Korea Hydro, Westinghouse Settle Nuclear Dispute

Korea Hydro & Nuclear Power (KHNP) and Korea Electric Power Corp. (KEPCO) have reached a settlement with Westinghouse Electric Co., resolving an intellectual property dispute that had stalled the former's bid to build two nuclear reactors in the Czech Republic. This agreement dismisses all legal actions and sets the stage for strengthened cooperation in the global nuclear power market, with KHNP and Westinghouse planning to form a closer strategic partnership. The dispute centered on Westinghouse's claim that KHNP used its licensed technology in reactor designs intended for export. The resolution clears a significant hurdle for South Korea, which is expected to finalize its contract with the Czech Republic by March. This settlement is seen as a step towards enhanced collaboration between Seoul and Washington in the nuclear sector. The specifics of the agreement remain confidential, but it is believed to involve future cooperation and potential royalties.