Among the key issues discussed was the need to strengthen energy security while addressing risks linked to disruptions across global energy supply chains. Lee also outlined Korea’s efforts to position clean electricity at the centre of its national energy strategy. The talks examined the respective roles of renewable energy and nuclear power in establishing a reliable and secure electricity system. Korea and the IEA also considered opportunities to deepen cooperation on energy security and sustainability across Asia.

South Korea and IEA Expand Regional Cooperation

Lee expressed appreciation for the IEA’s contribution to international efforts aimed at responding to energy market disruptions. The discussions highlighted the importance of cooperation between countries as governments deal with changing energy markets and increasing energy security concerns. During his Seoul visit, Birol also met Korea’s Minister for Climate, Energy, and Environment, Kim Sung-hwan. The two officials launched the RISE ASIA initiative at a joint press conference. The initiative is designed to strengthen cooperation between Korea and the IEA while supporting greater energy security, affordability and sustainability across the Asian region.

Birol also took part in events marking significant milestones for Korea’s energy sector, including celebrations for the 40th anniversary of the Korea Energy Economics Institute (KEEI). At the event, he met KEEI President Hyun Jae-kim, with discussions covering international energy trends and the institutions’ long-standing cooperation in energy analysis and research.

Birol Addresses International Energy Conference in Busan

Following his engagements in Seoul, the IEA chief traveled to Busan, where he addressed around 1,000 participants at an international energy conference. His keynote address examined changes in the global energy environment and the reassessment of national energy strategies amid the current energy crisis. Birol emphasized the role of technology and innovation in addressing these challenges. According to the IEA, progress in energy technologies can help countries improve resilience, support economic development and accelerate reductions in greenhouse gas emissions. The series of meetings and engagements during Birol’s visit underscored the importance of international cooperation in addressing energy security and sustainability. For Korea, the discussions also reflected efforts to balance clean electricity, renewable energy and nuclear power while responding to changes in global energy markets.

Financial Support and Energy Security

As part of the Canada-Ukraine energy cooperation, Canada has committed an additional $10 million to the Ukraine Energy Support Fund, bringing its total contribution to $100 million. Furthermore, Canada is providing up to $757 million in loan guarantees to assist with emergency natural gas purchases, ensuring the country maintains adequate fuel reserves for the upcoming 2026 and 2027 heating season. This financial framework is designed to bolster energy security as the nation faces continued challenges to its power grid.

Additional support includes $200 million in concessional trade finance specifically targeting infrastructure projects, with a primary focus on the reconstruction of hydropower facilities.

Strategic Cooperation in Gas and Nuclear Sectors

The partnership emphasizes a long-term approach to cooperation, with both nations actively negotiating arrangements for the supply of LNG. Officials are exploring ways to leverage Ukraine’s substantial underground gas storage capacity to improve regional infrastructure resilience.

Parallel to these gas-related efforts, the two countries are deepening their collaboration in nuclear energy. A strategic agreement between Cameco and NNEGC Energoatom has been established, securing long-term uranium supplies and conversion services through 2035. This agreement serves as a foundational element for Ukraine’s nuclear independence and long-term energy planning.

The statement about the energy cooperation also reaffirms the 1995 bilateral agreement on the peaceful uses of nuclear energy, along with the 2023 memorandum between Ukraine’s State Nuclear Regulatory Inspectorate and the Canadian Nuclear Safety Commission. The ministers have pledged to strengthen cooperation in areas including the modernization of uranium mining, nuclear waste management, nuclear safety and joint diplomatic initiatives through the IAEA concerning the Zaporizhzhia nuclear power plant.

Under this nuclear power deal, Google will secure access to up to 50% of the electrical output from the Loviisa nuclear facility. The nuclear power deal supports a comprehensive life-extension and modernization initiative that will maintain the plant’s operational status through 2050. Fortum stated that without this partnership, the Loviisa installation would have faced mandatory closure following 2030.

