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| Korea Hydro & Nuclear Power Corp. (KHNP) CEO Chung Jae-hoon. Korea Times file |
By Lee Kyung-min
Korea Hydro & Nuclear Power Corp. (KHNP) CEO Chung Jae-hoon, the chief architect and enforcer of the nuclear phase-out initiative under the Moon Jae-in administration, failed to secure a term extension, Monday, despite his effort to stay on as the head of the operator of Korea's 21 nuclear power plants, according to market watchers. Chung's three-year term ended last year, but he has since served one more year. He will manage to retain his post until his successor is appointed.
The Ministry of Trade, Industry and Energy has foregone making a recommendation to Cheong Wa Dae for his term extension, amid the conflict in policy directions between the outgoing and incoming administrations. President-elect Yoon Suk-yeol's energy policy is defined as scrapping the outgoing administration's nuclear phase-out policy and elevating the much criticized energy source to a key export driver industry.
The ministry's decision has effectively tanked Chung's much-criticized success in having a motion for his term extension pass at the KHNP shareholders' meeting in February, in what was characterized as a shameless move seeking to remove opposition from shutting down the Wolseong 1 nuclear power reactor in Gyeongju, North Gyeongsang Province.
Chung took office in April 2018, three months after his predecessor Lee Kwan-sup, a fierce vocal critic of the nuclear phase-out policy, resigned mid-term in January, 22 months before his term expired.
Chung has no immediate prospect of landing other high-profile public service positions, at least until after the ongoing criminal trial is over.
He was indicted for manipulating the economic viability of Wolseong 1 nuclear reactor, as part of an orchestrated broader effort to deliberately undercut the nuclear power source to toe the line of the Moon Jae-in administration.
Separate from the trial, unionized workers of the KHNP filed a complaint with Daejeong Prosecutors' Office against Chung, April 1, claiming that his decision to shut down the nuclear reactor in the southern province and move to frustrate the construction of four new reactors led to 4 trillion won ($3.2 billion) in losses. He will face breach of trust charges.
The 181 union members said that Chung failed to make any efforts to sustain the operation of the nuclear reactors, as stipulated by related presidential decrees or ordinances.
"Under the law, nuclear power plants are required to operate while undergoing maintenance and safety inspections. However, Chung has failed to make any such efforts for four years since he began his term in April 2018," the members said.
The members said Chung should be held accountable for letting the businesses of their firm's power generation competitors thrive at their expense.
"His act of the breach of trust led to renewable energy and fossil-fuel businesses benefiting," they added.
