South Korea denies rumors of joint investment with U.S. in Westinghouse Electric

In response to external claims about "the United States proposing South Korea jointly invest in Westinghouse Electric Company," the South Korean government recently responded, stating that such claims are "not true."

According to a South Korean government source revealed on August 24, the Ministry of Trade, Industry and Energy (MOTIE) and Korea Electric Power Corporation (KEPCO) were reportedly evaluating a plan to jointly acquire a partial stake in Westinghouse Electric Company (WEC) with the U.S. government. The related claims stated that the investment scale and shareholding ratio had not yet been determined, and the plan might involve establishing a special purpose vehicle through joint South Korea-U.S. funding to acquire shares and participate in subsequent U.S. nuclear power plant construction projects.

Westinghouse Electric is currently held by Canadian asset management firm Brookfield and uranium mining company Cameco, with shareholding ratios of 51% and 49%, respectively. Previously, the U.S. government reached cooperative arrangements with Westinghouse Electric's shareholders and related parties, planning to support the construction of nuclear power projects in the United States valued at over $80 billion. Under this arrangement, the U.S. government could obtain the right to acquire up to a 20% stake in Westinghouse Electric under specific conditions.

The related rumors also claimed that the U.S. side hopes to leverage South Korea's capabilities in large-scale nuclear power plant construction, equipment supply, and engineering management to advance U.S. nuclear power construction. In recent years, the U.S. side has proposed accelerating nuclear power project deployment to meet rapidly growing electricity demand from sectors such as artificial intelligence and data centers. Westinghouse Electric possesses reactor technologies such as AP1000, while South Korea has accumulated engineering experience in the construction of large nuclear power units such as APR1400.

From South Korea's perspective, participating in equity investment in Westinghouse Electric could theoretically help alleviate intellectual property and licensing issues in nuclear power exports and create conditions for South Korean companies to enter the U.S. nuclear power market. However, industry insiders also pointed out that actual returns still depend on valuation, shareholding ratio, governance arrangements, and whether participation in core project decision-making is possible. If South Korea only assumes the role of capital injection or equipment and construction subcontracting without obtaining corresponding market and management rights, such investment could impose financial pressure on South Korean companies.

Regarding the above claims, officials from South Korea's Ministry of Trade, Industry and Energy clearly stated that the so-called "South Korea-U.S. joint investment to acquire Westinghouse Electric shares" has no factual basis. The South Korean government has not confirmed the existence of any related investment decision.