Patrick Fragman, the CEO of U.S. nuclear power company Westinghouse, has emerged as a key figure behind the company’s relentless efforts to oppose the Czech government’s decision to select South Korea’s Korea Hydro & Nuclear Power (KHNP) as the preferred bidder to build new nuclear reactors at the Dukovany power plant.
Fragman, a French national, took the helm of Westinghouse in 2019, a year after the company was acquired by its current largest shareholder, the private equity firm Brookfield. He was an executive at French manufacturer Alstom fifteen years ago when Korea was selected to build the Barakah nuclear power plant in the United Arab Emirates after an intense bidding competition with France. Some speculate that the French CEO’s leadership may be one of the factors intensifying the setbacks KHNP and Korea’s nuclear power industry is facing in this bid.
Fragman, who graduated from the prestigious École Nationale Supérieure des Mines in 1989, began his career in the French government’s energy sector before becoming the head of Alstom’s Environmental Control Systems and nuclear business in 2009. He later began work at Swiss power company ABB in 2015 and became the CEO of Westinghouse in 2019.
Alstom was one of the major companies involved in the 2009 Barakah nuclear power plant bidding competition between France and South Korea during Fragman’s tenure. France ultimately lost to Korea in a dramatic last-minute reversal, a loss that some industry insiders believe still resonates with Fragman.
“Considering the setbacks he experienced in losing the Barakah bid to Korea 15 years ago, coupled with his ties to both France and Westinghouse, he may not view Korea favorably in the current Czech nuclear plant bid,” said an industry insider.
This sentiment seemed evident last year when, at the height of the bidding process, Fragman said in an interview with the Polish media, “The nuclear power plant project promoted by Korea will never be built in Poland.” Korea is also participating in a bidding war for a nuclear power plant in Poland.
Brookfield, the private equity firm that owns Westinghouse, is famous for its aggressive strategies. “After acquiring Westinghouse out of bankruptcy in 2018 for $4.6 billion and reselling the company for $7.8 billion in 2022, Brookfield is trying to solidify Westinghouse’s position in the global nuclear power market to generate high returns for its new fund investors,” said a source familiar with the matter. The bonuses tied to fund performance may be influencing Fragman’s stance toward Korea, driving him to maintain a hardline approach.
Some industry insiders suggest offering Westinghouse a so-called “cooperation package” to resolve the dispute. But this time, the Czech Republic is seeking to secure a substantial share of the project for local companies, while Korea has localized much of the core technology and facilities. This leaves no room for equipment orders from Westinghouse, unlike during the UAE Barakah nuclear power plant project.
“The situation is further complicated with the French CEO’s personal history, making it difficult to reach a solution,” said an industry insider.
