The nuclear power export system, in which Korea Electric Power Corporation and Korea Hydro & Nuclear Power have split countries between them, will be fully overhauled into a "joint execution" model. From now on, the two companies will jointly handle project development and prime contracts in all countries, with KEPCO leading external negotiations and KHNP leading construction and operations.
The Ministry of Trade, Industry and Resources on May 14 held the "2026 first nuclear power export strategy council," chaired by Minister Kim Jung-kwan, and announced a "plan to streamline the nuclear power export system." The council serves as a public-private joint control tower to support overseas nuclear power orders, chaired by the Minister of the Ministry of Trade, Industry and Resources, with related agencies including KEPCO, KHNP, and the Korea Trade Insurance Corporation (K-sure) participating.
The direct trigger for the overhaul is a dispute between the two companies over the settlement of the Barakah nuclear plant in the United Arab Emirates (UAE). There is concern the dispute could lead to a decline in trust in the competitiveness of Korean nuclear power and become an obstacle to new exports.
Previously, export responsibility was divided between KEPCO (13 countries including the UAE, Vietnam, and Saudi Arabia) and KHNP (25 countries including the Czech Republic, the Philippines, and Poland). Going forward, this will be integrated, with KEPCO leading external negotiations and equity investment and KHNP leading construction and operations. For large-scale nuclear plants in the Czech Republic and the Philippines and the innovative Small Modular Reactor (i-SMR), KHNP will remain the overall lead under existing contracts.
To prevent a recurrence of the Barakah situation, the government will consider forming an independent entity in the form of a joint venture (JV) or consortium. The idea is to replace the existing structure of KEPCO as prime contractor and KHNP as service provider with an independent legal entity responsible for post-management, thereby clarifying accountability.
In addition, under the "nuclear power export strategy council," a public-private "nuclear power export planning committee" will be newly established so that external experts in contracting, accounting, law, and international relations can review and advise on economic feasibility and risk on a quarterly basis. However, under current law, the planning committee cannot make binding decisions on public corporations.
The government will also push to enact a "nuclear power export promotion act (tentative name)" within the year. The law will include financial support, technology development and certification support, and the government's prior consultation and oversight authority over major decision-making at public institutions. At the core is establishing a legal basis for a "nuclear power export control agency" that oversees the entire process from project development to contracting for nuclear power exports. The Ministry of Trade and Industry (MOTI) plans to keep various options open and continue discussions, including unifying functions under KEPCO or KHNP and launching an integrated nuclear power export agency.