Feasibility Study for New Nuclear Power Plant in Finland, Hyundai Construction Consortium Selected... Green Light for European Expansion

Hyundai E&C Consortium Secures Foothold in Finland and Slovenia
"Enhancing Competitiveness Through Nuclear Construction Expertise and Korea-U.S. Cooperation"

Hyundai Engineering & Construction recently announced on the 14th that it has been selected as a candidate for the Early Work Agreement (EWA) for the new nuclear power plant construction project in Finland.

The local state-owned energy company Fortum has been conducting feasibility studies with nuclear power suppliers and others on plans to build a new nuclear power plant. After more than two years of investigation, the Hyundai Engineering & Construction and Westinghouse consortium was chosen as one of the three EWA candidates. Hyundai Engineering & Construction previously won the Bulgarian nuclear power plant project last year in partnership with the U.S. nuclear design company Westinghouse.

A perspective rendering of the large-scale nuclear power plant AP1000® model jointly promoted by Hyundai Engineering & Construction and Westinghouse in overseas markets. Provided by Hyundai Engineering & Construction

Other EWA candidates for the new Finnish nuclear power project include ?lectricit? de France (EDF, representing large-scale nuclear power) and GE-Hitachi (small modular reactors, SMR). The selected companies will evaluate the technical maturity required for project execution and review licensing-related matters together with Fortum. According to local media, various opinions are circulating regarding the new nuclear power plant construction project due to cost issues and other factors.

Hyundai Engineering & Construction stated, "We plan to once again demonstrate our excellent project capabilities and establish a close cooperative relationship with the client to secure differentiated competitiveness ahead of winning the main construction contract."

Hyundai Engineering & Construction is also participating in the Slovenian nuclear power project with Westinghouse. The JEK2 project, a new nuclear power plant construction initiative promoted by the local state-owned power company GEN Energija, involves building a large AP1000 reactor near the existing Unit 1 nuclear power plant located about 80 km east of the capital Ljubljana.

In this project as well, the Hyundai Engineering & Construction-Westinghouse consortium and EDF were selected as the final supplier candidates earlier this year. A technical feasibility study is currently underway and is scheduled to be completed by the third quarter of this year. The feasibility study is a critical early phase of the project, and the Hyundai Engineering & Construction consortium aims to gain a competitive advantage in the upcoming design, procurement, and construction (EPC) bidding through this evaluation.

Lee Han-woo, CEO of Hyundai Construction, is explaining future business plans at the CEO Investor Day held on the 28th of last month. Photo by Hyundai Construction

Hyundai Engineering & Construction anticipates a rapid increase in demand for low-carbon energy and is focusing on energy-related businesses such as nuclear power. Nuclear power, in particular, is a core area where the company has accumulated diverse domestic and international performance records. The company has completed construction of 20 domestic reactors and 4 overseas reactors (in the United Arab Emirates). Of the 23 nuclear power plants completed worldwide in the past decade, Hyundai Engineering & Construction was responsible for 8.

The company has set a goal to expand its business capabilities in the medium to long term by focusing on large nuclear power plants and SMRs, as well as fourth-generation reactors such as sodium-cooled fast reactors, nuclear power plant decommissioning markets, and even fusion power with diversified applications. According to the International Atomic Energy Agency, the market size for the nuclear power sector is expected to grow from $1.111 trillion in 2035 to over $5.1 trillion by 2050.

Visible results are also emerging from cooperation with U.S. companies that have competitiveness in nuclear power plant design. Lee Han-woo, CEO of Hyundai Engineering & Construction, met with Westinghouse executives in the U.S. last February to discuss cooperation plans. In the SMR field, the company is collaborating with Holtec, which possesses reactor technology. At the CEO Investor Day held on the 28th of last month, CEO Lee said, "We have prepared advanced cooperation plans with our partners to expand our entry into the global nuclear power market, including the U.S. We will accelerate the expansion of our global nuclear power territory by leveraging a solid partnership as a foothold."

Hyundai Engineering & Construction recently expanded and reorganized its energy business organization. It also plans to recruit experienced talent. Applications will be accepted until the end of this month across the entire energy business, including nuclear sector execution, process, and quality, next-generation nuclear R&D, renewable energy, and power grid sectors.

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