KHNP, Centrus Energy sign LOI on nuclear fuel supply

The agreement will bolster nuclear cooperation as the Korean company seeks to diversify its source of enriched uranium.

Korea Hydro & Nuclear Power (KHNP) CEO Whang Joo-ho, left, and Centrus Energy CEO Amir Vexler pose for a photo during a letter of intent signing ceremony held in Washington on Monday. [KHNP]

Korea Hydro & Nuclear Power (KHNP) signed a nuclear fuel supply agreement for advanced reactors with a U.S. supplier, the state-run company said Wednesday.

KHNP on Monday signed a letter of intent (LOI) with Centrus Energy, a Bethesda, Maryland-based uranium supplier in a ceremony in Washington. With the agreement, KHNP aims to diversify its sources of enriched uranium and secure a stable supply of nuclear fuel.

The signing of the latest LOI follows a memorandum of understanding inked between the two companies last April.

The goal is to further bolster nuclear cooperation between Korea and the United States through strategic collaboration with Centrus, which aims to rebuild a robust uranium enrichment capacity at home.

The firm is the only uranium supplier licensed by the U.S. Nuclear Regulatory Commission for the production of high-assay, low-enriched uranium (HALEU), which is used in advanced nuclear reactors and small modular reactors, or SMRs.

Centrus’ plant in Piketon, Ohio produced 20 kilograms (44 pounds) of HALEU in November 2023, meeting a commitment to the U.S. Department of Energy.

The Korean government is striving to accelerate the development of advanced nuclear reactors such as SMRs, which are generally smaller reactor modules touted to have greater scalability and siting flexibility than conventional reactors.

The government recently announced that an industrial complex dedicated to SMR development and manufacturing will be established in the South Gyeongsang region.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]