KEPCO seeks to expand nuclear power presence globally

Korea Electric Power Corp. (KEPCO) will invest $1.8 billion in 2012 in overseas businesses and discuss with the United Arab Emirates (UAE) with the possibility of building four more nuclear reactors there, according to The Wall Street Journal.

In 2009, the Emirates Nuclear Energy Corp. (ENEC) announced it had selected a bid from a KEPCO-led consortium to build up to four reactors in the UAE. The consortium involves Samsung, Hyundai, Doosan and Westinghouse Electric Co. As the main components supplier in South Korea for nuclear projects, Doosan Heavy Industries and Construction is supporting KEPCO by supplying the nuclear steam supply system and balance of plant equipment to KEPCO for the project; a project that is reported to be worth $20 million and is expected to generate 5,600 MW of power when complete. Under the contract, KEPCO is responsible for the design and construction of the plants in the UAE, and also to provide support for operations.

Given the timeline of its current nuclear project, KEPCO President and Chief Executive Kim Joong-Kyum told The Wall Street Journal it would have to sign the deal for the next four reactors by the end of next year to complete the fifth reactor by 2021.

KEPCO expects the first nuclear power plant to be built by 2017, and the remaining three to be completed by 2020.

In a report published in January 2011, the country’s Ministry of Knowledge Economy said South Korea aims to export up to 80 reactors, worth up to $400 billion, by 2030.

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