By 2050, President Donald Trump's plan for a "nuclear renaissance" to expand the United States' nuclear power capacity from the current 97 gigawatts (GW) to four times that (400 GW) is raising expectations for the entry of Team Korea, including Korea Electric Power Corporation and Korea Hydro & Nuclear Power, into the U.S. market.
Considering that the capacity of a typical nuclear reactor is 1 GW, this suggests a plan to build 300 new reactors over the next 25 years. First, the U.S. plans to construct 10 large reactors by 2030, and its domestic nuclear power company, Westinghouse, is moving quickly.
However, Westinghouse is involved in various projects in Poland, Ukraine, and Bulgaria, and it will take time to restore the supply chain in the U.S. due to a long construction gap. Team Korea, which gathers multiple corporations for "nuclear construction→operation→transmission/distribution→storage→decommissioning," can assist the U.S. that seeks rapid business promotion.
According to the nuclear industry and foreign media on the 29th, the Financial Times reported on the 27th (local time) that KEPCO is considering entering the U.S. nuclear market. KEPCO may participate directly in the project or collaborate with its subsidiary, KHNP.
The media reported that Nucleoe, an Italian and French small modular reactor company, and AtkinsRéalis, the parent company of Canadian CANDU Energy, which holds the core technology for CANDU reactors, are also considering entry into the U.S. market.
The push for nuclear corporations from various countries, including KEPCO, to enter the U.S. stems from an executive order signed by President Trump in May. The executive order outlines a plan to quadruple nuclear generation capacity.
Initially, former President Biden had stated that he would increase nuclear generation capacity to three times the current level by 2050, which has now increased by an additional 100 GW.
First, it has been decided to break ground on 10 large reactors with capacities of over 1 GW by 2030. The U.S. Department of Energy estimates the construction cost for these 10 large reactors to be $75 billion (approximately 103 trillion won).
Experts predict that Westinghouse will be the biggest beneficiary of the nuclear renaissance policy in the U.S. However, there are analyses suggesting that, with current capabilities, it may be difficult for Westinghouse to monopolize.
Westinghouse has not constructed any nuclear power plants in the U.S. for over 30 years since the Three Mile Island accident in 1979, leading to evaluations that its capabilities in nuclear construction and supply chain in the U.S. have diminished.
In fact, Westinghouse, which was acquired by Toshiba in 2006, attempted to construct the VC Summer Units 2 and 3 and the Vogtle Units 3 and 4 in the U.S., but faced delays of over seven years and incurred excess expenses, which led to a bankruptcy filing in 2017. Since then, several major shareholders have changed.
In contrast, Korea is recognized for its nuclear achievements, including the Barakah nuclear power plant. According to a report by the International Atomic Energy Agency (IAEA), Korea's average construction period for nuclear power plants is 56 months, which is more than three times faster than the global average of 190 months. In the U.S., it took 272 months to construct one nuclear reactor.
Korea is also investing in the small modular reactor (SMR) field, collaborating with companies like NuScale Power and TerraPower to secure core technology. KHNP is also pushing to enter the U.S. nuclear decommissioning market. Of the 41 permanently shut down nuclear reactors in the U.S., only 16 have been decommissioned, leaving 29 that still require decommissioning.
Participation from domestic corporations is also anticipated. Hyundai E&C is responsible for nuclear construction and decommissioning, while Doosan Enerbility produces key components such as reactors, steam generators, and turbine generators. Additionally, benefits are expected for corporations in the power sector like Hyosung Heavy Industries, HD Hyundai Electric, ILJIN Electric, as well as cable manufacturers LS Cable & System and Taihan Cable & Solution.
It is assessed that collaboration with Team Korea is essential for President Trump's long-held dream of completing nuclear projects "on time, on budget".
KEPCO and KHNP agreed in January to halt the intellectual property disputes with Westinghouse and promised future cooperation in the global nuclear market. On the 6th, a U.S.-Korea private nuclear cooperation conference was held in Gyeongju. The government is also expected to discuss nuclear cooperation as a major agenda ahead of mutual tariff imposition on the 1st.
A KEPCO official said, "We are considering the conditions for entering the U.S. nuclear market with interest," adding, "However, it is difficult to disclose specific details."