[New York = E-Daily Seong Joowon Correspondent] “The U.S. has lost the capability to build nuclear power plants. South Korea will become an ‘indispensable partner’ in U.S. nuclear power plant construction.”
In an interview with E-Daily on the 8th (local time) in New York, Thomas Byrne, former president of the Korea Society, predicted that the U.S. proposal for South Korea to allocate $120 billion (approximately 161 trillion won) of its investments in the U.S. toward nuclear power plant construction would present a significant opportunity for South Korea. He cited the fact that while electricity demand is surging due to the proliferation of artificial intelligence (AI) data centers, the U.S. nuclear power supply chain and construction capabilities have weakened, whereas South Korea has maintained its manufacturing and engineering capabilities.
Former Chairman Burn cited South Korea’s construction of the Barakah nuclear power plant in the United Arab Emirates (UAE) as a prime example of success. “South Korea possesses the know-how, engineering, and manufacturing capabilities to produce and construct nuclear power plants,” he said, adding, “It has proven that it can build nuclear power plants on schedule and within budget.” He went on to explain, “The Vogtle nuclear power plant in Georgia, U.S., suffered from construction delays and soaring costs,” adding, “One reason for this is the decline in the U.S. nuclear power supply chain and technical expertise over the past 30 years.”
He noted that with the spread of AI, the market for small modular reactors (SMRs)—which supply power not only to large nuclear power plants but also to data centers—could expand. “There is real demand in this sector,” he said. “The scale is enormous.” He also viewed the swift market entry by Korean companies positively. Citing collaborations such as those between DOOSAN ENERBILITY and NuScale and X-Energy, HyundaiEngineering&Construction and Holtec, and SK and TerraPower, he emphasized, “Korean companies know that the SMR opportunity is real,” adding, “It is wise to enter the market now.”
Former Chairman Burn assessed, “South Korea is the most reliable foreign partner in rebuilding and advancing the U.S. nuclear renaissance,” adding, “Korean companies are top-tier players.” The opportunities extend beyond nuclear power. He noted, “The U.S. power grid is aging and in need of modernization,” and predicted, “Opportunities for Korean companies can expand into areas such as turbines, power transmission and distribution equipment, and energy project financing.” However, he advised that when entering the U.S. market, companies should view it as a partnership with local businesses and communities, stressing the importance of building relationships with state governments, utilities, and local communities.