South Korea secures $18.2 billion nuclear deal with Czech Republic

South Korea has won a landmark $18.2 billion contract to build two nuclear reactors in the Czech Republic—its first overseas nuclear power project in 16 years—signaling a renewed push into Europe's growing energy market.

A consortium led by Korea Hydro & Nuclear Power Co. (KHNP) will finalize the agreement next Wednesday with Elektrarna Dukovany II (EDU II), the Czech utility overseeing the project, according to the Czech government and Yonhap.

South Korea’s Ministry of Trade, Industry and Energy hailed the win in a statement, calling it a breakthrough for the country’s energy export sector. The deal marks South Korea’s first international nuclear contract since the Barakah Nuclear Power Plant project in the United Arab Emirates in 2009.

South Korea was named the preferred bidder for the Dukovany project in July 2024. The win came after overcoming major legal and diplomatic challenges. Earlier this year, KHNP settled a legal dispute with U.S. firm Westinghouse Electric Co. over reactor technology rights. A separate appeal by France’s EDF was also rejected by Prague's competition authority.

The deal is expected to boost South Korea’s position in the European nuclear energy market, driven by rising global demand amid the AI boom and growing concerns over energy security due to geopolitical instability.

For the Dukovany site, KHNP will supply APR-1000 reactors, a localized version of its APR-1400 design used in the Barakah plant. The Czech Republic is also considering building two additional reactors at the Temelin nuclear power station, where South Korea is now seen as a strong contender.

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