KEPCO to build more nuclear power plants abroad

The largest electric utility in South Korea reports a surge of foreign interest in its nuclear power plants.

Korea Electric Power Corporation (KEPCO) plans to spend US$706 million this year on overseas resources development that include the construction of nuclear power plants. It will begin talks in 2013 with the United Arab Emirates on a new deal for four nuclear power plants.

KEPCO is also holding talks with India, Kazakhstan, South Africa, Turkey and Vietnam over probable exports of its nuclear reactors.

President Kim Joong-kyum said the state-run utility will begin construction of four 1,400 megawatt nuclear power plants in the UAE on July 1. Completion is expected from 2017 to 2020. The construction, commissioning and other expenses for the first four reactors is estimated at US$20 billion.

KEPCO will also begin exclusive talks with the UAE next year to build four more nuclear plants to be completed by 2021.

"As far as I know, the UAE has not held talks with other countries," Kim said.

The Emirates Nuclear Energy Corporation (ENEC) hopes to construction on the first plant to begin in the fourth quarter if regulatory approval is received by the third quarter.

Kim also said KEPCO was interested in steaming coal and uranium locations in the USA and South Africa to diversify procurement after almost no investments in 2011.

KEPCO owns five thermal coal power generating utilities in South Korea and is the world's third largest buyer of coal.

KEPCO generates 93% of Korea's electricity. Together with its affiliates and subsidiaries, KEPCO has an installed capacity of 65,383 MW. The South Korean government owns 51% of KEPCO.