Korea’s landmark success in securing a major nuclear power project in the Czech Republic will pave the way for Asia’s fourth-largest economy’s to attract more reactor orders from other European countries, according to the Ministry of Trade, Industry and Energy, Thursday.
Fueling such expectations was an overnight decision by the Czech Republic to choose Korea Hydro & Nuclear Power (KHNP) as the preferred bidder for a 24 trillion won ($17.3 billion) project to build two nuclear reactors in Dukovany.
The successful bid comes as a result of the Yoon Suk Yeol government’s reversal of the previous Moon Jae-in administration’s nuclear energy phaseout policy, a shift initiated after the Yoon administration took office in 2022.
“This marks the first time in 15 years that Korea has secured an export contract for nuclear power plants, and it will serve as a significant stepping stone for us to win more contracts in Europe,” Industry Minister Ahn Duk-geun told reporters during a briefing. “We will do our utmost to finalize the contract, ensuring that both countries benefit from this collaboration.”
Under the project, KHNP will team up with a group of Korean firms, such as Doosan Enerbility, Daewoo E&C and other state-run energy 한국을 companies. The so-called Team Korea will start construction of the reactors in 2029, which will begin operations in 2036.
As the Czech Republic plans to build two more reactors in Temelin later, the combined value of the projects could rise to around 48 trillion won if KHNP wins another order.
KHNP faced intense competition from France’s EDF in a high-stakes bid before securing the contract. Ahn revealed that the presidential office played a key role in leading the final negotiations with the Czech government.
“While President Yoon Suk Yeol talked with Czech President Petr Pavel during their NATO summit, I also brought the president’s signed letter to Prague and discussed (with Czech Prime Minister Petr Fiala) measures for both countries to enhance industrial collaboration.”
