KEPCO Discusses Nuclear Power Plant Cooperation Worth Approximately 40 Trillion KRW with Turkey

[Asia Economy Sejong=Reporter Dongwoo Lee] Korea Electric Power Corporation (KEPCO) is discussing cooperation on a multi-trillion won nuclear power plant construction project with T?rkiye (formerly Turkey).

According to KEPCO on the 15th, both sides are promoting a project to build four next-generation Korean-type nuclear reactors (APR1400) with a capacity of 1,400 MW (megawatts) each in the northern region of T?rkiye. The estimated project scale is in the 40 trillion won range, expected to be double the value of the Barakah nuclear power plant contract (about 20 trillion won) exported to the United Arab Emirates (UAE) in 2009.

Both parties plan to conduct a joint feasibility study on this project next year, then agree on environmental and technical conditions for nuclear power plant construction as well as financing methods, and sign a memorandum of understanding (MOU). Subsequently, if an intergovernmental agreement (IGA) is signed in 2024, KEPCO will effectively secure the status of preferred negotiation partner.

The Turkish government had been negotiating this project with Japan's Mitsubishi Heavy Industries since 2013, but negotiations reportedly broke down in 2020 when Mitsubishi proposed a construction cost twice the initially estimated amount.

Industry experts expect that if the export breakthrough of the APR1400 model, which succeeded in exporting to Poland's Pomorzany this year, is achieved again, it will firmly demonstrate the competitiveness of the Korean-type nuclear reactor in the overseas nuclear power market.

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