Seoul: The state-run Korea Hydro and Nuclear Power Co. (KHNP) and U.S. energy firm Westinghouse Co. have engaged in discussions to potentially form a joint venture aimed at revitalizing the nuclear power plant market in the United States and Europe. Sources familiar with the matter revealed that the talks are part of broader efforts to enhance cooperation between South Korea and the United States in the nuclear power sector.
According to Yonhap News Agency, discussions between energy officials from the two nations have been ongoing since U.S. President Donald Trump expressed intentions to significantly increase the country's nuclear energy capacity. Trump has set an ambitious goal to expand the capacity from the current 100 gigawatts (GW) to 400 GW by 2050, necessitating the construction of approximately 300 new nuclear reactors. To facilitate this, executive orders have been signed to streamline the evaluation and approval process for new construction and operation licenses to 18 months.
U.S. officials have encouraged Korean companies to actively participate in the U.S. nuclear energy expansion initiative. They have emphasized that the resolution of an intellectual property (IP) dispute between KHNP and Westinghouse has paved the way for enhanced bilateral cooperation. The settlement, reached in January, addressed Westinghouse's claims against KHNP regarding the use of its licensed technology in the APR 1000 and APR 1400 plant designs.
The agreement has allowed KHNP to proceed with a significant contract in the Czech Republic, where a Korean consortium is set to build two nuclear reactors for approximately 26 trillion won (US$18.7 billion). However, under the terms of the settlement, KHNP is restricted from bidding on new projects in North America and the European Union, except for the Czech Republic. A joint venture with Westinghouse would enable KHNP to participate in projects within these regions as a partner of the U.S. firm.
Industry observers note that Westinghouse, which currently lacks construction capabilities, would benefit from a partnership with a company like KHNP, which has comprehensive construction, equipment procurement, and operational expertise. South Korea and France are among the few countries with such capabilities outside of Russia and China.
Despite the U.S.'s strong foundation in original nuclear technologies, its construction capabilities have lagged due to a lack of new reactor builds since the Three Mile Island incident in 1979. KHNP CEO Whang Joo-ho recently indicated a strategic focus on the U.S. market, suggesting a shift in the company's market targeting strategy. Whang is scheduled to visit the U.S. for meetings with Westinghouse and other American energy firms, raising speculation about the potential joint venture.
In a related development, Korea Electric Power Corp. (KEPCO) CEO Kim Dong-cheol is also traveling to the U.S. for discussions with Westinghouse and American electric power companies, underscoring the significance of the ongoing talks.