Government reviews acquisition of Westinghouse stake…expanding Korea-U.S. nuclear power cooperation

The government is reportedly reviewing a plan to acquire part of the stake in U.S. nuclear power company Westinghouse. This discussion is taking place alongside participation in the construction of large nuclear power plants in the United States, and it may lead to expanding nuclear power cooperation between Korea and the U.S. According to a comprehensive review of reporting from the government and the ruling party on the 8th, the government is considering, along with including a plan to build eight large nuclear power plants in the U.S. in the investment agreement with the U.S., investing in a stake in Westinghouse as well. According to a ruling party official, the government is said to have replied that it is reviewing the matter in a governmentparty consultation. Discussions about investing in a stake in Westinghouse were also raised last month. Reports said that the U.S. side proposed a stake acquisition to Korea, and that Korea Electric Power Corporation was considering participating by using a U.S. investment fund. However, the Ministry of Trade, Industry and Energy denied the report at the time. The background to the expansion of nuclear power cooperation between Korea and the U.S. lies in Korea's construction experience and supply chain. Korea has built up experience in constructing large nuclear power plants through projects such as the Barakah Nuclear Power Plant in the United Arab Emirates, while the U.S. is pushing ahead with expanding domestic nuclear power plants together with Westinghouse. Meanwhile, as the two sides have in the past suffered conflicts over intellectual property rights disputes and export restrictions, there are also views that equity participation could serve as an opportunity to stabilize the cooperative relationship going forward.