Czech project win boosts South Korea nuclear power plant export ambitions

The Straits Times

19 Oct 2024

SEOUL - South Korea received a big boost to its ambition of being a major nuclear power plant exporter in July when it secured a nuclear reactor construction project in the Czech Republic valued at ...

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when it secured a nuclear reactor construction project in the Czech Republic valued at ...</p>\n<a href=\"https://www.straitstimes.com/asia/east-asia/czech-project-win-boosts-south-korea-nuclear-power-plant-export-ambitions\">Source Link</a>\n</div>\n</body></html>","source":"straits_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Czech project win boosts South Korea nuclear power plant export ambitions</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCzech project win boosts South Korea nuclear power plant export ambitions\n</h2>\n<h4 class=\"meta\">\n\n\n2024-10-19 05:00 GMT+8   <a href=\"https://www.straitstimes.com/asia/east-asia/czech-project-win-boosts-south-korea-nuclear-power-plant-export-ambitions\"><strong>The Straits Times</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>SEOUL - South Korea received a big boost to its ambition of being a major nuclear power plant exporter in July when it secured a nuclear reactor construction project in the Czech Republic valued at ...</p>\n<a href=\"https://www.straitstimes.com/asia/east-asia/czech-project-win-boosts-south-korea-nuclear-power-plant-export-ambitions\">Source Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"5QT.SI","symbol_name":"Charisma 能源","start_time":0,"source_url":"https://www.straitstimes.com/asia/east-asia/czech-project-win-boosts-south-korea-nuclear-power-plant-export-ambitions","article_id":"2476243889","we_media_id":null,"thumbnails":[],"rights":{"source":"straits_highlight","url":"https://www.straitstimes.com/asia/east-asia/czech-project-win-boosts-south-korea-nuclear-power-plant-export-ambitions","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2476243889","pubTimestamp":1729285200,"columns":[],"sourceInfo":{"source_id":"straits_highlight","name":"Straits Times"},"weMediaInfo":null,"summary":"SEOUL -South Korea received a big boost to its ambition of being a major nuclear power plant exporter in July when it secured a nuclear reactor construction project in the Czech Republic valued at approximately 24 trillion won .The triumph of the state-owned Korea Hydro & Nuclear Power  over its competitor in France on European turf was like a “battle between David and Goliath” that marked South Korea’s emergence as a “major global player in the nuclear energy sector”, said the country’s Minister for Trade, Industry and Energy Ahn Duk-geun in an interview after the successful bid.He hailed the success as a “bridgehead” for Seoul to export nuclear power plants to Europe, which is seeing a nuclear renaissance in recent years, as it seeks to achieve net-zero emissions by 2050 and strengthen energy security.“If you compare with the Western world, actuallyonly South Korea currently has the ability to offer a complete infrastructure for nuclear power plant construction right down to the supp","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"5QT.SI":"Charisma 能源","BK6500":"公用股"},"translate_title":"捷克项目获胜提振韩国核电站出口雄心","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"5QT.SI":1},"content_text":"SEOUL - South Korea received a big boost to its ambition of being a major nuclear power plant exporter in July when it secured a nuclear reactor construction project in the Czech Republic valued at approximately 24 trillion won (S$23 billion).\nThe triumph of the state-owned Korea Hydro & Nuclear Power (KHNP) over its competitor in France on European turf was like a “battle between David and Goliath” that marked South Korea’s emergence as a “major global player in the nuclear energy sector”, said the country’s Minister for Trade, Industry and Energy Ahn Duk-geun in an interview after the successful bid.\nHe hailed the success as a “bridgehead” for Seoul to export nuclear power plants to Europe, which is seeing a nuclear renaissance in recent years, as it seeks to achieve net-zero emissions by 2050 and strengthen energy security.\n\n\n\nKHNP is conducting a feasibility study for a nuclear plant in the Netherlands while also in talks for potential projects in Finland, Slovenia, Sweden and Britain.\nApart from riding on the global push for cleaner energy, analysts say South Korea is poised to take advantage of the current geopolitical situation to make headway as a major nuclear power plant exporter.\nBesides decades spent on technology developments, a contributing factor to its nuclear business would also be good timing, said Professor Jerng Dong-wook of the Energy Systems Engineering School at Seoul’s Chung-Ang University.\n\n\n\n“Russia is the No. 1 country in the nuclear export market. But these days, because of the Ukraine invasion, Russia is being shunned, especially in the Western world, so that actually gives South Korea a good window of opportunity. \n\n“If we had to compete with Russia, it would be a very hard game,” he told The Straits Times.\nHe added that China is too busy building nuclear plants to meet its domestic demands, while the infrastructure of the US and France are too dated, which diminishes their competitive advantage over South Korea.\nThe US and France have not built any nuclear plants domestically since the change of the millennium, as natural gas was a cheaper energy source. \n\n\n\nBut as clean energy has become one of the climate change goals, the US has introduced a nuclear energy Bill on July 10, which is aimed at promoting development of advanced nuclear reactors and encourage deployment of such reactors globally.\nSouth Korea, the world’s fifth-largest nuclear energy producer, has been building reactors at home for the past two decades while still a developing country trying to meet rising energy demands. \nThis meant that its engineers are constantly improving on the infrastructure of the systems, including human capital and equipment, which is of key importance in the industry, said Prof Jerng.