President Yoon Suk-yeol and Czech President Petr Pavel hold a joint press conference at the Prague Castle in the Czech Republic on September 19. (Broadcast screen capture)

At a cabinet meeting on September 24, President Yoon Suk-yeol expressed frustration, stating, “It is deplorable that some in the political sphere are spreading baseless rumors regarding our participation in the Czech nuclear power plant project, labeling it as ‘dumping’ and ‘deficit ordering.’” He added, “It is regrettable that instead of helping the government, they choose to obstruct and undermine its efforts.” President Yoon’s remarks followed a response from the presidential office the previous day, which criticized those questioning the economic feasibility of nuclear power plant exports, asking, “Which party or media is making these claims?”

If there were any tangible outcomes from the visit to the Czech Republic, they remain unclear. Stripping away the non-binding Memorandum of Understanding (MOU) and the government’s heavy public relations efforts, it’s hard to pinpoint what exactly changed as a result of President Yoon’s four-day visit. While Korea Hydro & Nuclear Power (KHNP) remains the preferred bidder, the contract has not yet been finalized. Additionally, Westinghouse, the U.S. company that owns the intellectual property for the reactor technology KHNP aims to build in the Czech Republic, has yet to withdraw its intellectual property lawsuit. During a joint press conference with President Yoon on the 19th, Czech President Petr Pavel stated, “What I would like to add is that nothing is certain until the final contract is signed.”

The government appears to be pursuing a plan similar to the one used during the Lee Myung-bak administration for the United Arab Emirates (UAE) nuclear plant, where key components were purchased from Westinghouse. However, this would diverge from the government’s initial plan, which assumed the localization of all parts. Moreover, the Czech Republic has expressed a desire for 60 percent of the plant’s construction to involve local companies. Unlike the UAE, the Czech Republic is subject to European Union (EU) nuclear safety regulations and labor standards, which could significantly increase construction costs. Furthermore, the Czech government has only outlined financing for one of the two planned reactors, raising the likelihood of relying heavily on South Korea’s low-interest loans.

Therefore, the economic feasibility of this project needs to be carefully reviewed. The government must be transparent, disclose information, and undergo parliamentary scrutiny. It is responsible for addressing concerns raised, not dismissing them. In addition to its nuclear export efforts, the government is also aiming to increase domestic nuclear power capacity. Recently, for the first time in over eight years, it granted approval for the construction of a new nuclear power plant in Uljin, North Gyeongsang Province. While there is no stopping the government from prioritizing nuclear power in its energy policy, and nuclear energy does have a role in the overall energy mix, the global trend is moving towards phasing out nuclear power. Additionally, the shift towards renewable energy, along with challenges such as building high-level nuclear waste disposal facilities and transmission lines, suggests that nuclear power’s share may not be as large as nuclear advocates believe.