Jinseongjun "Czech Nuclear Plant Contract, Economic Feasibility Verified at National Audit... Jackpot Is Not Nuclear Power but Renewable Energy"

"No Certainty Until Final Nuclear Power Plant Contract"
"Nuclear Plant Construction, Overseas Cases Becoming Money-Eating Hippos"

Jin Seong-jun, the Policy Committee Chair of the Democratic Party of Korea, stated on the 24th, "We will verify the economic feasibility of the Czech nuclear power plant contract during the National Assembly audit," adding, "We will thoroughly investigate whether the government, focusing only on the sales performance of nuclear power plants, recklessly engaged in dumping bids, as well as related suspicions."

At the Democratic Party's floor strategy meeting held at the National Assembly that day, Chair Jin mentioned, "There are also allegations that the government made a low-price dumping contract as a condition for winning the nuclear power plant order." He introduced, "Local Czech media reported that Korea Hydro & Nuclear Power (KHNP) made an offer at nearly dumping prices that could not be refused."

Jinseongjun, Policy Committee Chairman of the Democratic Party of Korea, is speaking. Photo by Hyunmin Kim kimhyun81@

He also expressed doubts about various aspects related to the Czech nuclear power plant contract. Chair Jin said, "The Czech president took an ambiguous stance during a joint press conference, saying, 'Nothing is certain until the final contract is signed,'" and added, "In fact, Westinghouse in the U.S. has filed a lawsuit against KHNP, which was selected as the preferred bidder, and because the intellectual property rights dispute related to this has not been resolved, the situation remains uncertain until the last moment."

He continued, "The Czech Republic demands a 60% participation rate of local companies in the nuclear power plant construction, and experts predict that Korea will gain almost no actual profit due to settlement payments that must be made with Westinghouse, risks associated with a long-term construction project lasting over ten years, and incentives such as financial support." He also introduced overseas cases where nuclear power plant contracts turned into 'money pits.' He said, "Hitachi Ltd. abandoned its project in 2019 after construction costs soared to over 30 trillion won while building two nuclear reactors on Anglesey Island in central England. The nuclear power plant at Hinkley Point C, built by the French state-owned electric company in the UK, has had its completion target postponed from 2025 to 2030, and construction costs have nearly doubled."

Chair Jin also argued that efforts should be focused on renewable energy rather than nuclear power. He emphasized, "According to the 2024 global energy investment data released by the International Energy Agency in June, last year’s investment in renewable energy was $735 billion, while nuclear power was $66 billion," adding, "The 'jackpot' in the global energy market is renewable energy, not nuclear power."