Hyundai Engineering & Construction moved closer to expanding its European nuclear footprint, signing a preliminary work agreement with Finland’s Fortum and Westinghouse Electric for a potential reactor project. The South Korean builder joined the Early Work Agreement on June 24 for possible deployment of an AP1000 reactor, positioning itself for broader Nordic market penetration.
The agreement follows Fortum’s conclusion of an extensive feasibility study exploring commercial and technological prerequisites for new nuclear in Finland and Sweden. However, the Finnish utility remains cautious about economics, stating new nuclear power production capacity is not commercially viable to build for now, based on the current Nordic power market outlook of low prices.
Fortum will collaborate with three plant suppliers to mitigate project risks before considering investment, having also signed similar agreements with EDF for competing reactor technology. The utility emphasized that new nuclear projects can be manageable with a solid risk sharing framework similar to arrangements being developed by Sweden’s government.
Hyundai E&C’s Nordic push comes as the company finalizes contracts for two Bulgarian reactors worth approximately ₩20 trillion ($14.5 billion), with full contract awards expected by year-end. The preliminary Finnish agreement represents another step in the contractor’s strategy to establish a strong European presence ahead of anticipated regional nuclear expansion.
