Report published September 28, 2026
Korea Utilities and Nuclear EPC: Eight Plus Nuclear Reactors in Discussion as Part of Korea's US Investment Framework
J.P. Morgan · September 28, 2026
J.P. Morgan reiterates a constructive stance on Korean nuclear EPC companies, favoring Doosan Enerbility, Hyundai E&C, and KEPCO E&C over KEPCO. The thesis is supported by US-Korea negotiations to build 8+ reactors in the US with a ~$10bn equipment pre-order disbursement, alongside key progress in European projects.
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Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Korea and the US are reportedly negotiating a framework to construct 8+ large reactors in the US funded via a joint investment fund, with ~$10bn in early disbursement targeted for long-lead nuclear equipment pre-orders.
- 2.J.P. Morgan maintains an Overweight stance on Korean nuclear EPC names (Doosan Enerbility, KEPCO E&C, Hyundai E&C) and Underweight on KEPCO, preferring EPC contractors due to crystallizing overseas catalysts and lower policy risk.
- 3.Global nuclear and SMR pipelines show momentum: Poland's first nuclear project (~€42bn) approaches EPC contract completion by year-end, while Nuward targets 10 European SMR units from 2030 and GE Vernova Hitachi's BWRX-300 approaches NRC permit approval.
Table of Contents
- Korea Utilities and Nuclear EPC
- Industry news
- Korea
- Global
- Company news
- Related reports
- Our previous nuclear news updates
- Companies Discussed in This Report
Report data
Table 1: Valuation comparison — as of September 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Texas Encinal LNG CCPP investment size | 22.3 US$bn | Confirmed as Korea's first US investment project with 6.3GW total capacity. |
| Early disbursement for nuclear equipment pre-orders | 10 US$bn | Channeled into pre-ordering long-lead nuclear equipment. |
| Poland Lubiatowo-Kopalino nuclear project estimated cost | 42 EUR bn | Three AP1000 units in Pomerania. |
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