, which will take office in 2024, prioritizes growth and hopes to increase the GDP growth rate to more than 10%. As a source of growth, it hopes to attract chip factories and data centers, and it is imperative to build a system that can stably supply a large amount of cheap electricity.

The Philippines strives to start a nuclear power plant with a power generation capacity of 2.4 million kilowatts by 2035. It plans to start the unused Bataan Nuclear Power Plant on Luzon Island with the support of the United States and South Korea. The United States will support Philippine researchers who study nuclear energy technology, and an agreement to lift the ban on the export of civilian nuclear materials and parts has also come into effect in July 2024.

The Bataan Nuclear Power Plant was built by the former Philippine President (the father of the current President Marcos) in the 1980s. The Chernobyl Nuclear Power Plant accident in the former Soviet Union in 1986, coupled with the change of regime in the Philippines, frustrated the Bataan Nuclear Power Plant plan. For the Marcos family, starting a nuclear power plant is a long-cherished wish. The Philippine government is also considering introducing “small modular reactors (SMRs)” that are considered to have excellent safety.

According to statistics from the Japan Atomic Energy Association, as of January 2024, more than 430 nuclear power units are in operation in more than 30 countries around the world. There are more than 160 nuclear power units under construction and planning. The International Energy Agency (IEA) predicts that the installed capacity of nuclear power units will increase to 1.4 times that of 2023 in 2040 based on the policies announced by various countries.

ASEAN countries are actively introducing nuclear power units because they believe that they can cope with the growth of electricity demand while curbing greenhouse gas emissions.

Indonesia plans to introduce 250,000-kilowatt nuclear power units in the early 2030s.

Nuclear power powers will approach Southeast Asia and seek to export nuclear power technology. The United States plans to set up a working group on the nuclear energy industry in the Philippines, and Southeast Asian countries and American companies will negotiate. In addition to Vietnam, Russia has also expressed its willingness to provide assistance to Myanmar. South Korea is also looking for business opportunities.

It is reported that China has shown interest in introducing nuclear power plants to Indonesia and plans to build a floating nuclear power plant in the South China Sea.

ASEAN has no experience in operating nuclear power plants, and it is unclear whether the project can be carried out as planned. In addition to the high construction costs, professional talents need to be secured. After the Great East Japan Earthquake, concerns about nuclear power safety are also intensifying. There are different views among countries on nuclear power plants, and adjustments may be made according to future regime changes and situations.

Source: Nikkei