Korea joins race for Netherlands' new nuclear power plants

President Yoon Suk Yeol and Dutch King Willem-Alexander, right, meet with Peter Wennink, CEO of chip equipment company ASML, at the company’s headquarters in Veldhoven, Tuesday (local time), during Yoon’s state visit to the Netherlands. Yonhap

Korea and the Netherlands agreed to expand cooperation in nuclear power generation, on the occasion of President Yoon Suk Yeol’s state visit, the energy ministry said Wednesday, adding that Korea will officially participate in construction bids for new nuclear power plants that the European country aims to operate by 2035.

The two countries also signed a memorandum of understanding (MOU) to strengthen supply chain cooperation in response to the restructuring of distribution networks in advanced industries such as semiconductors.

Korea's Ministry of Trade, Industry and Energy announced that it signed an MOU on nuclear power cooperation with the Ministry of Economic Affairs and Climate Policy of the Netherlands.

Korea Hydro & Nuclear Power (KHNP) signed a contract with the Netherlands' Ministry of Economic Affairs and Climate Policy on a technical feasibility study for the construction of new nuclear power plants. KHNP has been expressing its intention to join bids to build new nuclear power plants in the Netherlands.

The energy ministry explained that the technical feasibility study contract with the Dutch government means that KHNP is officially participating in the bidding process for the nuclear power projects in the country.

"The Netherlands currently operates one nuclear power plant and is pursuing the construction of two new nuclear power plants with the aim of commercial operation by 2035," the energy ministry said.

"We have agreed to cooperate in the entire cycle of the nuclear power sector, including construction and operation of nuclear power plants, supply of equipment, development of technology such as small modular reactors, education and training, fuel and safety and to establish a joint operation committee between the two governments to build a mutually beneficial partnership."

The two countries agreed to establish an annual dialogue body to discuss the supply chains of key items, and to discuss crisis response cases, information gathering and risk assessment. The two countries also agreed to the speedy exchange of information on warning signs of disruptions to supply chains.