South Korea’s state-run nuclear operator is in talks with Westinghouse Electric Co. to form a joint venture aimed at entering the U.S. nuclear power market, according to officials and lawmakers. The proposal has reportedly reached the Westinghouse board and will be discussed when President Lee Jae-myung meets President Donald Trump in Washington on Aug. 25. One political figure described the tie-up as cooperation that could “surpass MASGA,” highlighting the ambition to secure a foothold in the world’s largest nuclear market. Trump has declared a “nuclear renaissance,” signing an executive order in May calling for 10 new large reactors by 2030 and a fourfold increase in U.S. capacity by 2050. Westinghouse, despite its core technology, lacks construction capacity, making Korea Hydro & Nuclear Power (KHNP) a critical partner. KHNP and Westinghouse are preparing to launch “Team KORUS” (Korea + U.S.) to pursue global nuclear projects. The talks follow a January settlement ending an IP dispute over a Czech project. Under the deal, KHNP and Korea Electric Power Corp. agreed to purchase about $650 million worth of goods and services per reactor from Westinghouse for 50 years, plus royalties of $175 million per unit. The deal also included credit guarantees and restrictions barring KHNP from pursuing projects in North America, the EU, the U.K., Ukraine and Japan. For Trump, the nuclear push reflects his broader plan to boost power supply as AI data centers drive electricity demand higher. His executive order shortened approval timelines, extended licenses, opened federal land to small reactors for AI, and promoted uranium mining. Goldman Sachs projects global data-center electricity use will more than double by 2030. Industry analysts say Korea is uniquely positioned to help. Since the 1979 Three Mile Island accident, the U.S. has built few reactors, eroding expertise. KHNP, by contrast, has built 32 reactors in Korea and abroad, including the Barakah project in the UAE, maintaining full-cycle capacity from design to operations. Westinghouse has been tied to Korea since 1969 when it built Kori-1. But after losing ground in construction, it relied on IP claims. In 2022, it sued KHNP in U.S. court and later filed complaints in Europe. The January settlement ended disputes and laid the foundation for cooperation. In Europe, Westinghouse is expected to lead with KHNP and Kepco supporting. In the Middle East, where Seoul built Barakah, KHNP aims to export reactors independently. “Korea is one of the few countries capable of the entire process—from design to operation,” said KHNP chief Hwang Joo-ho. Still, the settlement is politically controversial in Seoul. Lawmakers from the Democratic Party called it “a betrayal that drains national wealth” and demanded an inquiry. Industry Minister Kim Jeong-kwan defended it at an Aug. 19 parliamentary hearing as “a normal contract.” Hwang added the company could “still generate profit” despite concessions. (ICE SEOUL)

Fonte notizia: CHOSUN ILBO