Woori Technology, 1Q Nuclear Power Plant Orders Up 18.2% YoY

[Asia Economy Reporter Park Hyungsoo] Woori Technology announced on the 21st that its order amount in the nuclear power plant business sector for the first quarter of this year recorded 9.03 billion KRW, an 18.2% increase compared to the same period last year. The supply of spare parts and maintenance services for operating nuclear power plants are steadily increasing. If the new government's nuclear power restoration policy is fully implemented, the increase in orders is expected to accelerate.

Woori Technology achieved consolidated sales of 52.1 billion KRW and operating profit of 7.2 billion KRW last year. This was the result of continuous growth in its core business, the nuclear power sector. In March this year, it signed a supply contract for non-safety grade DCS spare parts worth 6.4 billion KRW to be used in Shin-Kori Units 5 and 6.

To continue operating aging nuclear power plants whose design life has expired, the latest technology and standards must be applied. Facility replacement and supplementation are essential. Woori Technology expects to supply related equipment, including domestically produced control and instrumentation devices, during large-scale facility replacements of aging nuclear power plants.

Woori Technology participated as a key company in the world's first commercial SMR project, the ‘SMART Nuclear Power Plant Commercialization’, in 2012. It is also expected to participate in the development of the ‘Innovative Small Modular Reactor (i-SMR)’ being developed by Korea Hydro & Nuclear Power and the Korea Atomic Energy Research Institute. Based on its experience and know-how, it is anticipated to play a leading role in developing government-led innovative SMRs.

A Woori Technology official said, "Generally, the nuclear power industry experiences an off-season in the first quarter," adding, "This year’s first quarter saw an 18.2% increase in order amounts due to growth in maintenance and spare parts supply."

He continued, "Woori Technology has succeeded in domesticating core nuclear power technologies such as control and instrumentation equipment and supplies related systems with 100% in-house technology," adding, "We will generate profits based on our core technological competitiveness."

This content was produced with the assistance of AI translation services.