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Korea Herald
09-05-2025
- Business
- Korea Herald
KHNP vows cost-effective nuclear build, eyes European markets
PRAGUE — Korea Hydro & Nuclear Power's 50 years of experience and proven supply chain give it a competitive edge over rivals in securing the Czech Republic's $18 billion nuclear project, President and CEO Whang Joo-ho said Thursday. Although the contract, originally set to be signed this week, has been temporarily delayed by a court injunction following a legal challenge from a losing bidder, Whang emphasized that KHNP is fully prepared to move forward once legal hurdles are cleared. 'While there has been a slight delay, we believe things will progress smoothly, especially since the Czech Cabinet has already approved all aspects of the contract,' Whang told Korean reporters in Prague. CEZ, the Czech Republic's state-run utility, revealed that KHNP's proposal would enable electricity to be delivered at a cost up to 10 percent lower than that of rival bids from France's EDF and the US-based Westinghouse. Whang attributed this competitiveness to KHNP's long-standing supply networks and decades of nuclear construction expertise. 'We not only have the materials for the 1,000 megawatt reactors, but also proven supply chains developed through past projects, giving us confidence that we can deliver at the promised cost,' Whang said. The CEO also noted that rival companies have often faced significant challenges, with project timelines extending and budgets ballooning to two or three times the original estimates. 'We've carefully analyzed these factors and believe we're offering the best possible package,' he said. On concerns of possible cost overruns, Hwang drew a distinction between the Czech project and past challenges faced in the UAE's Barakah project, explaining that any delays there were due to client-added work, not KHNP's failures. 'In the nuclear industry, Korea is widely regarded as one of the rare players capable of consistently delivering on time and within budget,' he emphasized. When asked whether KHNP's bid for the Czech Dukovany nuclear project offers stronger cost efficiency compared to its past work on the UAE's Barakah reactors, Whang said the Czech contract reflects tighter controls and clear risk-sharing terms. Domestically, Korea's Shin Hanul 3 and 4 reactors cost just under 6.5 trillion won ($4.6 billion) each for 1.4 gigawatt units. The Czech project's 1.0 GW reactors, though not directly comparable, are expected to come in at a lower cost. Whang pointed out that the Czech contract is set at a relatively higher price compared to domestic projects due to overseas risk factors, but KHNP has worked to fully hedge those risks through detailed negotiations with CEZ. For maximum profitability, Whang emphasized leveraging Korean firms' proven supply chains. But where local Czech products or services offer better value, KHNP will work with them. 'The Czech Republic has a strong manufacturing base, and we're helping local partners quickly build the qualifications needed for nuclear work,' Whang said. CEZ has warned that a delay of several months could result in losses of hundreds of billions of dollars. When asked if KHNP would face similar losses, Whang explained, 'If we had signed yesterday, we could have fully mobilized and accounted for our workforce. Now, with the delay, we still need to retain certain staff, which leads to some losses — but relative to the overall scale of the project, it's not significant.' Looking beyond the Czech Republic, Hwang described Europe's nuclear contract landscape as a 'battlefield,' emphasizing that trying to break into highly complex legal environments through competitive bidding can drain KHNP's resources. Instead, he said the company is focusing on less legally burdensome markets like Norway and Sweden, where strong local developers work closely with governments to preselect nuclear sites and actively invite SMR suppliers, making them promising destinations for KHNP's small modular reactors.
Korea Herald
22-04-2025
- Business
- Korea Herald
KHNP chief stresses Korea-US nonproliferation cooperation amid 'aggressive' nuclear exports by China, Russia
The head of South Korea's state-run nuclear energy firm underscored the need Monday for South Korea and the United States to work together to reinforce the global nonproliferation regime in the face of "aggressive" nuclear exports from China and Russia. Whang Joo-ho, president and CEO of the Korea Hydro & Nuclear Power Co., made the remarks, voicing hope that "Team Nuclear KORUS" can achieve the allies' common vision of "atoms for peace." KORUS is short for Korea and the United States. "In regions like the Middle East, Southeast Asia and Africa, we are seeing aggressive nuclear exports from China and Russia. Indeed, I have concerns about whether these countries are making sufficient efforts to uphold the nonproliferation regime," Whang said at a forum hosted by the Washington-based Carnegie Endowment for International Peace. "To address this, the global community must come together to strengthen nonproliferation and nuclear security," he added. In nonproliferation endeavors, South Korea can play a key role as a "model" nonnuclear weapon state, Whang said, noting that no single country can tackle the issue alone in the face of major countries' "aggressive expansions." "Strong US-Korea cooperation is, maybe, a key to reinforcing the nonproliferation and security regime," he said. "If the US, a pioneer in the peaceful use of nuclear energy, and South Korea, a nonnuclear weapon state with technical expertise and a strong non-proliferation record, can join forces as Team Nuclear KORUS, we can turn our shared vision of atoms for peace into reality." The KHNP CEO also said that the bilateral partnership can be a "practical" tool for expanding the nonproliferation regime for "new comer" countries and countering aggressive moves from other major players in the global nuclear market. (Yonhap)
