Asia-Pacific Nuclear Power: Team Korea enters the US. Who benefits most?

The US and Korea announced Project Power, a US$120bn framework to deploy six AP1000 reactors and two APR1400 reactors in the US. This represents c.9.4GW of new nuclear capacity (+10% to US current nuclear capacity) and one of the largest nuclear expansion plans globally. While individual sites, project structures and FIDs remain outstanding, the framework materially increases visibility on future reactor deployment and procurement activity. Korea represents one of the world's most established nuclear supply chains. Combined with Korea's cost competitiveness in manufacturing, construction and engineering, Korea remains one of the few countries globally capable of supporting large-scale nuclear fleet deployment. The most immediate beneficiaries are likely to be long-lead equipment suppliers (Doosan Enerbility), followed by EPC and engineering companies including Hyundai E&C and KEPCO E&C. US nuclear orders could realize earlier than our current expectation, as the focus on advance fundin