Korea Nuclear EPC: Korea’s first US investment likely Texas gas power plant project; Doosan the key beneficiary

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Korea Nuclear EPC: Korea’s first US investment likely Texas gas power plant project; Doosan the key beneficiary

J P M O R G A N Asia Pacific Equity Research

29 July 2026

Korea Nuclear EPC

Korea’s first US investment likely Texas gas power plant

project; Doosan the key beneficiary

Texas LNG CCPP (combined cycle power plant) is likely to be selected as Korea’s Korea Auto, EV battery, Nuclear and

first US investment project: media report Korea is in late-stage talks with the US Utility

on a 6.3GW LNG CCPP in Texas via the Korea-US Strategic Investment Fund. The Sonny Lee AC

$19.8bn (~W29tn) project would power a nearby AI datacenter. Korea is also (82-2) 758 5716

seeking Korean corporate participation beyond funding, with EPC/equipment sonny.lee@jpmorgan.com

awards expected to be made by a project SPV. Among our coverage, Doosan Seri Yoon

Enerbility (Doosan) screens as the clearest beneficiary given gas turbine supply (82-2) 758 5704

capability and CCPP-related EPC exposure; KEPCO E&C and Hyundai E&C seri.yoon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

(HDEC) also have relevant design/EPC capabilities. Implication for nuclear is Branch

timing: with a large CCPP selected first, the next major investment choice

(potentially nuclear) likely shifts out by ~12 months. We stay Overweight on

nuclear EPC names and reiterate Doosan as top pick on diversified exposure across

gas turbines, large-scale nuclear and SMRs.

• Texas CCPP selected as Korea’s first US investment project. News reports

indicate Korea’s Ministry of Trade, Industry and Energy is in final-stage

discussions with the US Department of Commerce to invest in a 6.3GW LNG

CCPP project in Texas via the Korea-US Strategic Investment Fund (link). The