President of Poland Electric Power Corporation hopes for 49% investment by KHNP in Korea-Poland Nuclear Power Joint Venture

by Lee Dongwoo

Published 24 Apr.2023 19:20(KST)

South Korea and Poland plan to establish a corporation to order the Pontnuf nuclear power plant project, aiming for a trial operation in 2035. The management of Poland's Pontnuf nuclear power project and Korea Hydro & Nuclear Power (KHNP) intend to discuss related measures this week.

On the 24th, Wojciech, CEO of Poland's Power Company (PGE), told reporters at the '2023 International Nuclear Industry Conference' held at the Hwabek Convention Center in Gyeongju, Gyeongbuk, "The main contract (for the Polish nuclear power plant) only needs to agree on major issues such as the equity investment ratio." Wojciech specifically requested KHNP to participate with a 49% equity stake to facilitate smooth financing for this nuclear power project.

Earlier, in October last year, KHNP signed a Letter of Intent (LOI) with Polish private power company ZE PAK and PGE to build a nuclear power plant in the Pontnuf area of Poland. Subsequently, ZE PAK and PGE established a special purpose joint venture corporation, PPEJ, each holding a 50% stake, on the 13th to promote the nuclear power project with Korea.

ZE PAK, PGE, and KHNP plan to establish a second corporation to finalize the equity investment ratio and sign the main contract. Wojciech expressed hope that KHNP's equity investment ratio would be 49%.

Once the second corporation is established, the three companies will set the construction date and site investigation schedule. If this project leads to the signing of the main contract, it will mark Korea's continued entry into the European nuclear power market following the United Arab Emirates (UAE) in 2009 and Egypt last year.

Maciej St??, Vice President of PGE PAK, said, "The joint venture with KHNP will jointly conduct feasibility studies, site investigations, and environmental surveys for the Pontnuf nuclear power plant," adding, "To establish this corporation, we need to discuss three things: equity investment ratio, member composition, and the nuclear power plant design, procurement, and construction (EPC) contract date, which will be decided during this visit to Korea."

Wojciech Dombrowski, President of PGE (Polish Power Company), and Maciej St??, Vice President of PGE PAK, are responding at a press conference held on the 24th at the Gyeongju Hwabaek Convention Center during the '2023 International Nuclear Industry Conference.' (Photo by Korea Hydro & Nuclear Power)