Latest news with #EDUII
Korea Herald
6 hours ago
- Business
- Korea Herald
Korea inks $18b nuclear export deal with Czech Republic
South Korea secures its first nuclear export in 16 years since Barakah project in UAE South Korea has clinched a landmark $18 billion contract with the Czech state utility to build new nuclear reactors in the Czech Republic, following a court decision to lift an injunction that had temporarily blocked the signing. This is Korea's second-ever nuclear export project, following the Barakah plant in the United Arab Emirates in 2009. Czech Prime Minister Petra Fiala announced the closing of the deal in a nationally televised press conference Wednesday, just hours after the Czech Supreme Administrative Court lifted the injunction filed by EDF, a French bidder that lost the tender. "We have removed all doubts and legal obstacles that prevented the nuclear power plant project from being launched," Fiala said during the conference. The signing took place digitally between Korea Hydro & Nuclear Power and Elektrarna Dukovany II (EDU II), a subsidiary of the Czech state-run utility in charge of operating the nuclear plants in Dukovany. Under the agreement, KHNP will build two 1,000 megawatt APR-1000 reactors — Dukovany Units 5 and 6 — with completion targeted for 2036 and 2037, respectively. "The deal is a testament to the technological excellence and global reliability of Korea's nuclear industry," KHNP CEO Whang Joo-ho said. "KHNP will carry out the project with the highest safety and quality standards, strengthening Korea's competitiveness in the global nuclear energy market." The deal marks a symbolic milestone for Korea, which once imported European nuclear technologies, but is now exporting its own, KHNP said. Korea adopted France's Framatome reactor for its Hanul 1 and 2 units in 1982. KHNP will serve as the lead EPC (engineering, procurement and construction) contractor and oversee the full scope of the project while working with a consortium of top Korean firms. Kepco E&C will be in charge of design and engineering, and Doosan Enerbility will be responsible for equipment supply and construction. Daewoo E&C will lead the structural construction, while Kepco NF and Kepco KPS will each take on nuclear fuel supply and commissioning and maintenance. KHNP said it plans to establish an onsite project office near the Dukovany plant to facilitate early-stage work, such as permitting, site surveys and document management. The energy firm said it would hold two briefing sessions this year outlining the qualification requirements and technical standards for Korean suppliers interested in participating in the Czech project. KHNP had originally been set to sign the deal on May 7, after being named preferred bidder over France's EDF and US-based Westinghouse in July 2024. The signing was postponed, however, when a Czech court accepted a last-minute injunction filed by EDF, which claimed irregularities in the bidding process. Despite the delay, both sides continued preparations. KHNP and EDU II appealed the ruling, and the higher court said Wednesday it found the injunction's claims unsubstantiated. The Czech government also preapproved the contract between CEZ and KHNP, allowing the deal to proceed immediately if the injunction was lifted. The Dukovany project is part of the Czech Republic's largest infrastructure initiative for long-term energy security and decarbonization goals. With the Czech government expected to decide within the next five years on expanding the Temelin nuclear site, KHNP remains eligible to negotiate additional contracts for the potential new units.
