The Donald Trump administration has declared its intention to revive the nuclear industry, while Westinghouse is expecting a "clean sweep" of orders.
According to the Financial Times (FT) on the 8th, Westinghouse has started contacting U.S. government officials and industry insiders after President Trump signed an executive order to expand nuclear power plant construction.
The executive order announced by the Trump administration last month aims to quadruple the United States' nuclear power generation capacity by 2050. To achieve this, it plans to commence construction on 10 large reactors by 2030.
FT noted that Westinghouse is one of the few Western corporations capable of designing and building 1,000 megawatt (MW) AP1000 reactors. It also mentioned that at least 12 new nuclear power plants are currently under construction or contracted in the U.S., Poland, China, Ukraine, and Bulgaria.
Dan Sumner, the interim chief executive officer (CEO) of Westinghouse, also introduced the company as being in a "unique position" to implement President Trump's plans. In an interview with FT, he said, "I believe we can handle all 10 large reactor construction plans outlined in the executive order with AP1000 reactors," adding that "we are working to formulate the exact plans in collaboration with our partners."
FT assessed that if the construction of nuclear power plants proceeds as planned by the Trump administration, the odds of Westinghouse securing contracts are high. It noted that companies like Russia's Rosatom and China's China General Nuclear Power Group (CGN) find it virtually impossible to secure orders in the U.S. from an energy security perspective. France's EDF withdrew from the U.S. market 10 years ago, and the joint venture of General Electric (GE) and Japan's Hitachi, Hitachi GE Nuclear Energy, has restructured its business around small modular reactors (SMRs). Korea Hydro & Nuclear Power possesses technical capabilities but lacks construction experience in the U.S.
The critical factor is expense. The U.S. Department of Energy estimates that the construction cost of 10 large reactors will be $75 billion (approximately 100 trillion won). However, there is a precedent where the construction period of Vogtle Units 3 and 4 increased, leading to costs that more than doubled the initial estimates.
CEO Sumner explained that, based on lessons learned in the U.S. and China, he believes that the same problems will not recur. He also noted the importance of financing and stated that the administration is actively cooperating with them.
Even if Westinghouse monopolizes the U.S. nuclear power market, there is a high possibility that it will collaborate with Korean nuclear equipment corporations, which could result in benefits for them. This is due to the price competitiveness of Korean nuclear power plants. According to the World Nuclear Association (WNA), the construction cost of Korean nuclear power plants is $3,571 per kilowatt (kW), significantly lower than that of the U.S. ($5,833) and France ($7,931).