[단독]文 On the day of the declaration before leaving the nuclear power plant, KHNP received 50 billion lawsuit insurance.

It was found that public power generation companies, including Korea Hydro & Nuclear Power (KHNP), subscribed to’executive liability insurance’ (hereinafter referred to as compensation insurance) immediately after the Moon Jae-in administration was launched. This indemnity insurance is an insurance product that compensates for damages by law to the company and third parties in relation to their duties. With this, the opposition party “Concerned about the liability for compensation arising from the current government’s anti-nuclear power and coal de-coaling policy, and subscribed to insuranceCriticism came out.

On the morning of June 19, 2017, President Moon Jae-in announced at a declaration ceremony for the permanent suspension of Kori nuclear power plant No. 1 in Jangan-eup, Gijang-gun, Busan, that he will not build a new nuclear power plant in the future. [연합뉴스]

According to the data submitted by Rep. Lee Young of the People’s Strength at KHNP, coal power plants, and KEPCO on the 7th, KHNP paid an insurance premium of 331 million won and 50 billion won on June 19, 2017. I subscribed to the limited one-year insurance (Dongbu Insurance). It was the day that President Moon Jae-in declared the policy to end nuclear power at the event of permanent suspension of Kori Unit 1. In 2018, he signed up for compensation insurance through Hyundai Marine & Marine Insurance (insurance premium 366 million won), and in 2019 and 2020 Lotte Insurance (310 million won and 366 million won, respectively). Rep. Lee also disclosed the subject of insurance coverage, including President Jeong Jae-hoon and eight heads of the headquarters (planning, power generation, quality and safety, business, management, green energy, technology, overseas business), one standing and seven non-executive auditors. When Congressman Lee asked about the insurance coverage case, KHNP said, “There was an accusation in connection with the early closure of Wolseong Nuclear Power Plant Unit 1, and the insurance provided for attorneys’ fees to respond.“I replied.

KHNP, who had originally subscribed to such compensation insurance, canceled the insurance contract in 2005 when the auditor pointed out that “public power generation companies do not need compensation insurance”. However, 12 years later, they joined the current government again right after the inauguration. KHNP’s’Insurance Enrollment Promotion Plan’ prepared a month ago (May, 2017) by KHNP, states that “the inauguration of the new government needs to preserve management risks, such as the risk of stopping the construction of new nuclear power plants, through insurance.” In the minutes of the KHNP board meeting in June 2018, there are some concerns about whether the public will have any litigation problems, although the shutdown of nuclear power plants could be a factor in rising electricity rates. Regarding this, an official from KHNP said, “It is not an insurance policy that only considers denuclearization. I heard it for reinforcing responsible management and ensuring stable management activities of executives.”

Lee Young, National Power of Congress. Reporter Oh Jong-taek

According to Rep. Lee Young, two coal power plants were also covered by the same insurance right after the inauguration of the current government. In November 2017, East-West Power paid an insurance premium of 140 million won to the president, general manager, and auditor and subscribed to this insurance. Western Power also took insurance in September 2017. In both places, the compensation limit is 50 billion won. KEPCO, which had already been in compensation insurance, raised its insurance coverage limit from 50 billion won to 100 billion won at the same time (October 2017). Rep. Lee pointed out that “there was a skirmish in which the Moon Jae-in administration’s anti-nuclear and coal-free policies could be passed on to the management, and in preparation for a lawsuit, insurance was purchased.”

Meanwhile, the Ministry of Trade, Industry and Energy confirmed in December of last year the ‘9th Basic Electric Power Supply and Demand Plan’, which will drastically reduce coal power generation and significantly increase new and renewable energy by 2034. Nuclear power generation will be reduced to 17 units by 2034 in accordance with the principle of prohibiting new and extended life.
Reporter Ilhoon Hyun, Reporter Soohyun Kim intern [email protected]