Korea Electric Power Corp. (KEPCO) CEO Cheong Seung-il, fourth from right, goes on a guided tour of Barakah Nuclear Power Plant in Abu Dhabi, United Arab Emirates, Dec. 6. Courtesy of KEPCO

By Lee Kyung-min

Korea Electric Power Corp. (KEPCO) plans to build up to four nuclear reactors in Turkey, according to the state-run energy firm, Thursday, in what market watchers say will generate up to 40 trillion won ($30 billion) in export income.

This is the latest development in the country's energy initiative to elevate nuclear power as a vital, stable source of energy, including the export of APR1400 reactors. The Korea-developed reactors are increasingly recognized for cost, quality and technological advantage by global peers.

Anchoring further positive prospects is KEPCO's overseas expansion drive, as outlined by CEO Cheong Seung-il who said Korea will fortify its business relations with the United Kingdom, Turkey and African countries during his visit to the United Arab Emirates (UAE) last week. In 2009, Korea inked a 20 trillion won deal with the Middle Eastern country to build four APR1400 nuclear reactors for Barakah Nuclear Power Plant. Two are operating, and the remaining two will begin commercial operation in 2023 and 2024 respectively.

Discussion

A medium-term growth strategy report by KEPCO showed discussions will commence with Turkey next year to build four APR1400 reactors in the northern part of the country.

The ultimate goal of signing an intergovernmental agreement will be preceded by a memorandum of understanding (MOU) between KEPCO and the government of Turkey.

The signing of the MOU will be conditioned upon the feasibility study to review safety, environmental impacts and means of financing.

Whether Korea will succeed in winning the overseas nuclear power construction project remains to be seen, due most in part to the decade-long public opposition in Southwestern Asia.

Turkey partnered with Russia in 2010 to build the nuclear reactors, and has since sought to expand the project with the help of Japan and China. But the projects were nearly scrapped due to continued public opposition, driven largely by safety concerns.

Korea's Shin Hanul reactor 1 at the Shin Hanul Nuclear Power Plant in Uljin, North Gyeongsang Province, began commercial operation last week. The politically stalled construction of Shin Hanul units 3 and 4 will resume in 2024.

During his visit to the UAE last week, Cheong expressed confidence in Korea's capabilities to build, operate and do maintenance work on nuclear plants.

He went on a guided tour of Barakah nuclear reactors 1 and 2, which are commercially operating, and reactors 3 and 4 are undergoing testing before beginning commercial operation.

The KEPCO CEO met with Abu Dhabi Administrative Office Chief Khaldun Khalifa al-Murabaq and Mohamed Al Hammadi, CEO of the Emirates Nuclear Energy Corp. (ENEC), the country's state-run nuclear energy entity.