Seoul: South Korea's state-run Korea Hydro and Nuclear Power (KHNP) announced that it has reached an agreement with U.S.-based Westinghouse over an intellectual property rights dispute and plans to collaborate in the global nuclear energy market. KHNP, alongside Korea Electric Power Corp. (KEPCO), has agreed to settle the dispute, paving the way for a "new strategic relationship" with Westinghouse to enhance bilateral cooperation between South Korea and the United States in the nuclear energy industry.
According to Yonhap News Agency, the agreement will allow both KHNP and Westinghouse to proceed with certainty in pursuing and deploying new nuclear reactors, setting the stage for future global nuclear projects. Westinghouse Electric Co. expressed satisfaction with the settlement, emphasizing the opportunity for cooperation to expand nuclear power deployment. The agreement includes dismissing all current legal actions, which removes a significant obstacle for KHNP's project to build two reactors at the Czech Republic's Dukovany power plant.
South Korea anticipates finalizing the agreement with the Czech Republic by March, following its selection as the preferred bidder in July 2024. Industry Minister Ahn Duk-geun welcomed the settlement, expressing hope for active exchanges between the countries' businesses in the global nuclear reactor market. The agreement is expected to facilitate mutually beneficial cooperation while adhering to nonproliferation standards.
While the specifics of the deal remain undisclosed due to a confidentiality agreement, industry watchers speculate that KHNP may have offered royalties or contracts related to the Czech nuclear project. The announcement follows a recent memorandum of understanding between Seoul and Washington on nuclear exports and cooperation, underscoring the countries' commitment to the peaceful use of nuclear energy in line with high safety and security standards.