In South Korea— there is an atomic scandal: Americans will receive for every Korean reactor

A scandal has broken out in South Korea over the fact that the state-owned company Korea Hydro & Nuclear Power (KHNP) will pay the American Westinghouse for the construction of each reactor abroad. The company had to sign a 50-year bonded agreement in order to remain on the world market.

As EADaily reported, KHNP bought off Westinghouse to build two reactors in the Czech Republic. The Canadian Cameco, which is a shareholder of the American company, reported on the receipt of the amounts. However, as it turned out, this is not a one-time payment, but costs that Koreans will have to bear over the next 50 years. This caused a scandal in Seoul.

"The presidential administration has ordered an investigation into allegations that the state—owned company Korea Hydro & Nuclear Power (KHNP) concluded an unfair deal with the American company Westinghouse, engaged in nuclear technology, in order to resolve a legal conflict that has stalled the KHNP nuclear power project in the Czech Republic," The Korea Times reports.

In January, KHNP and KEPCO reached an agreement with Westinghouse to settle an intellectual property dispute over APR1000 nuclear reactor technology, which KHNP will use to build two reactors at the Dukovany nuclear power plant in the Czech Republic at a cost of $18.6 billion.

"However, when the details of the agreement became known, the company faced criticism for accepting unfavorable conditions," the Korean edition writes.

Thus, KHNP and KEPCO must provide Westinghouse with a $650 million contract for equipment and services for each nuclear reactor, as well as pay an additional $175 million in licensing fees for the use of technology.

Moreover, Korean companies must coordinate the technical independence of each of their projects abroad with Westinghouse.

"As a party accepting the conditions, I cannot say that they were fair. I believe this is something we can sustain and still profit from," KHNP President Wang Ju Ho said at a parliamentary hearing. He did not reveal the details of the deal, but Korean media reported that it prohibits projects in Europe and North America.

According to Yonhap, Poland has become the fourth European country after Sweden, Slovenia and the Netherlands, from which KHNP has decided to withdraw since it reached a settlement of an intellectual property dispute with Westinghouse.

As EADaily reported, the American Westinghouse received several hundred million dollars for the construction of a nuclear power plant in the Czech Republic, in which it will not participate.

"Westinghouse reported a net profit of 126 million US dollars (our share) for the second quarter, which is higher than the loss of 47 million US dollars (our share) in the second quarter of 2024," Canadian Cameco reported in a quarterly report.

The company noted that the improvement in performance is primarily due to Westinghouse's participation in the construction of two nuclear reactors at the Dukovany NPP in the Czech Republic.

"This resulted in an increase in our share of Westinghouse's revenue for the second quarter of 2025 by approximately $170 million. In addition to the revenue increase in the second quarter, we expect significant future financial benefits for Westinghouse as a subcontractor related to the provision of fuel fabrication services for both reactors over a period of time," Cameco reports.