Korea and the United States have wrapped up their bid to build a nuclear power alliance to make inroads into the global nuclear power market, which is seeing explosive growth on the back of expanding AI.
Korea Hydroelectric & Nuclear Power (KHNP) and Westinghouse of the United States issued news releases on Jan. 17, saying that the Korean and American sides will ramp up cooperation in the global nuclear power market.
KHNP and Westinghouse reached an agreement one week after the Korean and U.S. governments struck an MOU on exporting nuclear power and cooperation, paving the way for the two countries to make joint efforts to explore the global nuclear power market.
As countries across the globe scramble to build nuclear power plants to meet power demand related to the spread of AI, the two countries will form a team, dubbed “Team KORUS,” to make inroads into the global nuclear power market.
Figures released by the World Nuclear Association (KNA) showed that the number of nuclear power units in operation across the world stands at 440, sixty-five are under construction and 430 more are planned with the signing of contracts and the designation of sites.
Korea and the United States have restored their cooperation in nuclear power industries, as they did in the past, they will likely see synergetic effects and land additional nuclear power plant orders in Europe and the Middle East, on top of the 24 trillion won Czech nuclear power plant whose contract is to be signed in March.
With Korea and the United States’ forging a nuclear power alliance, the U.S. Department of Energy estimated the value of the global nuclear power market at 1,000 trillion won over the next decade.
If Korea and the United States join forces, the two countries will stage a four-way competition with France, Russia and China.
KHNP and Korea Electric Power Corp. ended an intellectual property dispute with Westinghouse, and both sides agreed to ramp up cooperation in the global nuclear power market.
Westinghouse said that the company struck a global settlement agreement with KHNP and KEPCO and it decided to drop all legal action through collaboration with KHNP and KEPCO.
KHNP President: ‘Establishes Integrated Management System and Body to Win Additional Nuclear Power Plant Orders’
President Hwang Joo-ho of Korea Hydro & Nuclear Power stressed the need for the establishing of export packages, such as the establishment of an integrated management system related to the landing of additional overseas nuclear power plant orders.
In a ceremony to kick off the 2025 business year at KHNP headquarters in Gyeongju on Jan. 2, Hwang said, “KHNP will have to explore ways of achieving proper levels of profit and raise sales.”
To boost nuclear power exports, he picked major priority tasks, such as furnishing an integrated management system, strengthening Korea-U.S. nuclear power cooperation, establishing an entity of commercialization to accelerate small modular reactors, inaugurating a consultation committee among related organizations, strengthening of SMR Smart Net Zero marketing, and spearheading of SMR markets.
President Hwang emphasized safety and economical operation of nuclear power units.
He called for upgrading nuclear power integrated performance index (KNP) to global levels, raising capacity factor to up to 90 percent as well as improving the performance of nuclear power core equipment, optimizing standard construction period and minimizing unplanned stoppage in order to successfully inaugurate a vesting contract.
He selected the strengthening of a full-cycle nuclear power, including decommissioning, as one of the major tasks for this year.
He called for maxing out the safety of all full-cycle nuclear power by establishing a real-time integrated management regime, developing localized nuclear fuel and focusing on future strategies of the nuclear fuel business.
President Hwang plans to introduce a passive safety system, curtail construction periods and establish a roadmap for developing large-sized nuclear power plants with increased capacities.
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