Deal struck to sell power from UAE’s first nuclear energy plants
Dubai : The Barakah One Company, a subsidiary of the Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO), has announced a deal for the purchase of electricity generated at the under-construction plants in Abu Dhabi.
The power purchase agreement has been signed with the Abu Dhabi Water and Electricity Company (ADWEC).
The agreement establishes the contractual framework between the two entities for nuclear-generated safe, clean, efficient and reliable electricity produced at Barakah, it added.
The electricity produced by the four Barakah units is expected to play a strategic role in powering the growth of the UAE while reducing greenhouse gas emissions.
In October, ENEC and KEPCO announced the establishment of Barakah One, an independent subsidiary owned by both companies, which is mandated to represent the commercial and financial interests of the Barakah project.
Under the JV deal, KEPCO owns an 18 per cent stake in Barakah One, with ENEC as the majority owner of the remaining 82pc.
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