KEPCO's nuclear expansion: New partnerships in Vietnam, Turkey and Saudi Arabia

South Korea's Korea Electric Power Corp. (KEPCO) is seeking to secure new nuclear power plant construction projects. Following talks in Vietnam and Saudi Arabia, it has also reached a cooperation agreement in Turkey. Its subsidiaries are set to supply nuclear fuel to Czechia and service nuclear power plants in Spain and France.

Last year, the final one of the four units at the Barakah nuclear power plant in the United Arab Emirates began commercial operation. For KEPCO, the event was a significant milestone. It is the first and only overseas nuclear power plant construction project in which KEPCO has been involved, in this case as the main contractor within a broader consortium of Korean companies.

United Arab Emirates

Following this, the two parties began talks on a possible expansion involving two units. However, rather than specific targets, discussions shifted towards more general strategic cooperation in nuclear energy. Emirates Nuclear Energy Company (ENEC), which operates the Barakah nuclear power plant, announced the signing of a memorandum of understanding.

Areas of cooperation include advanced nuclear technologies, including joint assessments of small modular reactors, advanced reactor systems, nuclear fuel cycle innovation, radioactive waste management and nuclear safety research. In artificial intelligence and digital transformation, this covers predictive maintenance technologies, power plant operation optimisation, digital twins and machine learning to improve overall safety and efficiency. The memorandum is also intended to facilitate cooperation on potential nuclear projects in third countries if the successful Barakah model is exported to other markets.

Vietnam

At this year's summit between South Korea and Vietnam, the leaders of the two countries signed several memoranda of understanding. One of them is an agreement to develop joint education and training programmes in nuclear energy, as Petrovietnam (PVN) reported. PVN is a state-owned company responsible for managing the country's oil and gas activities. It is now also expanding into renewables.

According to the presidential office, the memorandum is intended to help Vietnam gain a better understanding of nuclear power plant technologies and create a favourable environment for South Korea's entry into Vietnam's nuclear industry.

Recently, Reuters reported that Japan, one of the suppliers for the planned construction, had withdrawn from the project. The Vietnamese government had planned to build two nuclear power plants, Ninh Thuan 1 and Ninh Thuan 2, each with installed capacity of around 2 to 3.2 gigawatts. Work on these projects began after 2010 but was suspended in 2016. After reviving the programme last year, it approached Japan and Russia to each participate in the construction of one of the plants. In both cases, completion was set for 2035.

However, no contract has yet been signed with Russian partners either. Following Japan's withdrawal, justified by the overly short timeframe for completion, the country's leadership is seeking cooperation opportunities elsewhere. Consideration is also being given to building small modular reactors. According to Reuters sources, French, US and South Korean investors have expressed interest in the projects.

Turkey

KEPCO signed a memorandum of understanding on cooperation in nuclear energy with Türkiye Nükleer Enerji AŞ, which is responsible for the planning phase of new nuclear power plants.

“In line with our energy supply security, reducing dependence on foreign sources and achieving carbon neutrality, we plan to commission 12 nuclear reactors by 2050. In this context, the memorandum of understanding on cooperation in nuclear energy offers an opportunity for a strategic partnership with South Korea,”Turkish Energy Minister Alparslan Bayraktar said on the social network X.

As early as 2023, KEPCO submitted a preliminary proposal to Turkey to build four APR-1400 reactors. The proposal concerned an as-yet unspecified site in the northern part of the country, as World Nuclear News reported. No official next steps are known to date.

Subsidiaries

Like KEPCO, its subsidiaries are also expanding abroad. As a manufacturer and exporter of key nuclear fuel components, KEPCO NF states that it exports to countries including the US, Brazil, Argentina, China, Canada, South Africa, Japan and Denmark. It is also set to supply nuclear fuel to Czechia. This was stated by EDU II chairman Petr Závodský after the final contracts with KHNP for the construction of two units at Dukovany were signed.

Another subsidiary, KEPCO KPS, specialises in power plant maintenance and operation. It focuses on nuclear, hydro and thermal power plants. It too is seeking to export its capabilities. World Nuclear News reported on cooperation with Spanish energy company Grupo Dominguis Energy Services. They intend to cooperate on nuclear power plant maintenance in the Spanish and French markets.