Korea Herald
10 hours ago
- Business
- Korea Herald
KHNP to set up on-site construction office for Czech power plant project
South Korea's state-run Korea Hydro & Nuclear Power Co. (KHNP) will first establish an on-site construction office in the Czech Republic to swiftly commence the nuclear reactor construction project for the European nation, company officials said Thursday, a day after the two sides finalized the deal. KHNP will soon hold a kick-off meeting with Czech state-controlled power company Elektrarna Dukovany II (EDU II) for the project and open an on-site construction office at the Dukovany nuclear power plant, located about 170 kilometers southeast of Prague, according to the officials. A South Korean consortium led by KHNP was named the successful bidder for the estimated US$19.1 billion project last month, but the signing of the deal had been delayed due to an injunction issued by a Czech court following a legal complaint from France's EDF, a losing bidder in the tender. KHNP electronically signed the final agreement with EDU II to build two new nuclear power units at the Dukovany plant late Wednesday, shortly after the Czech Supreme Administrative Court overturned the injunction. The Dukovany deal marks South Korea's first overseas nuclear power plant contract since 2009, when the country secured a deal to build the Barakah nuclear power plant in the United Arab Emirates. "This contract is a remarkable achievement that once again proves the technological excellence and reliability of South Korea's nuclear power industry on the global stage," KHNP President Whang Joo-ho said in a press release. "KHNP will do its utmost to enhance the global competitiveness of the domestic nuclear ecosystem, fulfill our responsibility to future generations through safe and sustainable energy, and ensure the successful implementation of the project in close cooperation with the Czech Republic," he added. To speed up the process, KHNP plans to soon sign subcontracts with other members of the consortium. They are KEPCO Engineering & Construction Co., KEPCO Nuclear Fuel Co., KEPCO Plant Service & Engineering Co., Doosan Enerbility Co. and Doosan Engineering & Construction Co, according to KHNP. KEPCO E&C, KEPCO NF and KEPCO KPS, all subsidiaries of South Korea's state-run Korea Electric Power Corp., will be in charge of design, nuclear fuel supply and maintenance in the project, respectively. Doosan Enerbility and Doosan E&C will lead the construction of the nuclear reactors. South Korea plans to deliver two APR-1000 models, which are based on the advanced APR-1400 design employed by the Barakah Nuclear Power Plant, but modified to meet local demand, including a reduced capacity, for the Dukovany plant. The two new reactors will be built adjacent to the four existing 510-megawatt units at Dukovany, which have been in operation since the 1980s. The first new unit is expected to begin trial operations in 2036, with the second following approximately two years later. With the project, Seoul is expected to enjoy the upper hand in possible competition for another nuclear power plant project in the Czech Republic.
Mint
21 hours ago
- Business
- Mint
Czechs sign $18 billion deal with South Korean firm to build nuclear reactors as court gives go-ahead. Check details
The Czech Republic's state-controlled company EDU II and South Korea's KNHP officially signed contracts for the construction of two new nuclear power reactors, a deal valued at $18 billion, reported Reuters. This significant development comes after a court lifted an injunction that had temporarily halted the deal's closing. According to Reuters, the Supreme Administrative Court on Wednesday overturned a lower court's injunction that had prevented the signing of what is now the largest procurement deal in Czech history. The ruling clears the way for the project to proceed which is crucial for the Czech Republic's energy transition as it aims to replace ageing coal and nuclear units. The injunction was challenged and won by France's EDF, a rival bidder, last month. This legal challenge had derailed the initial signing of the contract that was planned for May 7, with a ceremony prepared and a Korean delegation already on their way to Prague. However, EDU II and KHNP appealed to the lower court's decision after which the Supreme Administrative Court said that it heeded those complaints and found the injunction issued by a lower court to be illegal and unverifiable. According to Reuters, KHNP said in a statement that Wednesday's court decision "clears the way for the timely advancement of this strategically important project." The injunction posed a major obstacle which threatened the project's timeline amid possibly lengthy court battles and the looming expiration of KHNP's bid. Last year, the parent company of EDU II, CEZ selected KHNP to build two 1,000-megawatt units to expand its Dukovany nuclear plant, giving KHNP its first project in Europe. EDF has sought to overturn this decision on multiple occasions. The government will be providing loans and a pricing scheme to make the project profitable, taking an 80 per cent stake in EDU II firm running the project in April, with CEZ retaining 20 per cent, said Reuters. The lower court that initially issued the injunction is scheduled to hold a hearing on EDF's complaint against the tender itself on June 25, Other than that, EDF has also petitioned the European Commission, alleging that KHNP's winning is directly linked to state aid because the company offered a low price. KHNP has consistently denied these allegations. The Czech Republic also needs to secure new European Union (EU) approval for state loans and the electricity price mechanism, as the project was expanded from one to two reactors after initial EU clearance.
