A government official on the 21st drew the line regarding the establishment of a joint venture (JV) between Korea Hydro & Nuclear Power and the U.S. company Westinghouse, saying, "It is not yet the stage to sign the JV establishment."
KHNP President Hwang Ju-ho is scheduled to visit the United States on the 23rd to meet with representatives from the U.S. nuclear power industry. This has led to speculation that Hwang is visiting to sign the JV establishment agreement with Westinghouse.
However, the government official stated, "Discussions on JV establishment between KHNP and Westinghouse are in the early stages, and it is not the time to sign any agreements related to its establishment."
He also noted regarding the visit of officials from the Ministry of Trade, Industry and Energy to the U.S., "Officials in charge of nuclear power have accompanied the Minister during every visit to discuss energy cooperation and exchange information," and explained, "Based on this, it is difficult to see the KHNP-Westinghouse JV establishment discussion as an agenda item between the governments."
Currently, KHNP and Westinghouse are engaged in detailed discussions regarding the scale and ratio of investment and project targets; however, it is said that a conclusion regarding the JV establishment is not imminent.
KHNP stated, "This visit to the U.S. is aimed not only at discussing the JV establishment but also at seeking strategic cooperation opportunities within the nuclear power industry with various corporations in the U.S." KHNP is also reported to engage in a memorandum of understanding (MOU) with other U.S. corporations during this visit.
Meanwhile, the controversy over the 'unfair agreement' regarding the agreement made earlier this year between KHNP and Korea Electric Power Corporation with Westinghouse continues.
The agreement reportedly stipulates that if a Korean corporation independently develops and exports next-generation nuclear power, such as small modular reactors (SMRs), it must obtain verification from Westinghouse and is prohibited from entering the North American, European, and Japanese markets.
In response, the presidential office directed the Ministry of Trade, Industry and Energy to ascertain the facts, and the Democratic Party of Korea stated that it would thoroughly investigate the matter, primarily through the National Assembly's standing committees. The People Power Party countered, stating, "The discussions on the KHNP-Westinghouse JV establishment are aimed at securing a foothold for Korean nuclear power in the U.S. market."