Latest news with #KHNP
Yahoo
4 days ago
- Business
- Yahoo
KHNP signs $18 billion nuclear deal with Czech Republic
SEOUL, June 5 (UPI) -- Korea Hydro & Nuclear Power announced Thursday that it had signed a deal to build two nuclear reactors in the Czech Republic, worth at least $18 billion. Under the agreement, KHNP will hold a kick-off meeting with its Czech partners soon to start construction of two 1,000-megawatt units in Dukovany, about 120 miles southeast of Prague. Construction is scheduled to begin in 2029 and finish by 2037. Other than KHNP, corporations such as Daewoo E&C and Doosan Enerbility joined the South Korean consortium. KHNP also noted that if the Czech Republic moves forward with plans to build two additional reactors at a separate site, the company may have an opportunity to secure another contract in the European country. "This contract is a testament to the world-class technology and reliability of Korea's nuclear industry," KHNP CEO Whang Joo-ho said in a statement. "We will continue to enhance the global competitiveness of our nuclear ecosystem and deliver safe, sustainable energy for future generations," he added. Last July, the Czech Republic named the South Korean consortium headed by KHNP as the preferred bidder. It marked KHNP's first major project in Europe. The contract signing was originally set for early May, but was delayed by a Czech court, which issued an injunction due to the complaint from the losing bidder, France's EDF. Westinghouse of the United States initially joined the tender but withdrew early, leaving KHNP and EDF in a head-to-head contest. However, the Zech Supreme Administrative Court overturned the injunction, clearing the way for KHNP to finalize the deal.
Miami Herald
4 days ago
- Business
- Miami Herald
KHNP signs $18 billion nuclear deal with Czech Republic
SEOUL, June 5 (UPI) -- Korea Hydro & Nuclear Power announced Thursday that it had signed a deal to build two nuclear reactors in the Czech Republic, worth at least $18 billion. Under the agreement, KHNP will hold a kick-off meeting with its Czech partners soon to start construction of two 1,000-megawatt units in Dukovany, about 120 miles southeast of Prague. Construction is scheduled to begin in 2029 and finish by 2037. Other than KHNP, corporations such as Daewoo E&C and Doosan Enerbility joined the South Korean consortium. KHNP also noted that if the Czech Republic moves forward with plans to build two additional reactors at a separate site, the company may have an opportunity to secure another contract in the European country. "This contract is a testament to the world-class technology and reliability of Korea's nuclear industry," KHNP CEO Whang Joo-ho said in a statement. "We will continue to enhance the global competitiveness of our nuclear ecosystem and deliver safe, sustainable energy for future generations," he added. Last July, the Czech Republic named the South Korean consortium headed by KHNP as the preferred bidder. It marked KHNP's first major project in Europe. The contract signing was originally set for early May, but was delayed by a Czech court, which issued an injunction due to the complaint from the losing bidder, France's EDF. Westinghouse of the United States initially joined the tender but withdrew early, leaving KHNP and EDF in a head-to-head contest. However, the Zech Supreme Administrative Court overturned the injunction, clearing the way for KHNP to finalize the deal. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
4 days ago
- Business
- UPI
KHNP signs $18 billion nuclear deal with Czech Republic
Korea Hydro & Nuclear Power signed a deal to build two nuclear reactors in the Czech Republic. File Photo by Martin Divisek/EPA-EFE SEOUL, June 5 (UPI) -- Korea Hydro & Nuclear Power announced Thursday that it had signed a deal to build two nuclear reactors in the Czech Republic, worth at least $18 billion. Under the agreement, KHNP will hold a kick-off meeting with its Czech partners soon to start construction of two 1,000-megawatt units in Dukovany, about 120 miles southeast of Prague. Construction is scheduled to begin in 2029 and finish by 2037. Other than KHNP, corporations such as Daewoo E&C and Doosan Enerbility joined the South Korean consortium. KHNP also noted that if the Czech Republic moves forward with plans to build two additional reactors at a separate site, the company may have an opportunity to secure another contract in the European country. "This contract is a testament to the world-class technology and reliability of Korea's nuclear industry," KHNP CEO Whang Joo-ho said in a statement. "We will continue to enhance the global competitiveness of our nuclear ecosystem and deliver safe, sustainable energy for future generations," he added. Last July, the Czech Republic named the South Korean consortium headed by KHNP as the preferred bidder. It marked KHNP's first major project in Europe. The contract signing was originally set for early May, but was delayed by a Czech court, which issued an injunction due to the complaint from the losing bidder, France's EDF. Westinghouse of the United States initially joined the tender but withdrew early, leaving KHNP and EDF in a head-to-head contest. However, the Zech Supreme Administrative Court overturned the injunction, clearing the way for KHNP to finalize the deal.
Korea Herald
4 days 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
4 days 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.
