Latest news with #WhangJoo-ho
Korea Herald
a day ago
- Business
- Korea Herald
KHNP denied access to power plant projects in N. America, Europe under Westinghouse deal: sources
The state-run Korea Hydro & Nuclear Power (KHNP) has been prohibited from bidding for new power plant projects in North America and the European Union (EU), excluding the Czech Republic, and other countries under its agreement with US energy firm Westinghouse over an intellectual property (IP) dispute, industry sources said Tuesday. Under the agreement signed in January, the KHNP is only allowed to sign fresh deals in the Philippines, Vietnam, Kazakhstan, Morocco, Egypt, Brazil, Argentina, Jordan, Turkey, the United Arab Emirates, Saudi Arabia and South Africa, according to the sources. But the Korean company is banned from bidding for new nuclear power plant deals in North America and Britain, Japan, Ukraine and EU nations, except for the Czech Republic. The KHNP and Westinghouse signed the settlement deal in January this year after the latter accused the Korean firm of infringing on its IP, claiming the KHNP's APR 1000 and APR1400 plant designs utilize its licensed technology. The deal removed a major hurdle for the KHNP-led Korean consortium to sign a final contract in June, with an estimated value of 26 trillion won, to build two nuclear power units in the Czech Republic. The Czech deal, which marked South Korea's first overseas nuclear power plant contract since 2009, was initially expected to open new doors for Korean firms seeking business opportunities in Europe. Earlier in the day, KHNP President Whang Joo-ho confirmed his company has closed operations in Poland amid speculations that its deal with Westinghouse influenced the decision. Poland is the fourth European country where the KHNP confirmed its business closure, following Sweden, Slovenia and the Netherlands. "After the new Polish administration took office ... the country decided to drop the state-owned enterprise projects (in the nuclear power sector) ... and that is why we withdrew our business there," Whang said during a meeting with the parliamentary industry committee. It also reportedly includes a condition requiring Korean companies to pass the latter's technology independence verification when independently developing and exporting next-generation nuclear reactors. The 50-year deal is also said to include provisions requiring the KHNP to sign a goods and services purchase contract worth about $650 million with Westinghouse per export of a single nuclear reactor, and to pay $175 million per reactor in technology licensing fees. Asked whether the KHNP believes the deal with Westinghouse was fair, Whang said, "As the party accepting the terms, I cannot say it was fair," but added, "I believe it is something we can endure and still make a profit from." Whang refused to confirm the details of the deal, citing a nondisclosure agreement. Earlier in the day, the presidential office said it has ordered the Ministry of Trade, Industry and Energy to review whether the deal was signed under due process. (Yonhap)
Yahoo
05-06-2025
- 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
05-06-2025
- 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
05-06-2025
- 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
05-06-2025
- 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.
