Latest news with #WhangJoo-ho
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.
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.
