The Korean nuclear power industry has growing anticipation for exporting nuclear power plants to Europe.
Korea and the United Kingdom signed nine memoranda of understanding (MOUs) on nuclear power cooperation on the occasion of Korean President Yoon Suk-yeol’s state visit to the United Kingdom on Nov. 22 (local time) and also decided to promote discussions on new nuclear power plant construction, according to industry sources on Nov. 27.
The United Kingdom plans to build up to eight new nuclear reactors in 30 years, with the goal of having 24 GW of nuclear capacity by 2050. The country does not have an ecosystem for building large nuclear power plants, so the possibility of Korea exporting large nuclear power plants is larger than ever.
Regarding new nuclear power plant projects, the two countries will cooperate on supplying nuclear power equipment, Korean construction companies’ entry into the United Kingdom and establishing networks with construction companies in the United Kingdom and fostering specialized personnel in the nuclear power sector.
Cooperation in small modular reactors (SMRs) will also be strengthened. The U.K.’s Rolls-Royce is expected to receive regulatory approval for a 470 MW SMR by next year and is targeting operation in 2029, so it is possible to pursue benefits through cooperation in the process of developing next-generation nuclear power plant technology.
Korean companies will begin activities in earnest to land orders for other nuclear power plant construction projects in Europe, such as Dukovany in the Czech Republic and Patnow in Poland.
In October, Team Korea, including Korea Hydro & Nuclear Power (KHNP), submitted the final bidding form for a new nuclear power plant construction project in the Czech Republic to build a 1,200 MW nuclear power plant with the goal of starting commercial operation in 2036. It has a better chance of winning the contract than its U.S. and French rivals.
Korean companies are also expected to have an edge in the second phase of construction of Patnow Nuclear Power Plant in Poland. Poland is planning to demolish a coal-fired power plant in Patnow and build a nuclear power plant under its energy policies for 2040.
The first phase of the project was won by Westinghouse, but the second phase is led by the private sector and the president of Polish Electric Power Corporation, which is orchestrating the project, visited Korea in April to discuss the nuclear power plant project with Doosan Enerbility and others. Therefore, Korean companies anticipate winning the project.