South Korea and the United States have formalized a nuclear energy alliance aimed at capturing a larger share of the rapidly growing global nuclear energy market, driven by advancements in artificial intelligence (AI) and other emerging technologies. On Jan. 17, Korea Hydro & Nuclear Power (KHNP), Korea Electric Power Corporation (KEPCO), and U.S.-based Westinghouse Electric Company announced that the two nations would strengthen their cooperation in nuclear energy exports, building on a memorandum of understanding (MOU) signed by their governments on Jan. 8.
Industry experts anticipate the renewed South Korea-U.S. partnership will generate substantial synergies in upcoming bids, including a 24 trillion won ($16.4 billion) project in the Czech Republic slated for finalization in March, as well as potential contracts across Europe and the Middle East. The U.S. Department of Energy (DOE) described the agreement as a “way for hundreds of billions of dollars in cooperative projects moving forward while creating and maintaining hundreds of thousands of jobs in the civil nuclear sector.”
The alliance positions South Korea and the United States to jointly compete against France, Russia, and China in the global nuclear market, which the U.S. Department of Commerce projects will reach1,000 trillion won ($685.1 billion) over the next decade.
As part of the agreement, KHNP and KEPCO resolved their intellectual property dispute with Westinghouse and agreed to collaborate in the global market. In a joint statement, Westinghouse confirmed the resolution, announcing that all ongoing legal actions between the companies would be dismissed. The dispute, which began in October 2022, centered on allegations by Westinghouse that KHNP had infringed on its intellectual property rights during the bidding process for the Czech Republic’s nuclear power project.
Westinghouse, a pioneer in nuclear power since developing the world’s first commercial nuclear plant in 1957, has a long history with South Korea, having contributed to the construction of unit 1 at the Kori nuclear power plant, South Korea’s first commercial reactor, which began operations in 1978. Despite decades of collaboration, tensions surfaced during the bidding process for the Czech Republic’s nuclear project when Westinghouse filed an intellectual property lawsuit in October 2022, accusing KHNP of rights infringement. The dispute created friction, with Westinghouse repeatedly questioning the legitimacy of South Korea’s nuclear technology.
The latest agreement not only restores the traditional partnership between the two countries but also lays the groundwork for their joint entry into the global nuclear market. U.S. Secretary of Energy Jennifer Granholm praised the accord, describing it as “paving the way for hundreds of billions of dollars in cooperative projects.”
Amid heightened energy security concerns following the Russia-Ukraine war, many countries have shifted their energy policies toward nuclear power. This partnership signals a strategic effort to jointly address the growing demand for nuclear energy. The global market is projected to reach between 729 trillion won ($500 billion) and 1,080 trillion won ($740 billion) over the next decade, according to DOE estimates. The International Atomic Energy Agency (IAEA) also forecasts that global nuclear power capacity will more than double from 371.5 gigawatts in 2023 to 950 gigawatts by 2050.
