Korea approves construction of 2 nuclear power plants

South Korea has approved a $7 billion project to build 2 nuclear plants by 2020, according to the energy ministry, as it struggles with tight power supply following a series of nuclear reactor closures due to safety issues.

The approval is the first since Asia's 4th-largest economy said earlier this month that it would cut its reliance on nuclear power to 29% of total power supply by 2035, down from a planned 41% by 2030.