One of the main reasons people oppose a nuclear power phase-out is because nuclear power plants are a future source of revenue. However, according to the “United Arab Emirates (UAE) Nuclear Power Plant Construction Project Report” of the Korea Electric Power Corporation (KEPCO) obtained by the Kyunghyang Shinmun, the profitability of exporting nuclear power plants is questionable. According to the document, KEPCO should have reaped in revenues of 1.9 trillion won from 2010 until September this year for constructing the Barakah Nuclear Power Plant in the UAE. But a closer look tells a different story. First, construction has stalled, and the company will probably have to compensate for the delay. The compensation for the delay is US$600,000 a day (approximately 678 million won). What's more, the construction costs were covered by a US$10 billion loan from the Export-Import Bank of Korea, which would be repaid with the operating profits of the power plant. So when we calculate the compensation for construction delay and the bank interest, we can estimate negative revenues from the power plant. The conservative politicians once praised the export of the nuclear power plant to the UAE as a profitable business, but they turned out to be wrong.

The deterioration of profitability in nuclear power plant exports is not restricted to South Korea. This is why a number of countries have abandoned the business. Recently, Japan gave up overseas nuclear power plant construction projects that Toshiba, Mitsubishi and Hitachi each won. They did so, because project costs have skyrocketed due to stronger safety standards after the 2011 nuclear power plant accident in Fukushima, Japan. Of the fifty nuclear power plants currently under construction worldwide, construction has been delayed for years on over 33 units. Given the risk of a nuclear accident and the increase in construction costs, exporting nuclear power plants is not a gold mine, but a high-risk business.

The world is turning away from nuclear power plants, which pose various dangers, and turning toward renewable energy. Renewable energy is also a fast growing industry. Last year, wind power generation increased 17% from the previous year, while solar photovoltaic (PV) increased by 35%. Meanwhile, nuclear power generation increased by only 1%. The economic feasibility of renewable energy, which had been cited as a problem, is rapidly improving. According to an analysis by a U.S. firm, the average cost of power generation per power produced decreased 67% for wind power, and 86% for solar power from 2009 to 2017. However, the cost increased 20% in the case of nuclear power. So many countries are joining the movement to phase out nuclear power plants. Germany decided to shut down all nuclear power plants by 2022. Denmark, Sweden, Belgium, and Switzerland are also moving toward increasing renewable energy.

It seems South Korea is the only nation still caught in a heated debate on switching energy sources. An international energy and nuclear expert who recently visited South Korea said, "The development of nuclear power is an obstacle to new innovation, and South Korea is just in such a position," and expressed his regrets. The world has been focusing on and rushing to invest in new energy sources since over a decade ago. If South Korea hangs onto nuclear power plants, an “endangered” industry, and ignores new industries, it is bound to fall behind.