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Released February 08, 2023 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Korea Electric Power Corporation (KEPCO) (NYSE:KEP) (Naju-si, South Korea), is hoping to build four new nuclear reactors for Turkey based on its APR-1400 technology.
The company has submitted a proposal to Turkey's Minister of Energy and Natural Resources, Fatih Dönmez, for the plant at a yet undisclosed site in the northern part of the country--possibly Sinop, which was chosen for a nuclear power plant location in the past. Turkey invited a proposal from KEPCO last year which would be worth in the region of US$32 billion, according to reports. This would be Turkey's second nuclear power project after Akkuyu on Turkey's southern Mediterranean coast, which is currently under construction. This is not the first time that KEPCO has tried to get a foothold in Turkey's budding nuclear market. Industrial Info reported on talks about a second nuclear power plant occurring more than a decade ago with players from South Korea, China and Japan. KEPCO is still looking to win a nuclear power contract in Europe, having been part of an early joint-bid for the proposed Moorside nuclear project in the U.K. and losing out last year to Westinghouse Electric Company (Cranberry Township, Pennsylvania) to build Poland's first nuclear power plant. For additional information, see November 22, 2022, article - Poland's First Nuclear Plant Project Goes to Westinghouse.
In a statement, KEPCO said: "The two sides have started serious discussions about the project. A feasibility test will be conducted to find the most appropriate way to push the project. The main contents of the proposal include the introduction of KEPCO and Korea's excellent nuclear power plant construction capabilities, the business structure of the Turkey nuclear power plant, the construction period, and localisation."
Today there are 10 APR-1400 reactors "running stably at home and abroad, proving their technological prowess and safety," according to KEPCO Chief Executive Officer Seung-il Jeong, speaking to BusinessKorea. "Among nuclear power plant builders worldwide, KEPCO is currently the only operator that has gained customer trust by meeting budgets and deadlines."
Back in 2012, Turkey announced ambitious nuclear power plans to have 23 reactors constructed and operational by 2023 but there are none in operation yet. Today, construction is still underway on the country's first plant at Akkuyu with Russia's state-owned company Rosatom (Moscow, Russia), which will boast four VVER1200 reactors with a combined generating capacity of 4,800 megawatts (MW). Work is underway on the first three units, with more than 12,000 workers on-site daily as well as over 1,000 units of construction equipment and vehicles and 70 construction cranes. The goal is to commission one reactor per year between 2023 and 2026. In 2021, Industrial Info reported that Turkey had granted a construction license for the fourth reactor. For additional information, see November 8, 2021, article - Turkey Green Lights New Nuclear Reactor.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The company has submitted a proposal to Turkey's Minister of Energy and Natural Resources, Fatih Dönmez, for the plant at a yet undisclosed site in the northern part of the country--possibly Sinop, which was chosen for a nuclear power plant location in the past. Turkey invited a proposal from KEPCO last year which would be worth in the region of US$32 billion, according to reports. This would be Turkey's second nuclear power project after Akkuyu on Turkey's southern Mediterranean coast, which is currently under construction. This is not the first time that KEPCO has tried to get a foothold in Turkey's budding nuclear market. Industrial Info reported on talks about a second nuclear power plant occurring more than a decade ago with players from South Korea, China and Japan. KEPCO is still looking to win a nuclear power contract in Europe, having been part of an early joint-bid for the proposed Moorside nuclear project in the U.K. and losing out last year to Westinghouse Electric Company (Cranberry Township, Pennsylvania) to build Poland's first nuclear power plant. For additional information, see November 22, 2022, article - Poland's First Nuclear Plant Project Goes to Westinghouse.
In a statement, KEPCO said: "The two sides have started serious discussions about the project. A feasibility test will be conducted to find the most appropriate way to push the project. The main contents of the proposal include the introduction of KEPCO and Korea's excellent nuclear power plant construction capabilities, the business structure of the Turkey nuclear power plant, the construction period, and localisation."
Today there are 10 APR-1400 reactors "running stably at home and abroad, proving their technological prowess and safety," according to KEPCO Chief Executive Officer Seung-il Jeong, speaking to BusinessKorea. "Among nuclear power plant builders worldwide, KEPCO is currently the only operator that has gained customer trust by meeting budgets and deadlines."
Back in 2012, Turkey announced ambitious nuclear power plans to have 23 reactors constructed and operational by 2023 but there are none in operation yet. Today, construction is still underway on the country's first plant at Akkuyu with Russia's state-owned company Rosatom (Moscow, Russia), which will boast four VVER1200 reactors with a combined generating capacity of 4,800 megawatts (MW). Work is underway on the first three units, with more than 12,000 workers on-site daily as well as over 1,000 units of construction equipment and vehicles and 70 construction cranes. The goal is to commission one reactor per year between 2023 and 2026. In 2021, Industrial Info reported that Turkey had granted a construction license for the fourth reactor. For additional information, see November 8, 2021, article - Turkey Green Lights New Nuclear Reactor.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
