Czech Republic to name preferred bidder for $22 bn nuclear project this week

South Korean President Yoon Suk-Yeol(right), shakes hands with Czech President Petr Pavel at a South Korea-Czech summit held in Washington D.C, on july 11. [Photo by Yonhap]

The Czech Republic is expected to announce the preferred bidder for its 30 trillion won ($21.7 billion) nuclear power plant project as early as Wednesday, raising hopes in South Korea for a new order.

According to industry sources on Sunday, the Czech government will hold a ministerial cabinet meeting on Wednesday, during which it will likely announce a preferred bidder for the project to build up to four new nuclear reactors.

Maeil Business Newspaper has learned that among the agendas for the meeting are the Ministry of Industry and Trade of the Czech Republic‘s report on the country’s energy policy.

Earlier this year, the Czech government announced plans to shut down coal power generation by 2033 and significantly increase nuclear and renewable energy to reduce carbon emissions.

The proposal includes an increase in nuclear power generation to up to 50 percent of total electricity generation by 2050, with renewables such as wind and solar accounting for up to 56 percent.

In alignment with the plan, the Czech government revised its strategy to add four nuclear reactors at the Dukovany and Temelin nuclear power stations, where six reactors are in operation.

Korea has earlier submitted a bid in a consortium participated by the Korea Electric Power Corp, KEPCO Engineering & Construction Company, Inc., KEPCO Nuclear Fuel Co, KEPCO KPS, Doosan Enerbility Co. and Daewoo Engineering & Construction Co.

The preferred bidder to be announced is expected to sign a final contract in March 2025. Construction is scheduled to begin in 2029, and the plant is expected to be operational by 2036.