Korea Hydro & Nuclear Power (KHNP) was selected, Wednesday, as the preferred bidder for a 30 trillion won ($22 billion) project to build nuclear power plants in the Czech Republic, according to the state-run nuclear power plant operator.
The successful export of a Korean nuclear reactor is a landmark achievement, marking the first such contract since the 2009 agreement for the Barakah Nuclear Energy Plant in the United Arab Emirates.
The Czech government announced KHNP as the winner of the nuclear reactor export contract after a Cabinet meeting, defeating French competitor EDF.
“Korea won the status as the preferred bidder for the nuclear power plant order,” a government official said.
“With advanced technology, Korea gained the upper hand over the French firm by offering a lower price and high quality,” the official added.
The project involves constructing four nuclear reactors in Dukovany and Temelin. Initially planned for just one reactor, the Czech government expanded the project to include four reactors, increasing the total value from 8 trillion won to 30 trillion won.
KHNP is cooperating with Doosan Enerbility, Daewoo E&C and several other state-run energy firms, as well as multiple Czech companies.
The state-run nuclear power plant operator plans to finalize the contract by March next year and start construction in 2029, with the goal of beginning operations in 2036.
Last week, President Yoon Suk Yeol asked Czech President Petr Pavel to allow Korean firms to participate in the nuclear plant project, during their summit held on the sidelines of the NATO summit in Washington, D.C.
“Financial support is also available through the Export-Import Bank of Korea and Korea Trade Insurance Corp.,” Yoon said at that time.
Over 100 companies in Korea have employed approximately 14,000 workers and oversaw industrial infrastructure projects in the Czech Republic.
In May, Ivan Jancarek, the Czech Republic’s ambassador to Korea, visited a nuclear power plant in the southeastern port city of Ulsan, and took a look at the overall operation of the facility. He is believed to have shared details with the relevant authorities in his home country.
The Korean state-owned nuclear power plant operator had emphasized that Korea is the only country capable of building high-quality nuclear power 한국을 plants on time and within budget. In contrast, EDF has already pushed back the completion date for the first reactor at Hinkley Point C in the United Kingdom to 2029 from the original 2027, resulting in increased costs for the project
