Fortum and KHNP sign nuclear co-operation agreement

2 June 2023

Nordic power utility Fortum has signed a memorandum of understanding (MOU) with Korea Hydro & Nuclear Power Co (KHNP), the owner and operator of South Korea’s nuclear fleet and a nuclear power technology supplier. The MOU relates to cooperation and information exchange regarding future NPPs and new reactor designs as well as safe and efficient operation of existing NPPs. It extends an earlier agreement, signed in 2018, to include to a joint exploration of new nuclear.

Fortum’s President and CEO Markus Rauramo said he believes the cooperation is beneficial to both parties. KHNP’s President & CEO Jooho Whang noted that KHNP has world-class capabilities in nuclear new-build projects, while Fortum is one of the largest nuclear companies in northern Europe.

The MOU is related to Fortum’s Nuclear Feasibility Study launched in November 2022. During the two-year programme, Fortum explores commercial, technological, and societal, including political, legal, and regulatory conditions both for small modular reactors (SMR’s) and conventional large reactors in Finland and Sweden. The study also investigates new partnerships and business models. Fortum has also made cooperation agreements with UK Rolls-Royce SMR, EDF, and Finland’s Outokumpu and Helen.

Image: The new MOU extends an earlier agreement between Fortum and KHNP (courtesy of Fortum)

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