Hanhwa Nuclear Power - US Centrus Sign Letter of Intent for Stable Nuclear Fuel Supply Cooperation

Diversification of Enriched Uranium Suppliers - Ensuring Stability of Fuel Supply

On the 26th (local time), Korea Hydro & Nuclear Power (KHNP) signed a Letter of Intent (LOI) for stable nuclear fuel supply cooperation with Centrus, a U.S. nuclear fuel and services supplier, in Washington DC, USA.

A Letter of Intent is a document expressing mutual intention to cooperate before signing a legally binding contract. This LOI is based on the Memorandum of Understanding (MOU) signed in April last year and contains specific business objectives for establishing a uranium resource security and nuclear business cooperation system between KHNP and Centrus.

Hwang Ju-ho, President of Korea Hydro & Nuclear Power (left), signed a letter of intent for cooperation to ensure stable nuclear fuel supply with Centrus, a U.S. nuclear fuel and services supplier, at the St. Regis Hotel in Washington DC, USA, on the 26th (local time), and took a commemorative photo with Amir Veksler, CEO of Centrus.

A KHNP official stated, "Through this LOI, KHNP has enhanced fuel supply stability by diversifying suppliers of enriched uranium used as nuclear fuel," adding, "At the same time, we expect to contribute to strengthening Korea-U.S. nuclear cooperation by building a strategic partnership with Centrus, which is rebuilding uranium enrichment capacity in the U.S."

Centrus is the only company authorized by the U.S. Nuclear Regulatory Commission (NRC) to produce high-assay low-enriched uranium (HALEU) used for next-generation nuclear reactors and small modular reactors (SMRs). Notably, in November last year, Centrus succeeded in the initial production of 20kgU (kilograms of uranium) of HALEU at its facility in Piketon, Ohio, demonstrating its technology and production capacity to the U.S. Department of Energy. This opens the possibility for KHNP to secure fuel not only for existing commercial reactors but also for future reactors.

Hwang Ju-ho, President of KHNP, said, "Through signing this LOI, we will begin concrete discussions on stable nuclear fuel supply and plan to continuously explore business cooperation areas by expanding nuclear fuel supply chain cooperation projects in the future."

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