Middle East conflict affecting East Asian supply chain: South Korea urgently restarts 6 nuclear power units to address "energy crisis"

To ensure energy security during the ongoing Middle East conflict, South Korea will accelerate the restart of nuclear reactors that are currently undergoing maintenance. After an emergency meeting on Wednesday, the South Korean Ministry of Climate, Energy, and Environment issued a statement saying that the country will seek to restart two units this month and another four units before mid-May. The government also stated that if the delivery of liquefied natural gas (LNG) is affected, they will consider flexibly adjusting the operation of coal-fired power plants; currently, coal-fired power generation is restricted on weekdays to reduce pollution. Nearly all of South Korea's electricity comes from nuclear energy, natural gas, and coal, and like other countries in the region, it is highly dependent on imported fossil fuels. Last year, around 14% of liquefied natural gas imports in this Asian country came from Qatar, but after being hit by an Iranian drone attack last week, Qatar had to halt production at the world's largest plant. The ministry stated, "Despite the impact of the situation in the Middle East, international oil and gas prices are soaring, but the direct impact on electricity prices is currently limited due to a time lag in fuel costs being reflected in the electricity market. If high oil prices persist or liquefied natural gas imports face interruptions, the electricity market will inevitably be affected." South Korea is a major importer of liquefied natural gas. Various departments and companies including state-run utility company Korea Electric Power Corporation (KEPCO), nuclear power operator Korea Hydro & Nuclear Power (KHNP), and Korea Gas Corporation (KOGAS) held a meeting. According to the statement, South Korea currently has 15 nuclear power units in operation. The government will seek to restart the Shin Wolsong 1 and Kori 2 units this month, and before mid-May, they aim to restart the Hanbit 6, Hanul 3, Wolsong 2, and Wolsong 3 units.