South Korea’s state-owned Korea Hydro & Nuclear Power (KHNP) recently outbid France on a nuclear power plant project in Europe, a feat termed a “David versus Goliath” battle. According to South Korea’s Minister for Trade, Industry, and Energy, Ahn Duk-geun, this achievement marks the country’s emergence as a “major global player in the nuclear energy sector.”
Ahn emphasised that this result serves as a strategic “bridgehead” for South Korea to grow its nuclear exports to Europe, where nuclear energy is on the rise as part of efforts to achieve net-zero emissions by 2050 and strengthen energy security.
KHNP is currently conducting a feasibility assessment for a nuclear plant project in the Netherlands and is in contact with potential partners in Finland, Slovenia, Sweden, and the United Kingdom.
Analysts believe South Korea’s increase in nuclear power exports is driven not only by global clean energy initiatives but also by geopolitical factors. Professor Jerng Dong-wook of Seoul’s Chung-Ang University said that Russia, the current leader in nuclear exports, is facing sanctions as a result of its invasion of Ukraine, while China is focused on domestic demand, offering South Korea a unique advantage. Furthermore, the ageing infrastructure in the United States and France strengthens South Korea’s competitiveness.