Economic Impact and Employment Prospects

The Loviisa nuclear plant currently supplies approximately 10% of Finland’s total electricity generation and maintains a workforce of nearly 600 employees. Google’s AI nuclear investment directly addresses the plant’s operational continuity while securing the energy resources necessary for expanded data center infrastructure.

The infrastructure development encompasses capacity enhancement at Google’s established Hamina data center campus alongside the development of three additional facilities located in Kajaani, Muhos, and Vaala. This represents Google’s largest single investment commitment to Europe to date, constituting a substantial component of Alphabet’s broader 2026 global capital allocation plan, which encompasses $195 to $205 billion in expenditures.

Construction activities, scheduled for completion between 2027 and 2028, are projected to contribute €3.6 billion annually to Finland’s gross domestic product while supporting more than 37,000 jobs. Approximately 16,000 of these positions will emerge within the construction sector, while Google estimates approximately 7,000 permanent employment opportunities upon full operational status of the facilities.

Ruth Porat, Chief Investment Officer at Alphabet, characterized the Finland agreement as “a really important cornerstone” to the company’s artificial intelligence infrastructure expansion strategy. This characterization underscores the importance of securing reliable power supplies for the computationally intensive operations required by AI systems.

Renewable Energy Augmentation

Complementing the nuclear power deal, Google has established onshore wind contracts that will add 629 megawatts of generating capacity. The company has additionally secured a 94-megawatt battery storage system positioned near Kajaani, with both resources anticipated to become operational in late 2027.

Economic Impact and Project Scope

The Duane Arnold Energy Center, a 615-megawatt plant located in Linn County, is set to provide long-term economic stability to the region. Projections indicate that the restart could generate over $9 billion in economic benefits for Iowa during a 25-year period. Furthermore, the construction and refurbishment phases are anticipated to create thousands of jobs, while the operational phase will support more than 400 permanent, high-paying positions. The project is also expected to contribute approximately $75 million in tax revenue over its lifespan.

Advancing Nuclear Capacity

“Restarting Duane Arnold is about delivering new power to meet new demand while generating billions of dollars in economic value for Iowans,” said John Ketchum, chairman, president and CEO of NextEra Energy.

“This commitment from the Administration further demonstrates the importance of the Duane Arnold restart and future nuclear development,” said Iowa Gov. Kim Reynolds.

“I was proud to sign a bill that will provide incentives for nuclear power development, which will put Iowa in the forefront of innovation in the industry. New nuclear development and the restart of Duane Arnold will meet our growing energy demand while also providing hundreds of good-paying jobs throughout the state,” he added.

The Duane Arnold Energy Center restart process follows a comprehensive regulatory and licensing framework overseen by the U.S. Nuclear Regulatory Commission and relevant state authorities. In June 2026, the Iowa Utilities Commission granted NextEra Energy a certificate authorizing the construction and operation of Duane Arnold, marking another key step toward the plant’s restart.

The LOI follows the MoU on global and mutual cooperation in the nuclear fuel cycle that KHNP and Orano signed during France President Emmanuel Macron’s visit to South Korea in April 2026. The latest agreement was concluded with both national leaders present, highlighting the shared interest of South Korea and France in nuclear energy and the nuclear fuel supply chain. It also signals an effort to expand strategic cooperation between the two countries beyond the corporate level.

Expanding Access to Enrichment Sources

Through the LOI, KHNP and Orano are preparing to deepen their ties, with the companies seeking to reinforce their cooperation in the front end of the nuclear fuel cycle. For KHNP, the arrangement is expected to support greater access to new Western enrichment sources while helping the company further diversify its nuclear fuel supply chain. Orano, meanwhile, expects the cooperation to strengthen the foundation supporting its new enrichment projects. The companies’ plans are therefore focused on reinforcing the nuclear fuel supply relationship while advancing their respective objectives in the front end of the nuclear fuel cycle.

KHNP and Orano on Nuclear Fuel Supply Stability

Kim Hoe Chun, the President and CEO of KHNP, said, “Amid growing uncertainty in the global nuclear fuel market, it is critical to proactively secure reliable sources of supply. This LOI will serve as an important opportunity to expand cooperation between the two companies and further strengthen the stability of our nuclear fuel supply.”

