KCCI and HKGBC: "KHNP's Czech Nuclear Power Plant Contract, a Triumph of 'Team Korea'" (Comprehensive)

Economic Organizations Issue Successive Comments and Welcome the Move
"Breaking Through Competition with Major Powers to Win Orders, a Great Achievement"
"Will Serve as a Foothold for Entry into Europe"

Organizations representing our economic sector welcomed the news that Korea Hydro & Nuclear Power (KHNP) was selected as the preferred negotiator for the new nuclear power plant construction project in the Czech Republic.

Hwang Ju-ho, President of Korea Hydro & Nuclear Power, is giving a briefing on the selection of the preferred bidder for the new nuclear power plant construction project in the Czech Republic at the Government Sejong Complex on the morning of the 18th. From left to right: Hwang Ju-ho, President of Korea Hydro & Nuclear Power; Ahn Deok-geun, Minister of Trade, Industry and Energy; Ahn Se-jin, Director of the Nuclear Power Project Policy Bureau.
[Image source=Yonhap News]

The Korea Chamber of Commerce and Industry (KCCI) issued a related statement on the 18th, saying, "We highly appreciate this achievement by Team Korea, which was made possible by the combination of our technological capabilities, construction skills, and the government's all-out diplomatic efforts." It emphasized, "With the AI revolution and the expansion of data centers expected to cause a surge in electricity demand, the global demand and importance for nuclear power plants capable of stable carbon-free power generation are increasing. It is a significant accomplishment to have succeeded in winning the contract by overcoming competition from nuclear power giants."

It added, "Amid the growing importance of economic security, this opportunity has further strengthened trust in Korea as an economic partner, which is highly meaningful." The KCCI also stated, "This contract is expected to accelerate the restoration of the domestic nuclear power ecosystem, greatly contributing to the creation of new jobs, revitalization of the regional economy, and growth of cooperating small and medium-sized enterprises." It further expressed, "We expect this to serve as a foothold for securing advantageous positions in nuclear power plant contract competitions in many countries pursuing new nuclear power plant construction, including Europe."

The Korea Economic Association (KEA) also commented on the same day, calling it "a great achievement in the Czech Republic, a manufacturing powerhouse and a foothold for entering the European market." It evaluated, "(This selection) is the result of our companies equipped with price competitiveness and timely construction capabilities and the government supporting them working as one." It also expressed expectations that "this will lead to further expansion of cooperation between Korea and the Czech Republic in trade, investment, science and technology, energy, and the overall economy and industry." Additionally, it added, "KEA will also strengthen exchanges and cooperation with the Czech economic sector."

In particular, KEA predicted, "Since this will have the effect of exporting the entire nuclear power ecosystem from design to construction, operation, and maintenance, it will not only dramatically enhance nuclear power competitiveness but also give a stronger boost to future overseas orders for K-Nuclear Power."

The Czech government announced on the 17th local time that it held a cabinet meeting and selected KHNP as the preferred negotiator for the new nuclear power plant construction project. This is the first time in 15 years that Korea has secured an overseas nuclear power plant order since the Barakah nuclear power plant in the United Arab Emirates (UAE) in 2009.

The Czech Republic decided to build up to four additional reactors with a capacity of 1,200 MW or less at the existing Dukovany and Temel?n nuclear power plants and received final bids from KHNP and ?lectricit? de France (EDF) in April. KHNP formed a 'Team Korea' consortium with domestic companies including KEPCO Engineering & Construction, Korea Nuclear Fuel, KEPCO KPS, Doosan Enerbility, and Daewoo Engineering & Construction to enter the bidding competition and outpaced France.