Report published September 28, 2026
Korea Nuclear: The Details Matter More Than the Delay – Macquarie Sector Analysis
Macquarie · September 28, 2026
The Korea-US strategic investment announcement has been briefly delayed by US procedural steps, but final-stage talks remain on track with the US$22.3bn Encinal CCGT project progressing first. Project-level visibility—such as APR1400 inclusion and advance equipment pre-orders—will be the key catalyst for Korean nuclear suppliers, with Doosan Enerbility favored as the top pick.
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Finvaulta summarizes Macquarie'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.The delay in the official Korea-US announcement appears procedural due to internal US approval processes, with working-level discussions largely complete.
- 2.Korea has confirmed the US$22.3bn Encinal CCGT project as the first investment, while negotiations continue regarding the proposed eight nuclear reactors (including potential APR1400 inclusion and Westinghouse equity participation).
- 3.A potential early investment mechanism to pre-order long-lead nuclear equipment using part of the requested US$10bn 2026 budget could pull equipment orders forward ahead of full project FID.
Table of Contents
- What's new
- Why it matters
- What now
- KR nuclear coverage
- KR nuclear value chain valuation
- Related research
Report data
KR nuclear coverage — as of September 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Encinal CCGT project investment scale | 22.3 USD bn | Encinal CCGT project agreed as the first investment under Korea's strategic US investment framework. |
| Encinal CCGT project capacity | 6.3 GW | Generation capacity of the Encinal CCGT power plant. |
| Proposed US nuclear reactor count | 8 reactors | Proposed large-scale nuclear reactors under Korea-US discussion. |
| Requested early investment for 2026 | 10 USD bn | Early investment requested for 2026, under discussion for pre-ordering long-lead nuclear equipment. |
| Doosan Enerbility Target Price | 120000 KRW | Target price corresponding to 47% upside from KRW 81,700 closing price. |
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