Claude Imauven, the Chairman of the Board of Directors of Orano, said, “This cooperation with KHNP represents an important opportunity to further strengthen the relationship between the two companies. We look forward to continuing our cooperation in the front end of the nuclear fuel cycle.”

Each unit will generate 470 MW of low-carbon electricity and will be capable of powering one million UK homes for 60 years. Under the SMR collaboration MoU, ABB will assess how its automation, electrification, instrumentation and communication solutions across its three business areas can support the scaling of SMR projects.

Rolls-Royce SMR Advances UK and European Projects

Rolls-Royce SMR has already started site-specific design and delivery activities for the UK’s first SMRs. The initial programme comprises three units in North Wales and is expected to create thousands of jobs while strengthening local-for-local supply chains. Beyond the UK, the company is working with ČEZ on the deployment of Rolls-Royce SMRs at Temelín, with potential for additional units at Tušimice and Dětmarovice. Rolls-Royce SMR has also recently been selected by Videberg Kraft to deliver three SMRs on Sweden’s Värö Peninsula. The SMR collaboration with ABB will be developed through ABB’s UK operations, which are headquartered in Warrington. ABB has around 110,000 employees worldwide, including at locations in Sweden and the Czech Republic.

Companies Highlight Role of Collaboration in Nuclear Delivery

“Rolls-Royce SMR is transforming the way nuclear projects are delivered, to give greater cost and schedule certainty with a standardized, factory-built approach,” said Stacy O’Brien, Head of Procurement Enterprise at Rolls-Royce SMR.

“ABB has a long and impressive record of delivering automation and electrification solutions to energy infrastructure projects and this agreement brings an opportunity to consider how we can further strengthen our delivery team,” she added.

According to the International Energy Agency (IEA), SMRs can be a catalyst for change if boosted by government support and new business models. With current policy settings, the IEA forecasts that total SMR capacity will reach 40 GW by 2050 – but with tailored policy support for nuclear power, streamlined regulations for SMRs and industry delivery on new designs, capacity could reach 120 GW.

“We are delighted to explore how we can work with Rolls-Royce SMR on its efforts to develop a global fleet of SMRs that can help expand reliable and affordable baseload power capacity to meet an increasing demand for low-carbon energy,” said Per Erik Holsten, President of ABB’s Energy Industries division.

Rolls-Royce SMR Technology and Safety Design

At the core of each Rolls-Royce SMR is a pressurized water reactor (PWR), based on technology already operating within hundreds of nuclear reactors worldwide. The Rolls-Royce SMR’s PWR features a symmetrically arranged, three-loop, close coupled reactor. Its plant design incorporates multiple layers of safety, redundancy and back-up systems and is designed to meet the highest standards of safety, security and safeguards.

Research and Implementation of Thorium Energy Development

A primary objective of this partnership involves research and project development to enable the production of thorium within the country for use in advanced reactor designs, such as molten salt configurations. The project intends to facilitate the creation of domestic thorium compounds that adhere to international nuclear fuel standards, potentially positioning the country as a global supplier.

Copenhagen Atomics is currently engineering fourth-generation molten salt reactor technology capable of utilizing thorium in the fuel cycle. Their proprietary modular design, known as the “Onion Core,” will be evaluated alongside the research infrastructure and industrial capabilities of Türkiye.

Strategic Goals for National Nuclear Technology

“In small modular reactors, thorium fuel stands out in Copenhagen Atomics’ technology,” Bayraktar said.

He highlighted Türkiye’s substantial thorium resources as a key factor behind the cooperation, noting that the technology could reduce reliance on foreign fuel supplies.

The minister said he hoped the partnership would ultimately result in a commercial product, while emphasizing that its focus on thorium distinguishes it from other initiativesregarding nuclear technologies.

Leveraging Reserves for Reactor Fuel

Official data places Türkiye sixth globally regarding identified thorium resources. Significant reserves have been identified in the following locations:

• Eskisehir-Sivrihisar: 380,141 tons of 0.02% grade reserves, with an additional 694 million tons of thorium-bearing material identified.
• Malatya-Kuluncak: 3.8 million tons of thorium-bearing material.

