In a recent exclusive interview with The Korea Post, Lee Ik-hwan, the new President and Chief Executive Officer of Korea Nuclear Fuel Company, said that KNF will innovate itself to grow as one of the global top nuclear fuel companies. The following are excerpts from the interview.
Question: As the new president of Korea Nuclear Fuel Company (KNF), what are your plans for the future of the Company?
Answer: First of all, I am privileged to inaugurate as the president and chief executive officer of KNF that plays a pivotal role in the nation’s energy industry in this critical period of global economic downturn and exhaustion of conventional energy. With emerging global renaissance of the nuclear power industry, I am committed to further stepping up capabilities of KNF as a global nuclear energy provider by developing new technologies and expanding business into overseas markets. In line with the management policy of the parent company, Korea Electric Power Corp., KNF will innovate itself to grow as one of the global top nuclear fuel companies.
Q: I understand you have been playing a leading role in the nuclear power industry for more than 30 years. Would you briefly introduce your experiences and strong points?
A: Having majored in nuclear engineering in college, I joined the Ministry of Science and Technology as a research official and served as a manager of program of designing nuclear power plant at the Korea Atomic Energy Research Institute for many years. Then I served as executive officer of radioactive waste program, Korea Electric Power Corp. (KEPCO), and Korea Hydro & Nuclear Power. Since 2004, I served as chairman of Korea Nuclear Power Tech of Venture Company and technology advisor to the International Atomic Energy Agency (IAEA). With these diversified and affluent experiences as well as in-depth management know-how, I am confident that I will be able to lead the successful development of KNF as well as the nuclear power industry of the country.
Q: What are main functions of KNF?
A: Since its establishment in 1982 as a state-run company, KNF has been developing and producing nuclear fuel for local atomic power plants, which supply 40% of total electric power demands of the country. With little natural resources, Korea is relying on imported fossil fuels by 97%, and the nuclear power has an enormous value for self-reliance of energy. It is particularly vital for easing the issues of exhaustion and sharply increasing prices of fossil fuels and international restriction on emission of greenhouse gases as nuclear fuel is free from generating such gases. It is also an energy source that can supply massive amount of electricity, with the lowest costs.
Q: What are levels of nuclear fuel technology of KNF?
A: Nuclear fuel technology can be classified into two categories -- nuclear fuel design technology and nuclear fuel production technology. With heavy investment in R&D activities, KNF has attained significant results in technology, developing highly advanced nuclear fuels such as PLUSTM, the Korea’s standard innovative fuel, and ACE7TM. Its production technology is also widely recognized as top-grade one with rich and diversified experiences and competitive edge. It is now concentrating efforts on obtaining patent rights for original technologies. As part of these efforts, the Company is developing technologies under the Gen Project’ since 2005, and it is expected to export our own nuclear fuel by 2012 when the project is completed. It is also exerting concerted efforts to develop overseas business, beyond the domestic market, in conjunction and competition with world leading companies in nuclear world industry.
Q: Now would you explain about major achievements of your Company since its inception?
A: To begin with, I want to say that KNF is making significant contribution to the nation’s energy security by successfully developing nuclear fuel and steadily supplying all fuel needed by nuclear power plants in the country. It is also contributing to enhancing competitive edge of the country’s overall industry by allowing power plants to supply low-priced and high quality electric power. KNF helped partners and suppliers to localize all components of nuclear fuel and export them to other countries including the United States. In addition, having developed zirconium alloy tube, a strategic material, the Company recently completed the construction of a zirconium alloy tube production plant in the Daedeok Techno Valley. We expect the plant to dispense with import of zirconium alloy tubes worth 20 billion won (approximately $13.63 million) a year.
Q: Then, do you have any notable achievements for this year?
A: KNF will complete two important programs -- the construction of zirconium alloy tube production plant and expansion of nuclear fuel production facilities -- in this year. Since 2004, the Company has been developing technologies for manufacturing zirconium alloy tubes, constructing its plant which started commercial test operation in early November this year.
When the entire construction project is completed by the end of this year, the Company will be able to produce zirconium alloy tubes that account for some 70% of nuclear fuel production costs except enriched uranium. To meet growing demand for nuclear fuel for light water reactors, KNF has been expanding its production facilities and it expected to be completed later in this month. The Company is now producing 400 tons-U each of nuclear fuel for light water reactors and heavy water reactors a year, and the annual production capacity of the fuel for light water reactors will be increased to 550 tons-U when the facility expansion is completed.
