Korea Hydro & Nuclear Power (KHNP) has been selected by the Czech Government to build two nuclear reactors in the country, marking South Korea’s first overseas order for a large-scale nuclear power project since its development in the United Arab Emirates (UAE) in 2009.
The final deal for the project has not been completed, but South Korea’s industry ministry said it is likely to be agreed by March 2025.
Although the financials are therefore not finalised, the Czech Government estimates that the cost of a new unit when building two at the same site will be Kč 200bn (USD 8.65bn).
KHNP, a subsidiary of the Korean state utility KEPCO, out competed its French rival EDF as it proved superior in meeting project deadlines and keeping costs within budget. South Korean officials used the example of its 2009 UAE nuclear order to illustrate the point.
Two sources close to the matter said that South Korea put forward a significantly less costly bid than EDF, helping to prompt the selection decision.
