[Courtesy of KEPCO]
The head of Korea Electric Power Corp. (KEPCO), which produces home-made nuclear reactors, announced his honorable resignation, a day after the state utility firm was selected as the preferred bidder in a nuclear power project in Britain.
KEPCO said President Cho Hwan-eik would resign in a ceremony on Friday, three months before his term expires. He took office in December 2012.
"I've been thinking for a long time that I should open my way to my successor, but I was worried very much about our big project to win an order for Britain's nuclear power plant," Cho said in a statement. "I am glad to be able to retire after the order for the British nuclear power plant became obtainable."
Japan's Toshiba in charge of building nuclear reactors in Britain picked KEPCO as its preferred bidder. If negotiations are successful, that would be the first deal of its kind since South Korea secured a $20 billion contract in 2009 to build four reactors in the United Arab Emirates.
The British project has been in trouble due to the bankruptcy of Toshiba's U.S. subsidiary Westinghouse Electric. KEPCO has been cautious, saying terms such as debt and equity should be fixed through talks between Britain and Japan.
KEPCO has been under pressure from environmental activists to stop its participation in Britain's nuclear energy project. Greenpeace insists South Korea is the only OECD member to build more nuclear power plants, running against an international campaign to reduce the use of nuclear energy.
Initially, President Moon Jae-in's policy of phasing out nuclear power plants clouded prospects for South Korea's nuclear industry. However, Moon has eased his stance, promising to "actively" support exports of home-made reactors.
South Korea is also locked in the race with France, China and Russia to win a Saudi contract on building two reactors. As the world's biggest crude exporter, Saudi Arabia seeks to diversify energy supplies and reduce its dependence on hydrocarbons. Construction will start next year on two plants.
reporter
Lim Chang-won
cwlim34@ajunews.com
