EDF Loses Czech Nuclear Bid to South Korea's KHNP

French state power giant EDF lost a significant bid to build two new nuclear reactors in the Czech Republic to South Korea's KHNP. This defeat is a major setback for EDF, which has been hoping to revive its nuclear project credibility in Europe. The bid loss raises concerns about EDF's future international ventures and its capability to manage large-scale projects efficiently.

French state power giant EDF suffered a major setback on Wednesday after losing a bid to construct at least two new nuclear reactors in the Czech Republic. The contract was awarded to South Korea's KHNP, marking a significant defeat for Europe's only nuclear plant builder.

The project, which would have been EDF's first major contract since Hinkley Point in 2016, is a blow. The company has been plagued with delays and rising costs, undermining its credibility. 'We were counting on this project to boost our European reputation,' said an anonymous EDF source. However, EDF remains hopeful for future discussions if the bidding process changes.

EDF had plans to involve Czech suppliers and create a European supply chain for future projects, dubbed a 'nuclear Airbus' by French President Emmanuel Macron. However, the company's poor track record, including the delayed and over-budget Flamanville and Hinkley Point C projects, likely influenced the decision. EDF proposed untested technology, a gamble that did not pay off.

(With inputs from agencies.)