South Korea has won a 26 trillion won ($18 billion) project to build a new nuclear power plant in Dukovany, the Czech Republic.

It is the country’s first overseas nuclear power plant project in 16 years since the Barakah project in the United Arab Emirates in 2009.

This milestone recognizes the technological expertise, project management capabilities, and price competitiveness of Team Korea, led by Korea Hydro & Nuclear Power Co. (KHNP).

It also marks a significant breakthrough as Korea beat out France - the world’s second-largest nuclear power country - to establish a foothold for nuclear exports in Europe.

The construction of the new nuclear plant at Dukovany is scheduled to begin in 2029, with operations expected to commence sequentially from 2036.

As the Czech Republic plans to expand its nuclear power share, including potential additions to its nuclear power plant in Temelín, expectations for follow-up orders are high.

While challenges remain, including the Czech government‘s demand for a high local content ratio and intellectual property negotiations with U.S.-based Westinghouse Electric Company LLC, maximizing profitability will be key to dispelling suspicions of low-price bidding.

The world is entering a nuclear renaissance as the war in Ukraine has heightened the importance of energy security and nuclear power has gained renewed attention as a carbon-neutral energy source.

The surge in electricity demand driven by the artificial intelligence (AI) era is also prompting countries to pursue new nuclear projects.

The industry estimates that global nuclear power generation capacity will increase to 950 gigawatts (GW) by 2050, 2.5 times the current level, and that the nuclear power market will grow by more than 60 percent by 2035.

This latest contract adds a strong track record for Korea in the global nuclear market, strengthening its bid to expand exports to neighboring countries such as Poland.

It also brightens prospects for winning contracts in emerging nuclear markets such as Saudi Arabia and Vietnam, offering a golden opportunity for K-nuclear.

Korea’s nuclear ecosystem is now poised for a comeback after facing existential threats under the previous administration’s nuclear phase-out policy.

The incoming administration must provide full support to ensure continued success in K-nuclear exports.

In a time of tariff wars and global economic uncertainty, K-nuclear could emerge as a much-needed engine for the Korean economy.

[ⓒ 매일경제 & mk.co.kr, 무단 전재, 재배포 및 AI학습 이용 금지]