English Industry Minister to Visit South Korea Late Next Month to Discuss Korea-UK Nuclear Power Cooperation
K-Nuclear Technology Recognized... More Economical than Chinese Nuclear Power
Yoon's 'Nuclear Sales' Also Plays a Role... Meeting with UK Prime Minister at NATO
Czech Senate Speaker Also Visiting... Pursuing '8 Trillion' Nuclear Power Plant Construction
Czech Republic Officially Launches New Nuclear Power Plant Construction Project (Dukovany AP=Yonhap News) On September 27, 2011 (local time), steam rises from the four cooling towers of the nuclear power plant in Dukovany, Czech Republic. On March 17, the Czech Republic initiated a public bidding process for the construction of a new nuclear power plant in Dukovany to expand nuclear power generation. It is expected that the U.S. company Westinghouse, France's EDF, and Korea Hydro & Nuclear Power, which have passed the Czech safety evaluation, will submit bids. 2022.3.18 [Yonhap News archive photo]
jsmoon@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Jun-hyung] The UK Secretary of State for Business and the President of the Czech Senate will visit Korea consecutively next month. This is to discuss nuclear power cooperation with Korea in line with their governments' policies to expand nuclear power generation. It is analyzed that the UK and the Czech Republic, which are promoting new nuclear power plant construction, are sending 'love calls' to Korean nuclear power plants, which are globally recognized for their economic feasibility and technological prowess.
According to related ministries on the 9th, Kwasi Kwarteng, UK Secretary of State for Business, Energy and Industrial Strategy (BEIS), will visit Korea at the end of next month. Secretary Kwarteng plans to hold talks with Lee Chang-yang, Minister of Trade, Industry and Energy, to discuss ways to cooperate on nuclear power between the two countries. The government is reportedly coordinating detailed schedules with the UK side. A government official said, "Secretary Kwarteng will visit Korea as soon as possible," adding, "Practical discussions on nuclear power cooperation will be actively pursued."
UK Moves to Expand Nuclear Power... Eyes on K-Nuclear
The UK Secretary of State for Business is visiting Korea directly because he recognizes the technological prowess of 'K-Nuclear.' In fact, Korea has been evaluated as having world-class technology by successfully constructing and operating the Barakah nuclear power plant in the United Arab Emirates (UAE). Korea also possesses independent reactor design technology, such as the Korean Standard Nuclear Power Plant (APR-1400).
Economic feasibility is another reason why the UK is interested in Korean nuclear power. According to the International Energy Agency (IEA), the construction cost of Korean nuclear power plants is $3,717 per kilowatt (kW), which is about two to three times lower than major competitors such as the United States ($11,638) and France ($7,809). It is also more economical compared to China ($4,634) and Russia ($5,271).
Handshake between Korean and British leaders(Madrid=Yonhap News) Reporter Seomyeongon = President Yoon Seok-yeol, visiting Madrid, Spain to attend the North Atlantic Treaty Organization (NATO) summit, shakes hands with British Prime Minister Boris Johnson on the morning of the 30th of last month (local time) at the IFEMA Convention Center in Madrid before their summit meeting. 2022.6.30
Photo by Seomyeongon
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President Yoon Suk-yeol's 'nuclear power sales' efforts are also credited. Earlier, at the NATO summit late last month, President Yoon met with UK Prime Minister Boris Johnson and actively explained the excellence of Korean nuclear power. President Yoon also requested interest and support for nuclear cooperation between the two countries from Prime Minister Johnson.
Secretary Kwarteng's visit to Korea is expected to increase the possibility of Korean nuclear power exports. Earlier, after the Ukraine crisis heightened the importance of energy security, the UK government announced plans to increase the share of nuclear power generation to 25% by 2050 and to build eight new nuclear power plants. Secretary Kwarteng, who took office last year, chose Korea as his second overseas trip after the United States in May this year, which is interpreted as a focus on nuclear power policy.
Czech Economic Delegation Also Visits Korea... EU Taxonomy a 'Positive Factor'
The UK is not the only new nuclear power construction country sending love calls to Korea. A Czech economic delegation led by Milo? Vystr?il, President of the Czech Senate, will visit Korea next month to meet with Minister Lee and domestic nuclear power officials. The Czech Republic is promoting a nuclear power project worth 8 trillion won.
Korea has already thrown its hat into the ring for the Czech nuclear power project. Korea Hydro & Nuclear Power (KHNP) participated in the main bidding for the Czech nuclear power project in March. The Czech government plans to complete the main bidding by November and start full-scale negotiations early next year. The Czech nuclear power bidding is expected to be a three-way competition among KHNP, the US Westinghouse, and the French Electricit? de France (EDF).
Minister Lee Chang-yang greeting the Czech Minister of Industry and Trade (Seoul=Yonhap News) Lee Chang-yang, Minister of Trade, Industry and Energy (right), is greeting Jozef Sikela, Minister of Industry and Trade of the Czech Republic, at the Ministry of Industry and Trade in Prague, Czech Republic, on the 28th of last month (local time). 2022.6.29 [Provided by the Ministry of Trade, Industry and Energy. Redistribution and DB prohibited]
Photo by Yonhap News
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The government is also accelerating its efforts in the Czech nuclear power bidding, which is approaching negotiations. Minister Lee formed a 'Team Korea' with domestic nuclear companies such as KHNP and Doosan Enerbility and visited the Czech Republic for high-level talks at the end of last month. An official from the Ministry of Trade, Industry and Energy explained, "The Czech Republic highly evaluated the technological capability, safety, and project management ability of Korean nuclear power, which was verified through the UAE Barakah nuclear power project," adding, "They also welcomed Korea's participation in the nuclear power project."
The European Union's (EU) green taxonomy is also acting as a positive factor for K-Nuclear. The taxonomy is a system that provides financial benefits such as green bonds and green funds for environmentally friendly economic activities. The European Parliament recently classified nuclear power as 'green energy' and made a final decision to include it in the EU taxonomy. As a result, EU countries can more easily secure funding when constructing new nuclear power plants.
The government also views the approval of the EU taxonomy, including nuclear power, as increasing the possibility of nuclear power exports. Park Il-jun, the 2nd Vice Minister of Trade, Industry and Energy, visited the Kori Nuclear Power Plant in Busan on the 8th and said, "The EU taxonomy indicates that policies worldwide are shifting toward increasing the utilization of nuclear power," adding, "Considering the nuclear policies of major countries, it is expected that Korea's nuclear power export opportunities will also expand."
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