Seoul: Several companies have shown interest in South 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 Wednesday regarding the upcoming regulatory framework designed to de-risk and accelerate the commercialization of small modular reactors (SMRs).

According to Yonhap News Agency, "Three companies have expressed their intent to apply," Jang stated. The system allows developers of nuclear power plants to undergo safety and design verifications before formal licensing. This approach is already in use in countries like the United States and Canada. South Korea passed an amendment to the Nuclear Safety Act in April to include such a system, which is set to take effect on November 20.

Industry watchers speculate that the three companies interested in applying are TerraPower, Saltfoss Energy, and BEES, which are SMR developers from the United States, Denmark, and South Korea, respectively. The nuclear watchdog also vowed to carry out its plan to establish safety regulations for SMRs by 2030. This comes amid growing interest in next-generation nuclear reactors following the government's massive investment plans for data centers, artificial intelligence (AI), and semiconductors.

Additionally, the nuclear safety and security commission plans to actively engage in global standardization efforts by participating in the Atomic Technologies Licensed for Applications at Sea (ATLAS) initiative, which is expected to be set up next month.