Seoul: The state-run Korea Hydro and Nuclear Power Co. (KHNP) has initiated a bidding process to select candidate sites for the construction of two new nuclear reactors, which are scheduled to be operational by 2038, company officials announced.

According to Yonhap News Agency, this bidding process began shortly after the government confirmed its plans to construct two large-scale nuclear reactors between 2037 and 2038, as delineated in the 11th basic plan for electricity supply and demand. This move follows a statement by the climate ministry on Monday, emphasizing the nation's adherence to its nuclear expansion strategy. The ministry highlighted the increasing power demand fueled by the burgeoning artificial intelligence sector and the imperative to enhance clean energy usage.

Since the announcement, several cities and towns, notably the southeastern cities of Busan and Ulsan, have reportedly expressed their interest in hosting the new nuclear reactors. The KHNP aims to finalize the site selection by 2027, with the objective of securing approval for the construction plan from the nuclear safety watchdog by 2031.

In addition to this, the KHNP has also opened a separate bidding process to determine the host site for a new next-generation small modular reactor, marking its commitment to advancing nuclear technology in the region.