Overview

• South Korea’s presidential office directed a fact-finding review of the KHNP–Kepco settlement with Westinghouse and asked the Industry Ministry to assess whether proper procedures were followed.
• Media reports say the 50-year deal requires roughly $650 million in procurements plus $175 million in royalties per exported reactor and imposes Westinghouse technology-independence checks on future exports, including SMRs; officials have not disclosed the terms citing confidentiality.
• Industry sources say KHNP is barred from new bids in North America, Britain, Japan, Ukraine and most EU countries except the Czech Republic, while permitted to pursue a limited list of markets in parts of Asia, the Middle East, Africa and South America.
• KHNP confirmed it has closed or withdrawn operations in Poland, Sweden, Slovenia and the Netherlands, with CEO Whang Joo-ho calling the Polish exit a response to policy shifts there and saying the settlement terms are tolerable though not confirmable under an NDA.
• Sources say KHNP and Westinghouse have discussed forming a joint venture to target projects in the United States and Europe, and local reports say the KHNP chief plans a U.S. trip this weekend to seek an agreement; a JV could enable participation in regions restricted by the settlement.