Fortum Signs MoU with KHNP to Enhance Safety and Efficiency of Nuclear Power Plants

Fortum Signs MoU with KHNP to Enhance Safety and Efficiency of Nuclear Power Plants

(IN BRIEF) Fortum and Korea Hydro & Nuclear Power Co., Ltd. (KHNP) have signed a memorandum of understanding (MoU) to strengthen their collaboration in the field of nuclear power. The MoU covers cooperation and information exchange on future nuclear power plants, new reactor designs, and the safe operation of existing plants. This agreement expands upon their existing partnership and includes joint exploration of new nuclear opportunities. Fortum, known for its nuclear expertise, aims to enhance global nuclear power plant safety and reliability. The MoU is connected to Fortum’s Nuclear Feasibility Study, which examines small modular reactors and conventional large reactors in Finland and Sweden. Fortum has also formed cooperative agreements with Rolls-Royce SMR, EDF, Outokumpu, and Helen. The collaboration seeks to advance the nuclear industry and create a sustainable future.

(PRESS RELEASE) ESPOO, 1-Jun-2023 — /EuropaWire/ — Fortum, a top Nordic clean energy company, and Outokumpu, the global leader in sustainable stainless steel, and Korea Hydro & Nuclear Power Co., Ltd. (KHNP) have taken another significant step in their partnership with the signing of a memorandum of understanding (MoU) on May 30, 2023. KHNP, a renowned nuclear power technology supplier and the owner and operator of South Korea’s nuclear fleet, will collaborate closely with Fortum on various aspects of nuclear power.

The scope of this MoU encompasses cooperative efforts and the exchange of information concerning future nuclear power plants, novel reactor designs, and the safe and efficient operation of existing nuclear power facilities. It represents an expansion of the existing cooperation between the two companies, now including a joint exploration of new nuclear opportunities. The initial MoU between Fortum and KHNP was originally established in 2018.

“Fortum appreciates very much the long-term cooperation with KHNP. We believe the cooperation is beneficial to both parties,” says Fortum’s President and CEO Markus Rauramo.

“KHNP has world-class capabilities in nuclear new-build projects, while Fortum is one of the largest nuclear companies in northern Europe, and we hope to see both companies become partners that grow together through mutual cooperation “, says KHNP’s Presidents and CEO Jooho Whang

Fortum, driven by its commitment to powering a prosperous world, continues to leverage its vast nuclear experience and expertise through strategic collaborations with partners. Together, they aim to enhance the safety and reliability of nuclear power plants worldwide.

This latest MoU is closely linked to Fortum’s ongoing Nuclear Feasibility Study, which was initiated in November 2022. Over the course of this two-year program, Fortum will thoroughly examine the commercial, technological, and societal aspects of small modular reactors (SMRs) and conventional large reactors in Finland and Sweden. The study will also delve into new partnerships and business models that can support these endeavors. In addition to KHNP, Fortum has already established cooperative agreements with prominent entities such as British Rolls-Royce SMR, French EDF, and Finnish Outokumpu and Helen.

Through these collaborative efforts, Fortum is committed to advancing the global nuclear industry by exploring innovative solutions and fostering mutually beneficial partnerships. The company’s relentless pursuit of safe and reliable nuclear power generation aligns with its overarching goal of creating a sustainable and prosperous future.

Further information:

International media: Laurent Leveugle, +358 40 542 2001, Head of Newbuild Feasibility Study, Fortum

Fortum Newsdesk, +358 40 198 2843, newsdesk@fortum.com

Read more from our press release 17 Oct 2022: https://www.fortum.com/media/2022/10/fortum-launches-feasibility-study-explore-prerequisites-new-nuclear

Fortum 
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum’s share is listed on Nasdaq Helsinki. fortum.com

About KHNP
Korea Hydro & Nuclear Power Co., Ltd. (KHNP) is the largest electric power company in Korea which owns and operates Korea’s 25 NPPs along with 27 hydro-electric power plants. Services provided by KHNP – one of the world’s top three nuclear reactor operator – range from feasibility studies and technical assistance on plant design modification and improvement to overseas operation of Korean NPPs.

SOURCE: Fortum Corporation