CNA
21 hours ago
- Business
- CNA
Czechs sign nuclear power plant deal with KHNP after court injunction lifted
PRAGUE :The Czech state-controlled company EDU II and South Korea's KHNP signed final contracts to build two new nuclear power reactors on Wednesday, Prime Minister Petra Fiala said, after a court lifted an injunction barring the deal's closing. A Czech court gave the green light on Wednesday to the $18 billion deal to build two new nuclear power reactors, cancelling an injunction threatening to derail the transaction. The Supreme Administrative Court's decision, announced on Wednesday, meant the biggest Czech procurement deal ever, and a key part of the country's drive to replace ageing coal and nuclear units, could be signed. France's EDF had challenged the tender and won the injunction from a lower court last month, derailing the signing of the contract that was planned for May 7, with a ceremony prepared and a Korean delegation already en route to Prague. However, the state-controlled company EDU II building the plant and KHNP appealed that ruling. The court said on Wednesday it heeded those complaints and found the injunction issued by a lower court illegal and unverifiable. "By cancelling the preliminary injunction with today's judgment, the court lifted the ban on concluding a contract for the fulfillment of a public contract for the construction of a new nuclear power plant in the Dukovany location," the court said. The injunction was a major obstacle threatening the project's timeline amid possibly lengthy court battles and the looming expiration of KHNP's bid. KHNP said in a statement that Wednesday's decision "clears the way for the timely advancement of this strategically important project." Last year, power firm CEZ picked KHNP to build two 1,000-megawatt units to expand its Dukovany nuclear plant, giving KHNP its first project in Europe. EDF has sought to overturn the decision on multiple fronts. The government, which will provide loans and a pricing scheme to make the project profitable, took an 80 per cent stake in the EDU II firm running the project from CEZ in April, with CEZ retaining 20 per cent. CEZ and EDF had no immediate comment on Wednesday's ruling. The lower court which issued the injunction will hold a hearing on the matter of EDF's complaint against the tender itself on June 25. Separately, EDF, the only European company building nuclear plants, sought to cancel KHNP's win through the European Commission on competition grounds, suggesting KHNP's offer was so low that it implied state aid. KHNP has denied any state aid. The Czechs also need to get new EU approval for state loans and an electricity price mechanism for the plant after they expanded the project last year from one reactor - which won EU clearance - to two.
Korea Herald
a day ago
- Business
- Korea Herald
Czech court cancels injunction banning nuclear power plant contract with Korea's KHNP: report
A Czech court has canceled an injunction banning the signing of a multibillion-dollar nuclear power plant contract with South Korea, lifting a major hurdle in the final agreement between the two sides, the Korean company in charge of the project said Wednesday. The Korea Hydro & Nuclear Power Co. (KHNP) confirmed media reports that the Czech Supreme Administrative Court overturned the injunction that has prevented the European nation's Elektrarna Dukovany II (EDU II), the entity in charge of the project, and the South Korean consortium, led by KHNP, from signing the final contract to build two new nuclear power units in Dukovany nuclear power plant. The move came following EDU II's appeal last month against a local court decision to issue an injunction temporarily suspending the finalization of the estimated 26 trillion-won ($18.6 billion) deal at the request of French energy company EDF, a losing bidder in the tender process. The KHNP had initially planned to sign the final agreement with EDU II on May 7 to build two 1,063-megawatt reactors at the Czech power plant, located about 170 kilometers southeast of Prague. If the deal is finalized, it will mark South Korea's first overseas nuclear power plant contract since 2009, when the country secured a deal to build the Barakah nuclear power plant in the United Arab Emirates. "The KHNP welcomes the Czech supreme court's decision to reverse the injunction and looks forward to swiftly signing a final contract with Prague," the Korean company said. (Yonhap)
