The Koreans from Hyundai will build the nuclear reactors in Bulgaria. No France or USA
Hyundai Engineering and Construction, a Korean nuclear engineering company, announced on February 25 that Bulgaria has selected it as the only eligible bidder to proceed with the expression of interest process for the construction of a new reactor at the Kozloduy Nuclear Power Plant .
The company managing the project, Kozloduy NPP – New Builds, revealed that after a thorough review, Hyundai E&C has been proposed to be included in the shortlist of potential construction companies for the nuclear power plant project using AP1000 technology. With this development, Hyundai E&C is ready to move to the next stage of the process and submit an offer.
Previously, Kozloduy Nuclear Power Plant – New Builds had invited expressions of interest from several companies, including Fluor BV, Bechtel Nuclear Power Company Limited, a consortium led by China National Nuclear Corporation Overseas and partner China Energy Engineering Group Tianjin Electric Power Construction Co, as well as China Energy Engineering Corporation Limited. These companies had to meet specific qualification criteria related to construction experience, operation of nuclear units and financial performance.
This recent contract marks a significant milestone for Hyundai E&C, as it represents the first international nuclear power project that a local construction company has won in 15 years, following the Barakah nuclear power plant project in 2009. Hyundai E&C has a strong track record, having been the prime contractor for the construction of 24 of Korea's 36 large-scale nuclear power plants.
The latest contract secured by a local construction firm for a major international nuclear energy initiative marks the first such deal in 15 years, since the Barakah nuclear power plant project in the United Arab Emirates in 2009. Hyundai E&C has a history as a prime contractor for the construction of 24 of Korea's 36 large-scale nuclear power plants.
Hyundai E&C attributed the success of this contract to government-supported initiatives. A company official expressed optimism that this achievement represents a sign of revitalization of South Korea's nuclear industry, which has faced challenges due to anti-nuclear policies in the past.
Bulgaria's decision to close units 1-4 at Kozloduy, following negotiations with the EU in 2007, led to a search for new nuclear units at the plant. The next units are expected to be Westinghouse AP1000 reactors, replacing the older VVER-440 models. Units 5 and 6, equipped with VVER-1000 reactors, continue to operate under refurbishment and life extension programs.
The total cost of the project is approximately 18,700 billion won, 12.7 billion euros, and Hyundai E&C is responsible for overseeing all aspects of construction. Industry experts estimate that Hyundai E&C will shoulder about 50% of the total project cost of 8-9 trillion won.
It seems wonderful how Europe now has to rely on Korean design capacity to build nuclear reactors, despite there being dozens in operation throughout the EU. The problem is that some of these structures were built with Soviet or Russian assistance, of Rosatom, which is no longer available for political reasons, while France, from Falamantville to Hinkley, has proven to be expensive and incredibly slow in construction .
Then Korea remains.
Thanks to our Telegram channel you can stay updated on the publication of new Economic Scenarios articles.
The article Hyundai's Koreans will build nuclear reactors in Bulgaria. Nothing France or USA comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/saranno-i-coreani-di-hyundai-a-realizzare-i-reattori-nucleari-in-bulgaria-niente-francia-o-usa/ on Sun, 25 Feb 2024 10:07:29 +0000.