Hankyung Association: "Korea Hydro & Nuclear Power's Czech Nuclear Plant Contract, a Major Achievement as a Foothold for European Expansion"

Korea Hydro & Nuclear Power, Priority Negotiations for New Nuclear Plant in Czech Republic
Hankyung Commentary "A Fruit Achieved by Unity of Company and Government"

The Korea Economic Association (HanKyungHyup) welcomed the result of Korea Hydro & Nuclear Power (KHNP) being selected as the preferred negotiation partner for the new nuclear power plant construction project in the Czech Republic, calling it "a great achievement in the manufacturing powerhouse Czech Republic, which will serve as a foothold for entering the European market."

[Image source=Yonhap News]

In a statement released on the 18th, HanKyungHyup evaluated this selection as "the fruit of our companies equipped with price competitiveness and timely construction capabilities, together with the government that supported them." They expressed expectations that "this will serve as a stepping stone to further expand cooperation between Korea and the Czech Republic across trade, investment, science and technology, energy, and the overall economy and industry." They added, "HanKyungHyup will also strengthen exchanges and cooperation with the Czech economic sector."

In particular, HanKyungHyup anticipated that "since the entire nuclear power ecosystem?from design to construction, operation, and maintenance?will be exported, it will not only dramatically enhance nuclear competitiveness but also give greater momentum to future overseas orders for K-Nuclear Power."

The Czech government announced on the 17th local time, during a cabinet meeting, that KHNP was selected as the preferred negotiation partner for the new nuclear power plant construction project. This marks the first time in 15 years since Korea secured an overseas nuclear power plant order, following the Barakah nuclear power plant in the United Arab Emirates (UAE) in 2009.

The Czech Republic plans to add up to four reactors with a capacity of 1,200 MW or less to the existing Dukovany and Temelin nuclear power plants. In April, final bids were received from KHNP and ?lectricit? de France (EDF). KHNP formed a 'Team Korea' consortium with domestic companies including KEPCO Engineering & Construction, Korea Nuclear Fuel, KEPCO KPS, Doosan Enerbility, and Daewoo Engineering & Construction, entering the bidding competition and surpassing France.