Deal for Egyptian plant will help boost nuclear power industry
State-run Korea Hydro & Nuclear Power Co. (KHNP) has won a 3 trillion won ($2.2 billion) project to build a nuclear power plant in Egypt, giving an important boost to the struggling domestic nuclear reactor industry. KHNP struck a deal with Russia's Atomstroyexport, or ASE, for equipment supply and construction of turbine buildings for the El Dabaa Nuclear Power Plant in Cairo, Thursday.
ASE is the main contractor for the 40 trillion won project designed to build four 1,200 megawatt (MW) nuclear reactors in El Dabaa, 300 kilometers northwest of Cairo, by 2030. This is the nation's largest export of a nuclear plant project since the construction of the Barakah nuclear power plant in the United Arab Emirates (UAE) in 2009.
The new project is inspiring as it will inject fresh air into the nation's nuclear power industry which has been reeling from the nuclear phase-out policy of the previous Moon Jae-in administration. Besides the deal, the Yoon Suk-yeol administration has been proactively seeking to win similar projects in many nations such as the Czech Republic, Romania, Poland and Saudi Arabia. It is planning to join hands with the United States and France to sign the main contract for a project in the Czech Republic.
The recent project is the first such endeavor in an African country following previous deals in the Middle East. Korea has earned its fame as the only nation that can build nuclear power plants in desert nations, thanks to its successful project in the UAE. Some 100 domestic companies in areas such as machines, piping, electricity and measuring will take part in the El Dabaa project, providing them with much-needed business opportunities after struggling over the past five years due to nuclear phase-out policy.
Many governments are turning their attention to nuclear power plants in a bid to cope with the aggravating energy crunch, buffeted by the prolonged Russia-Ukraine war. Still, they increasingly need nuclear energy to meet their carbon emission targets.
Korea's nuclear plants have been acclaimed for outstanding efficiency and safety. According to the World Nuclear Association (WNA), the construction of a Korean model costs only 65 percent of the United States and 50 percent of Russia and France. Korean firms have efficient construction capacities outperforming their peers from other developed nations within the scope of fixed budgets and deadlines.
The Yoon government aims to export 10 nuclear power plants by 2030. For this, it established a committee on Aug. 18 comprised of 30 relevant government agencies and public and private organizations.
Combined efforts are needed to diversify export items to tackle the rapidly changing market climate. It is also necessary domestically to focus on small modular reactors and repair and maintenance areas. More support should be offered to the local parts and material firms to buttress their prowess.
Last but not least, the government needs to strengthen diplomatic cooperation with the U.S. which is still exercising huge influence in the global nuclear power market.
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