Nations Korea and Czech Republic commit to persistently negotiate nuclear accord despite judicial postponement.
High above the picturesque Czech village of Dukovany stands four mighty cooling towers, marking the site of a momentous breakthrough for South Korea's nuclear energy sector. On a sunny September day in 2011, these towers weren't just a part of the Czech Republic's landscape; they represented Korea's first steps into the European nuclear market in 16 years.
To achieve this milestone, South Korea's consortium, led by Korea Hydro & Nuclear Power (KHNP), secured an $18 billion contract to build two Reactors at Dukovany. This deal was announced by the Czech government on April 30, 2025, with the signing ceremony scheduled for May 7, 2025. In preparation, the government also decided to acquire an 80% stake in Elektrarna Dukovany II, a subsidiary of the state-owned power company CEZ, to help finance the expanded project, which had grown from a single reactor to double in size.
The Korean consortium, comprising affiliates of the state-run Korea Electric Power Corp., private companies such as Doosan Enerbility, and Daewoo Engineering & Construction, triumphed over formidable competitors from the US and France. This victory, particularly noteworthy against the backdrop of France's weakening position in the nuclear energy sector, signified Korea's emergence as a serious player in the European nuclear market.
However, this groundbreaking deal has since faced a setback. A local Czech court ruling, handed down on May 7, 2025, delayed the finalization of the contract. Despite this hiccup, South Korea remains hopeful about securing the deal in the end.
In a further boost to South Korea's nuclear ambitions, the country recently signed a memorandum of understanding (MOU) with the United States on nuclear export and cooperation principles. This agreement is expected to enhance Korea's global nuclear energy export aspirations, including its ongoing projects in Europe.
In essence, despite some legal obstacles, South Korea's nuclear reactor export ambitions for the Czech Republic's Dukovany power plant are forging ahead. Leveraging France's faltering nuclear renaissance and carving out their niche in Europe, South Korea is signaling its readiness to compete as a key nuclear exporter on the global stage.
- South Korea's diplomatic efforts in the nuclear energy sector were evident as they secured an $18 billion contract to build two Reactors at Dukovany, marking their return to the European nuclear market after a 16-year absence.
- The South Korean consortium, comprising both government-run and private companies, outperformed formidable competitors from the US and France, signaling Korea's emergence as a significant player in the European nuclear market.
- To finance the expanded project at Dukovany, the Czech government decided to acquire an 80% stake in Elektrarna Dukovany II, a move that highlighted the importance of the business partnership in the energy industry.
- The court ruling in the Czech Republic temporarily dashed South Korea's hopes for finalizing the contract, but they remained adamant about securing the deal in the end.
- In a bid to strengthen its nuclear energy export ambitions, South Korea recently signed an MOU with the United States on nuclear export and cooperation principles, targeting enhanced global aspirations.
- The policy-and-legislation changes in the Czech Republic, particularly in the energy sector, will be closely watched due to their potential impact on South Korea's nuclear reactor export ambitions.
- The general news regarding South Korea's nuclear venture with the Czech Republic is being closely followed by the finance industry, as it could have significant implications for energy exports and the overall economy.
- The success of South Korea's nuclear export policy in the Czech Republic could potentially reshape the global nuclear market, with implications for politics, policy-and-legislation, and business relationships.
