Lee Chang-yang Urges US to Resolve Legal Disputes of Nuclear Power Companies

27th 'Korea-US Energy Ministers Meeting'
Shared Recognition on Strengthening Cooperation on Nuclear Power
Discussion on Clean Energy and Critical Minerals Collaboration

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy urged the U.S. side to work together to promptly resolve the legal disputes between Korean and American nuclear power companies.

Minister Lee conveyed this message to U.S. Secretary of Energy Jennifer Granholm during the "Korea-U.S. Energy Ministers' Meeting" held on the 27th (local time) on the occasion of President Yoon Suk-yeol's state visit to the United States. Amid the prolonged conflict between Korea Hydro & Nuclear Power and Westinghouse over nuclear power-related technology issues, the two countries agreed to expand responsible development and distribution of private nuclear power in the global market through building a more resilient nuclear supply chain.

Through the meeting, the ministers of both countries shared their understanding of the expansion of clean energy and strengthening of nuclear cooperation agreed upon at the Korea-U.S. summit on the 26th, and discussed concrete implementation plans for prompt execution.

Expanding Energy Cooperation for Carbon Neutrality Including Nuclear Power and Hydrogen

Minister Lee proposed international cooperation between the two countries to ensure the spread of various clean energy sources such as nuclear power and hydrogen, as well as renewable energy, considering each country's circumstances in achieving carbon neutrality.

Regarding nuclear power, Minister Lee welcomed the signing of a memorandum of understanding (MOU) between Korean and U.S. companies on small modular reactors (SMR) and nuclear fuel, emphasizing the need to accelerate mutually beneficial cooperation in areas such as manufacturing, operation and management of SMRs, joint entry into third countries, and strengthening nuclear fuel safety nets.

Expansion of trade related to clean energy such as hydrogen was also mentioned. Minister Lee proposed concrete discussions on establishing systems to expand hydrogen trade, policy cooperation to accelerate the hydrogen economy development of both countries, and collaboration in international partnerships. In response, the two ministers discussed ways to strengthen cooperation on clean energy supply chains, commercialization, and distribution of related technologies, and agreed to support public-private cooperation to promote commercialization and distribution of clean energy technologies. They also agreed to promote a clean energy partnership through expert exchanges, investment, and research and development (R&D) cooperation in mutually agreed fields to support continuous joint research, technology development, and demonstration of clean energy.

Minister Lee requested active attention and support from the U.S. Department of Energy to ensure that Korean companies advancing in clean energy sectors such as hydrogen, renewable energy, and carbon capture, utilization, and storage (CCUS) can fully benefit from tax credit incentives under the Inflation Reduction Act (IRA).

Additionally, Minister Lee discussed joint financial support measures through cooperation between the Korea Trade Insurance Corporation and the U.S. Department of Energy’s Loan Programs Office (LPO). Currently, joint financial support for electric vehicles and renewable energy sectors is under negotiation between the Korea Trade Insurance Corporation and LPO. The LPO is a dedicated infrastructure financing organization within the Department of Energy that operates loan and guarantee programs for advanced technology vehicle manufacturing, next-generation clean energy, and carbon management projects. It currently manages over 30 projects and a portfolio exceeding $30 billion.

Cooperation on critical minerals was also discussed. Through major consultative bodies such as the Minerals Security Partnership (MSP), which builds critical mineral supply chains, the need to strengthen cooperation among friendly countries including Korea and the U.S. and to continue efforts to stabilize domestic and international oil and gas markets was emphasized. The MSP is a consultative body led by the U.S. Department of State, involving 13 countries including the U.S., Korea, Canada, and Japan, aimed at promoting private investment in the critical minerals sector.

Minister Lee stated, "During this visit, a total of 13 MOUs related to SMRs, nuclear fuel, hydrogen, CCUS, wind power, clean energy, and critical minerals were signed," and urged, "Let us continue efforts by both governments to ensure that this cooperative atmosphere leads to tangible results."

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy is taking a commemorative photo with Jennifer Granholm, U.S. Secretary of Energy, on the 27th (local time) in the Department of Energy conference room in Washington D.C., USA.

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