The initiative aligns with broader plans to integrate small modular reactors into the national power grid. The government intends to establish a legal framework for this sector to support the ambition of producing and exporting nuclear technologies. By 2035, the country aims for 7.2 GW of nuclear capacity, with a target of at least 20 GW by 2050. This expansion includes approximately 5 GW of capacity specifically from small modular reactors to complement large-scale plants.

Another recent development in Türkiye’s nuclear energy ambitions came during the recent talks with Russia to expand nuclear energy partnership between the two countries.

ReFirm represents Studsvik’s multi-site small modular reactor (SMR) and new nuclear program, which was added following its acquisition of Kärnfull Next (KNXT) earlier this year. KNXT has worked with GE Vernova Hitachi on BWRX-300 deployment in Sweden since 2022 and entered into a strategic teaming agreement with Samsung C&T in December 2024. The latest agreement moves forward plans involving the Nyköping and Valdemarsvik sites. An initial four-unit BWRX-300 project totaling approximately 1,200 MWe is planned for one of the two locations, making the ReFirm nuclear program a central element of the development program.

At Nyköping, Studsvik operates an existing licensed nuclear facility, while at Valdemarsvik, an application was submitted in March 2026. That application was the first made under Sweden’s new legislation requiring government approval for nuclear facilities. The decision on which site will host the first project will be made during the development work. The program is structured around a phased, multi-unit approach intended to promote standardization. It is also designed to allow lessons from early deployment to be applied to subsequent units, with the aim of improving cost, schedule and productivity outcomes. The structure is expected to support greater Swedish industrial participation across engineering, procurement, construction, and long-term operations. The broader objective is to establish a supply chain capable of supporting the first nuclear power project, subsequent units and wider deployment opportunities in Sweden and Europe.

Development Work to Cover Technical, Commercial and Financing Activities

The agreement represents the next stage of development and is not a final investment decision or authorization to construct. Joint development work for the ReFirm nuclear program will begin immediately, covering commercial, technical, regulatory and financing activities during the exclusivity period. Studsvik will lead permitting, the environmental impact assessment, site rights, community engagement and dialogue with the Swedish state. GE Vernova Hitachi will lead reactor engineering, licensing support and cost estimation and act as engineering authority. Together with Samsung C&T, it will also serve as the execution team, providing single-point responsibility for construction and execution.

During the exclusivity period, DS Investment Partners, a South Korean investment firm, will lead the investment, while GE Vernova’s Financial Services business will participate in an advisory and financial structuring capacity in support of the consortium. A project company will also be established to support development, financing, construction, ownership and operation of the plants, with details to be finalized in definitive agreements.

Partners Outline Long-Term Nuclear Ambitions

Studsvik President and Chief Executive Officer Karl Thedéen said, “Sweden’s electricity supply is a long-term play: existing nuclear capacity is ageing, and demand for baseload power is growing. To meet that, we have looked for long-term partners and for the conditions that let projects like this succeed. In GE Vernova Hitachi and Samsung C&T we have found them. We intend to build the first project either on an existing nuclear site or on greenfield. One plant is a project. Four is the start of an industry.”

GE Vernova Hitachi Nuclear Energy Chief Executive Officer Jason Cooper said, “Today’s announcement is about helping Sweden turn its energy ambitions into reality in a timeframe that matters for its communities and industries. The country has a strong foundation of nuclear expertise and operational excellence, and the BWRX-300 combines boiling water reactor technology with the lessons being learned every day at the Darlington New Nuclear Project in Canada. Together with a growing global pipeline of projects across North America and Europe, this experience gives Sweden access to a technology that is moving from first-of-a-kind deployment toward fleet-scale execution.”

Samsung C&T Engineering & Construction Group President and Chief Executive Officer Oh Se-chul said, “Samsung C&T is honored to partner with Studsvik, GE Vernova Hitachi and the other members of the development team to support Sweden’s next generation of nuclear energy. By combining proven technology, world-class EPC execution, operational excellence and financing capability, we are establishing a strong foundation for the successful development of the ReFirm program. We are equally committed to strengthening Sweden’s industrial capability, expanding local supply chains and building a long-term strategic partnership that creates lasting value for Studsvik and Sweden.”

