South Korea just secured a big win for its nuclear power plants! They’ve inked a 10-year deal with US-based Centrus Energy Corporation for enriched uranium. And this wasn’t a snap decision – it’s been in the works since they signed a Letter of Intent a year ago. For South Korea, uranium is very important.

Okay, so the exact price tag is still a secret, but the signing ceremony was a big deal, held in Washington, D.C., with top execs from both companies present. This formal agreement seals the deal they announced back in September. There’s a catch, though: Centrus needs to get the funding (public and private) to build their low-enriched uranium (LEU) plant in Piketon, Ohio. Once that’s up and running, the uranium deliveries will start.

They’re pointing out that right now, all the world’s commercial LEU enrichment capacity is controlled by state-owned corporations in Russia, China, and Europe.  So, this deal could be a real game-changer.

For KHNP, this contract is all about not putting all their eggs in one basket. They’re diversifying their enriched uranium sources, which makes their fuel supply way more stable. 

This new agreement isn’t out of the blue. It builds on previous teamwork. Back in February 2024, KHNP and Centrus signed a Letter of Intent outlining their shared goals for uranium resource security and nuclear cooperation. Before that, in April 2023, they signed a Memorandum of Understanding, where they agreed to work together for a stable fuel supply and explore business opportunities.

KHNP is a huge player in South Korea’s energy sector, running 26 nuclear power reactors. These reactors generate about a third of the country’s electricity – that’s a big chunk!