S. Korea beats rivals in bid to build Czech nuclear reactors

Win paves way for Korean companies to score string of similar deals across Europe

South Korea's long-held ambition of exporting its nuclear power technology has received a major boost, potentially setting it up to be the reactor provider of choice to several countries.

State-owned Korea Hydro & Nuclear Power Co was chosen to build two multibillion-dollar reactors in the Czech Republic, beating out rivals and paving the way for Korean companies to potentially score a string of deals across Europe.

"Now, a bridgehead has been established for us to export nuclear plants to Europe," South Korea's Trade, Industry and Energy Minister Ahn Duk-geun declared after the win.

The project, once finalised, could put the Asian nation in pole position to build reactors in Europe, which is once again warming to nuclear energy to wean itself off expensive fossil fuels and hit ambitious pollution-reduction targets.

Thanks to their cost competitiveness and an export strategy honed over decades, the Koreans are edging out rivals mired in budget overruns and delays or geopolitical and trade tensions.

Korea Hydro & Nuclear Power is conducting a feasibility study for a nuclear plant in the Netherlands, while Sweden's Vattenfall is considering using Korean technology. The country is also in talks to supply reactors to Britain, Poland and Slovenia, putting it on track to achieve the Korean government's pledge to export 10 units by 2030.