South Korean Nuclear Power: A New Dawn in Global Cooperation

In a significant development for the global nuclear energy market, South Korea's state-run Korea Hydro & Nuclear Power (KHNP) and Korea Electric Power Corp. (KEPCO) have reached an agreement with U.S.-based Westinghouse Electric Company to end their intellectual property dispute. This resolution paves the way for enhanced cooperation and a more robust presence for South Korean nuclear power operators in the global market.

The agreement, announced on January 17, 2025, follows a memorandum of understanding signed between the governments of South Korea and the United States in November 2024. This bilateral agreement highlighted the two countries' commitment to maximizing the peaceful use of nuclear energy while adhering to the highest standards of safety, security, safeguards, and nonproliferation.



The intellectual property dispute between KHNP, KEPCO, and Westinghouse had been a major obstacle for KHNP's successful signing of the project to build two reactors at the Czech Republic's Dukovany power plant. With the dispute now resolved, KHNP is expected to finalize the agreement with the Czech Republic in March 2025, after being selected as the preferred bidder in July 2024.

The settlement agreement provides a framework for additional deployments to the mutual benefit of Westinghouse, KEPCO, and KHNP. This could lead to more international projects for South Korean companies, further expanding their global presence. Industry watchers suggest that KHNP may have offered royalties or contracts related to the Czech nuclear energy project as part of the agreement, providing additional revenue streams for South Korean companies.

The agreement also establishes a "new strategic relationship" between KHNP and Westinghouse, which could lead to joint projects and market coordination. KHNP may collaborate with Westinghouse for entry into the European market, while pursuing projects in the Middle East independently with its Korean-developed reactors. This cooperation could enhance South Korea's competitiveness in the global nuclear energy market.



The South Korean government welcomes the settlement, expressing hope that it will lead to active exchanges between the countries' businesses in the global nuclear reactor market. Industry Minister Ahn Duk-geun stated that the agreement has laid the groundwork for pursuing mutually beneficial cooperation in the global nuclear reactor market while adhering to nonproliferation standards.

In conclusion, the agreement between South Korea's KHNP, KEPCO, and Westinghouse to resolve their intellectual property dispute is a significant step forward for South Korea's global nuclear energy market presence. With the Czech Republic project now on track and enhanced cooperation with Westinghouse, South Korean nuclear power operators are poised to make a substantial impact on the global stage. As the world looks for clean, reliable, and dispatchable baseload electricity to achieve climate, energy, and national security objectives, South Korea's nuclear power industry is well-positioned to play a crucial role.