On Feb. 26 (local time), Korea Hydro & Nuclear Power (KHNP) signed a letter of intent (LOI) with Centrus Energy Corp., a U.S. nuclear fuel and services supplier, in Washington, D.C., to pursue stable nuclear fuel supply.
The latest LOI builds upon the memorandum of understanding (MOU) signed in April of last year and outlines specific business objectives for establishing a concrete framework for uranium resource security and nuclear energy cooperation between KHNP and Centrus.
Through the LOI, KHNP has enhanced fuel supply stability by diversifying its suppliers of enriched uranium used for nuclear fuel. At the same time, it is expected that it will also contribute to enhancing nuclear cooperation between South Korea and the United States through the strategic collaboration with Centrus, which is rebuilding uranium enrichment capabilities in the United States.
Centrus is the only company to have obtained approval from the U.S. Nuclear Regulatory Commission (NRC) to produce high-assay low-enriched uranium (HALEU), which is used as fuel for next-generation reactors and small modular reactors (SMRs). Notably, Centrus succeeded in the initial production of 20 kilograms of uranium (kgU) of HALEU at its facility in Piketon, Ohio, in November of last year, demonstrating its technological prowess and production capabilities to the U.S. Department of Energy.
Hwang Joo-ho, the CEO of KHNP, stated, “Through the signing of this letter of intent, we will commence specific discussions on stable nuclear fuel supply and will continue to explore opportunities for business collaboration through the expansion of our nuclear fuel supply network in the future.”