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| Korea Hydro & Nuclear Power (KHNP) CEO Whang Joo-ho, second from left, meets with Industry and Trade Minister of the Czech Republic, Jozef Sikela, at the ministry in the Czech Republic, Sept. 19 (local time). Korea Times file |
Westinghouse desperate to tank Korea's nuclear plant export bid
By Lee Kyung-min
A lawsuit filed in the U.S. by Westinghouse Electric Company against two Korean state-run counterparts over claims of intellectual property (IP) violations indicates how fast financial interests can weaken the Korea-U.S. alliance, market watchers said Wednesday.
Many say the desperate last-minute maneuvering by the American nuclear power firm is designed only to undercut Korea Electric Power Corp. (KEPCO) and its subsidiary Korea Hydro & Nuclear Power (KHNP) in their bids to win nuclear power plant construction projects in Poland and the Czech Republic.
The U.S. firm says Korea's two state-run entities should not be able to export APR-1400, a Korea-developed nuclear power plant that used key Westinghouse technologies, unless approved by the firm and the U.S. Department of Energy.
Whether the U.S. court would grant the motion remains to be seen. But the Korean side says the threat of a lawsuit will have little impact on the private-led construction of the large nuclear power plant in Poland, highly likely to be led by KHNP.
A group of energy authorities and business executives of Poland will visit Korea on Oct. 31 to sign a letter of intent to cooperate in a construction project in Patnow, central Poland. Among them will be officials of Polska Grupa Energetyczna (PGE), a state-owned public power firm in Poland, and ZEPAK, the country's largest solar power plant.
Money over alliance
"Money trumps alliances," an industry official who refused to be identified said. "Maintaining amicable diplomatic relations is important, but not as much as financial interests in make-or-break business opportunities that can generate stable sources of income for at least a few years."
The latest developments came after KEPCO CEO Cheong Seung-il met with Patrick Fragman, president and CEO of Westinghouse in June to bolster cooperation in joint overseas nuclear business opportunities. During his three-day visit to Korea, Fragman also met with then-KHNP CEO Chung Jae-hoon.
The June meetings were a follow-up to the Korea-U.S. summit a month earlier between President Yoon Suk-yeol and U.S. President Joe Biden, both of whom stressed the importance of and their commitment to a joint strategic partnership to lead the global nuclear power industry.
KEPCO and KHNP said they will continue efforts to remove any complications in the exports of the country's nuclear power plants. "We are aware of the lawsuit. We will outline strategies to respond to the developments in a timely and appropriate manner," the two said in a joint statement.
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