SEOUL, Korea, April 28, 2015 /CNW/ - Bruce Power and Korea Hydro and Nuclear Power (KHNP) have entered into an agreement that will see the two companies explore new areas of collaboration with a particular focus on enhancing nuclear safety, operational performance and execution of large projects such as refurbishment.
"As nuclear operators, Bruce Power and KHNP are both committed to the value of 'Safety First' and achieve this high standard through active collaboration, transparency and continuous improvement," said Duncan Hawthorne, President and CEO of Bruce Power. "This Memorandum of Understanding provides a framework in which Bruce Power and KHNP can build on our successful working relationship over the last 14 years."
The agreement was signed in Seoul today as part of a nuclear Trade Mission to South Korea being led by the nuclear industry and Ontario government.
"KHNP and Bruce Power have experience with the refurbishment of CANDU nuclear reactors and a range of life extension and investment activities that will continue for many years to come as these CANDU units play an important role in meeting the electricity needs in both jurisdictions," said Seung-Chul Lee, Vice President, Technology Policy and Strategy Department.
Bruce Power and KHNP have developed a range of lessons learned and strengths through their operation of CANDU reactors and are committed to building a long-term relationship to enhance the co-operation between the two organizations.
"This trade mission offered a tremendous opportunity to promote Ontario's nuclear expertise and share knowledge with South Korea's energy sector. By learning from each other and working together, we build partnerships which increase economic opportunities and continue to promote innovation in our jurisdictions," said Reza Moridi, Minister of Research and Innovation.
The two organizations currently share best practices and information through a range of industry forums including the CANDU Owners Group and the World Association of Nuclear Operators (WANO). Bruce Power and KHNP will work to complete a Technical Assistance Agreement by the end of 2015 that will provide a long-term framework for sharing in key areas of CANDU operations and refurbishment activities.
"Ontario and South Korea share a number of energy priorities, among them nuclear power, grid modernization, conservation and renewable energy. New partnership opportunities help Ontario and Korea advance our broader objectives and find innovative solutions to provide clean, reliable, affordable electricity," said Bob Chiarelli, Minister of Energy
Some of the collaboration objectives include:
- Sharing of lessons learned, information and future strategies related to the operations and successful refurbishment of CANDU units.
- Facilitation of benchmarking trips, meetings and joint projects between the two operators on a range of elements to the operation and life extension of CANDU facilities.
- Sharing of approaches and strategies to communicate openly with the public and share information on the safe, reliable operations from CANDU reactors.
About Korea Hydro & Nuclear Power
Korea Hydro & Nuclear Power Co. Ltd (KHNP) is the largest power generation company and leads nuclear industry fleet in the Republic of Korea, operating and constructing nuclear power plants and hydro power plants. KHNP is a company duly organized and existing under the laws of the Republic of Korea and operates 23 nuclear power units and 5 are under construction. Out of the 23 operational units, four are CANDU-6 reactors at the Wolsong Nuclear Power Site. Nuclear power provides approximately 30% of total electricity generation in Republic of Korea.
About Bruce Power
Bruce Power operates the world's largest operating nuclear generating facility and is the source of roughly 30 per cent of Ontario's electricity. The company's site in Tiverton, Ontario is home to eight CANDU reactors, each one capable of generating enough low-cost, reliable, safe and clean electricity to meet the annual needs of a city the size of Hamilton. Formed in 2001, Bruce Power is an all-Canadian partnership among Borealis Infrastructure Management (a division of the Ontario Municipal Employees Retirement System), TransCanada, the Power Workers' Union and the Society of Energy Professionals. A majority of Bruce Power's employees are also owners in the business.
SOURCE Bruce Power