\n“If you compare with the Western world, actually only South Korea currently has the ability to offer a complete infrastructure for nuclear power plant construction right down to the supply chains,” he added.\nIts first nuclear plant began operations in 1978 and the grid has since expanded to 26 plants, located mostly along the west coast and which supply nearly 30 per cent of the nation’s electricity needs.\nIts first major overseas project was the United Arab Emirates’ first nuclear power station, Barakah. It began in 2012 and was completed on time in 2018, and within budget, cementing South Korea’s reputation as a reliable nuclear plant provider.\n\n\n\n\n\nMore On This Topic\n\n \n\nOn the nuclear trail: The dawn of a global renaissance in nuclear energy\n\n\n\n \n\nLessons from Fukushima: Japan prioritises safety amid push to reopen more nuclear plants\n\n\n\n\n\n\n\n\n\nData from the International Energy Agency shows that nuclear projects that began between 2010 and 2020 were on average three years late.\nBut the trajectory enjoyed by the South Korean nuclear energy industry suffered a temporary setback when the administration under former president Moon Jae-in decided on a nuclear phase-out policy during his term from 2017 to 2022.\nThe former president’s decision had come under heavy criticism for being “self-destructive” and based on “logical fallacies”, along with accusations of orchestrating data manipulation for the early shutdown of the Wolseong nuclear power plant in 2019.\nBut President Yoon Suk-yeol, who took over in May 2022, is determined to put things back on track, setting twin goals of exporting 10 nuclear reactors and for nuclear energy to be a minimum 30 per cent of the country’s energy mix – both by 2030.\nIn February 2024, he pledged four trillion won in nuclear energy research and development projects, saying it was the industry’s “fresh leap forward”.\nThe reversal is just in time to meet current geopolitical demands, said Ms Kim Hae-yoon, a non-resident fellow at the Washington-based think-tank Korea Economic Institute of America. \n“Since the onset of the Ukraine war, we see more countries embracing nuclear energy, especially in Europe,” she told ST, referring to the energy crisis triggered by disruptions in gas supplies from Russia, following Moscow’s invasion of Ukraine in 2022.\nMs Kim said that achieving net-zero emissions solely through renewable sources like solar and wind presents challenges, making nuclear power a “realistic option” for reaching the desired goal.\n“The fact that South Korea has a track record of completing the projects on time and at the right price puts it in a strong position to potentially win more bids down the road,” she added.\nDespite naysayers arguing that South Korea’s U-turn in its recent nuclear power stance does not bode confidence in its push to export nuclear power plants, Ms Kim said she does not expect any significant flip-flops.\n“Whoever becomes the next Korean president, I don’t anticipate us fully returning to phasing out nuclear energy. This trend is not only relevant to South Korea but to other countries as well. Given the global shift towards nuclear energy, a country’s stance on this issue also carries weight on the world stage.”\n\n\n\n\n\nMore On This Topic\n\n \n\nFrance has ambitious goals for a nuclear revival, but may face challenges along the way\n\n\n\n \n\nSwitzerland phased out nuclear power in 2017, reconsidering ban now\n\n\n\n\n\n\n\n\n\nThe only blip on the horizon is the dispute with US nuclear energy firm Westinghouse Electric, which has lodged an appeal with the Czech authorities, claiming that South Korea’s proposal had infringed Westinghouse’s proprietary technology.\nWestinghouse has been involved in South Korea’s nuclear power development since the construction of its first reactor plant Kori 1 and, in the process, has transferred various nuclear power technologies to South Korea. \nSeoul is arguing that despite the Westinghouse origins of the technology, it has since domestically mastered its own reactor-building technologies. \nKHNP declined to respond to ST’s queries, citing sensitivity surrounding the issue.\nMr Yoon made an official visit to the Czech Republic in September to lay the groundwork before the final signing of the contract, scheduled for March 2025.\nDuring the visit, Mr Yoon and Czech President Petr Pavel reaffirmed their commitment to the “successful delivery of Czech nuclear projects”, and the two countries signed 13 documents pledging cooperation in the pre-construction, construction and post-construction stages of the nuclear power unit project.\nIn an interview with The Korea Times newspaper on Sept 10, Czech Foreign Minister Jan Lipavsky had expressed confidence that the project will proceed without impediment.\n“(KHNP’s bid) is by all calculations the most profitable one. Also, it scores well in other domains like security of supply chains. Seeing the power plant in the United Arab Emirates as proof, it also shows good results.\n“So it was multiple criteria that led to the company and the Czech government conclusion that KHNP will be selected as the preferred bidder, and I hope that the deal will be successfully sealed.”\nProf Jerng said Westinghouse’s complaint was likely business-driven, to retain its status as a leading nuclear power plant provider and an attempt to suppress the rise of a rival.\nHe expects the issue to end with an amicable resolution, especially with KHNP and Westinghouse’s long history of cooperation, and with both the US and South Korean governments in agreement to reinforce cooperation to deploy nuclear energy for carbon neutrality goals.\nMs Kim hopes the same, given the implications that the case outcome would bring.\n“I think that how the precedent is set by this case could significantly influence South Korea’s future deals for years to come.”\n\n\n\n\n\nMore On This Topic\n\n \n\nAs South Korea moves to expand nuclear power, disquiet grows among nearby residents\n\n\n\n \n\nSouth Korea curbs plans for renewables in push for more nuclear energy","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}