Akkuyu and Future Development Plans

The Akkuyu project, which is Türkiye’s first commercial facility of this kind, is currently under construction in the Mersin province. This project stems from a 2010 agreement between the two nations. It involves four Russian-designed reactors with a combined capacity of 4.8 gigawatts.

President Putin identified Türkiye as a “privileged partner” and confirmed that the first reactor at the Akkuyu site is expected to begin operations in 2026. Russia remains heavily involved in the project through its state nuclear corporation, Rosatom, which operates the site under a build-own-operate model.

Looking forward, Türkiye is evaluating potential sites for additional power plants in the Sinop and Thrace regions. While the government has engaged in talks with several nations, including China, South Korea, and Canada, no official contractor has been selected for these future projects. These efforts are part of a broader strategy to decrease reliance on imported fossil fuels through nuclear energy expansion.

Financial Challenges and Other Details

The nuclear energy project has encountered construction delays and financing challenges following Western sanctions imposed after Russia’s invasion of Ukraine. In late 2025, Russia extended $9 billion in new financing to Turkey, while Ankara had forecast that the first reactor would start generating electricity in 2026.

Rosatom has considered offering Turkish companies a stake of up to 49 percent in Akkuyu. Meanwhile, approximately $2 billion earmarked for the project was frozen at JPMorgan due to restrictions linked to sanctions.

Government officials, including Russian Foreign Minister Sergey Lavrov and Rosatom Director General Alexey Likhachev, were present to facilitate discussions on ongoing reactors and infrastructure development. The meeting underscored the ongoing bilateral relationship between the two countries, which continues to evolve despite global economic pressures and external sanctions.

Progress on Egypt Nuclear Energy Project

The primary focus of the discussions centered on the Dabaa nuclear power plant project, Egypt’s transformational initiative to strengthen its power generation capacity and energy independence. During the talks, officials reviewed construction schedules, evaluated coordination mechanisms between Egyptian and Russian teams, and assessed compliance with international safety protocols and quality benchmarks at the facility site.

Esmat characterized the Dabaa nuclear power plant as integral to Egypt’s long-term energy strategy, emphasizing its role in creating a more balanced and sustainable energy portfolio. The minister noted that tangible progress continues on the nuclear energy project, with oversight mechanisms in place to ensure smooth implementation alongside Rosatom and other relevant Egyptian institutions.

Expanding Bilateral Cooperation Beyond Dabaa

Beyond the immediate focus on the Dabaa nuclear power plant construction, the meetings explored broader dimensions of nuclear cooperation between the two nations. A significant component of these discussions involved human capital development and knowledge transfer initiatives designed to build Egyptian expertise in nuclear facility operations and management.

The minister highlighted the importance of training Egyptian personnel to operate and maintain nuclear facilities according to international standards. This capacity-building effort forms an essential complement to the physical development of the Egypt nuclear power plant, ensuring that local expertise grows alongside infrastructure expansion.

Advanced Reactor Technologies and Future Applications

A separate meeting addressed emerging developments in small modular reactor (SMR) technologies, reflecting both nations’ interest in next-generation nuclear solutions. Officials examined the latest innovations in reactor design and manufacturing, including potential applications for electricity generation, industrial processes, and regions with limited electricity demand.

Esmat said Egypt was closely monitoring global advancements in SMR technologies and assessing their potential future deployment as part of efforts to diversify the country’s energy mix and broaden the peaceful use of nuclear technology. The assessment considers technical and economic feasibility alongside nuclear safety requirements.

Reaffirmed International Commitments

Likhachev confirmed their organization’s continued dedication to the successful implementation of the Egypt nuclear power plant project. Officials pledged to maintain collaboration with Egyptian counterparts to ensure the facility moves forward according to established timelines while meeting the highest international standards for nuclear safety and construction quality.