Seoul and Warsaw have inked outline agreements to develop nuclear power in Poland–in a move that would push the latter’s attempt to phase out coal and reduce carbon emissions while South Korea seeks to revitalize its nuclear industry.
The South Korean Ministry of Trade, Industry, and Energy said in a joint statement with the Polish Ministry of State Assets on Monday that Poland’s ZE PAK and PGE and Korea Hydro & Nuclear Power (KHNP) will assess the feasibility of building four 1,400-megawatt nuclear reactors in Patnow, central Poland, using South Korean technology.
“We welcome the information that ZE PAK and PGE have entered into talks with KHNP, which will further strengthen relations between Poland and South Korea,” said Polish State Assets Minister Jacek Sasin in a statement.
The announcement comes after Warsaw said on Friday that US energy firm Westinghouse Electric Co will build the country’s first nuclear power plant in northern Poland.
Poland is to invest $40 billion on the construction of two nuclear power stations, each with three reactors, the last of which will be operational in 2043. The agreement with the United States and Westinghouse is for the first three reactors of the Pomerania project, which is expected to begin producing power in 2033, according to officials.
Currently, the European country relies heavily on coal for its energy mix, although its contribution dropped from 87% to 71% in a decade and renewables up to 17%.
On the other hand, South Korea has increased its efforts to secure nuclear power plant export orders after the inauguration of President Yoon Suk-yeol this year, who promised to revitalize the country’s nuclear power industry.
The East Asian nation ranks 5th among the countries in the world with the largest nuclear generation. It currently has 24 operating nuclear power reactors, accounting for approximately 27.4% of total electricity generation in 2021.
Information for this briefing was found via Al Jazeera, ABC News, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.