South Korea aims to lead Europe’s nuclear reactor market
South Korea can become a leader in building nuclear reactors in Europe. Recently, a Korean company was selected to build reactors in the Czech Republic. This could pave the way for other companies from Korea to expand on the European continent.
The state-owned company Korea Hydro & Nuclear Power Co. has been chosen to build two reactors in the Czech Republic, defeating competitors. The contract value is $17.3 (CAD 23.8) billion. Once finalized, the project could give Korea a leading position in building nuclear reactors in Europe.
Ahn Duk-Geun, the South Korean Minister of Trade, Industry, and Energy, commenting on this decision, said that for his country, it creates a foothold to enable the export of nuclear power plants to Europe, reports Bloomberg.
South Korea has an ambitious plan
Supported by the authorities in Seoul, the company is also preparing a feasibility study for a nuclear power plant in the Netherlands. The Swedish company Vattenfall AB is also considering applying its technology. South Korea is also negotiating to supply its reactors to the United Kingdom, Poland, and Slovenia.
Securing these contracts would bring South Korea closer to achieving its ambitious plan to export 10 nuclear reactors by 2030.
The realization of ambitious plans took decades
The development of the current strategy for exporting nuclear technology took decades. In 1987, the state-owned enterprise agreed to a technology transfer with the American company Combustion Engineering and then developed a design to create its own domestically produced reactor.
Since then, 28 reactors have been built in South Korea, and the launch of four more is scheduled for 2040.
The first export of reactors to the United Arab Emirates was announced in 2009. Initially, however, the project faced delays and exceeded budget by 25 percent, but this did not stop Korea from expanding further.
The realization of ambitious plans will not come without competition
South Korea focuses on nuclear energy because it wants to achieve ambitious goals in reducing pollution and plans to become independent from expensive fossil fuels.
However, the realization of these plans will not come without competition. Recently, the American company Westinghouse Electric Co. filed a lawsuit, alleging that South Korea is using its intellectual property and should be banned from sharing it. The Americans have also warned that they may file a complaint regarding the recent agreement signed by the Koreans with the Czech Republic.
