As energy security and environmental concerns prompt some countries to increase their reliance on nuclear energy or become first-time adopters of the technology, the U.S. government must decide whether it will offer financing for reactor exports—a move that poses financial risks but could create jobs, address global climate and energy security challenges, and limit Chinese and Russian influence. A new report released on August 25 by the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs, Comparing Government Financing of Reactor Exports: Considerations for U.S. Policy Makers, digs into the history of nuclear reactor financing and delivers recommendations for U.S. policymakers.

Matt Bowen, research scholar at the center and the report’s lead author, told Nuclear News, “Given how important financing is to countries considering new reactor construction, as well as the competition that U.S. vendors face from foreign state-owned entities, Congress and the White House should both focus attention on the issue, including policy options to increase U.S. competitiveness.”

Lee Chang-yang

A multi-ministry task force has been established by the government of South Korea to promote the export of nuclear power development projects. The task force, led by minister of trade, industry, and energy Lee Chang-yang, includes nine ministries, such as national defense; economy and finance; foreign affairs; and land, infrastructure, and transport. It also includes a number of private-sector companies and public institutions— Korea Hydro and Nuclear Power, Export-Import Bank of Korea, and Korea Electric Power Corporation among them.

Diplomatic offices: The Korean task force plans to establish diplomatic offices in several countries in order to perform its mission effectively, including the United Kingdom, the Netherlands, the Czech Republic, Poland, Kazakhstan, the Philippines, Saudi Arabia, and South Africa.

SNC-Lavalin subsidiary Candu Energy recently announced that it is engaged in pre-project design and engineering work at the Qinshan Phase III nuclear power station in China’s Zhejiang Province with Third Qinshan Nuclear Power Company (TQNPC), the plant’s operator.

South Korea’s new president, Yoon Suk-yeol, appears to be following through on his campaign pledge to reverse the previous administration’s domestic nuclear phaseout plan. Earlier this month, Yoon’s Ministry of Trade, Industry, and Energy announced a new direction for the nation’s energy policy—one that calls for, among other things, a reembrace of nuclear power. A further announcement on the subject last week provided additional details.

Westinghouse Electric Company and South Korea’s Hyundai Engineering & Construction have signed an agreement to “jointly participate in global AP1000 plant opportunities,” the Pennsylvania-based nuclear technology firm announced on May 24.

Seung Chul Lee, deputy chief executive officer of Korea Hydro and Nuclear Power, has told the Polish Press Agency that KHNP is willing to cofinance the construction of six nuclear power units in Poland. KHNP formally offered to construct the APR1400 reactors, with a total capacity of 8.4 GW, in April. The Polish government plans to have the country’s first nuclear reactor begin operating in 2033 and for subsequent reactors to be completed every two to three years thereafter.

Small modular reactor developer NuScale Power has signed a memorandum of understanding with three South Korean companies—Doosan Enerbility Company, GS Energy Corporation, and Samsung C&T Corporation—to explore the deployment of NuScale’s VOYGR power plants in Asia.

Holtec International and Hyundai Engineering & Construction have signed an agreement to cooperate in the area of nuclear plant decontamination and decommissioning.

Under the teaming agreement, Hyundai E&C will participate in D&D activities at Holtec-owned decommissioning sites in the United States to build its capabilities and experience in preparation for decommissioning projects in South Korea, which will be undertaken by the two companies. The agreement also provides for the two companies to further expand their cooperation internationally.

Unit 2 at the United Arab Emirates’ Barakah nuclear power plant has entered commercial operation, Emirates Nuclear Energy Corporation (ENEC) announced on March 24. Unit 2 adds an additional 1,400 MW of zero-carbon emission electricity to the UAE’s national grid, bringing the total amount of electricity produced at Barakah to 2,800 MW.

The election last week of Yoon Suk Yeol as president of South Korea has provided a big boost for that nation’s nuclear energy-related stocks. Yoon, of the conservative People Power Party, defeated Lee Jae-myung, of the incumbent liberal Democratic Party, on a pro-nuclear platform. As reported by marketwatch.com, Yoon has promised to “reinvigorate the nuclear-energy industry by reactivating suspended atomic power plants and resuming building new ones.”

Canadian Nuclear Laboratories (CNL) and Korea Hydro and Nuclear Power (KHNP) intend to leverage data collected over decades on the dry storage of spent nuclear fuel to help inform decision-making on future spent fuel storage, transportation, and disposal activities.

Biden

Moon

The United States and South Korea have agreed to “develop cooperation in overseas nuclear markets, including joint participation in nuclear power plant projects, while ensuring the highest standards of international nuclear safety, security, and nonproliferation are maintained,” according to a statement from the White House on last week’s Washington meeting between President Joe Biden and South Korean President Moon Jae-in.

As part of that agreement, South Korea will adopt a common policy with the United States requiring recipient countries to have a safeguards agreement “Additional Protocol” in place as a condition of doing nuclear-related business. (The Additional Protocol is an expanded set of requirements for information and access to assist the International Atomic Energy Agency in its work to confirm that states are using nuclear material solely for peaceful purposes.)

Orano's Alain Vandercruyssen signs a cooperation agreement with KHNP on December 4. Photo: ORANO

With the signing of a cooperation agreement by Orano and Korea Hydro & Nuclear Power at KHNP’s headquarters in Gyeongju on December 4, France and South Korea are poised to enhance collaboration in the decontamination and decommissioning of nuclear facilities, particularly in South Korea and Europe.

Orano said that the collaboration will give it access to the expertise of KHNP engineers, as well as to KHNP’s network of providers of nuclear engineering services, particularly in the fields of robotics, process industrialization, and quality.

KHNP, in return, will benefit from Orano’s experience in preparing and carrying out nuclear dismantling, with the company providing technical assistance and supplying skills and training. South Korean engineers will be included in the Orano dismantling and services teams.

ITER vacuum vessel section no. 6, shown here, was completely assembled in April. South Korea is providing four of the nine 40-degree vacuum vessel sections; Europe is providing the other five. Photo: ITER

South Korea’s Hyundai Heavy Industries (HHI) has completed work on the first vacuum vessel section for the International Thermonuclear Experimental Reactor (ITER), the ITER Organization reported on April 28. The 440-ton section is now being prepared for shipping this summer to the ITER construction site, located near Saint-Paul-lez-Durance, France.