# South Korea confirms $120 billion civil nuclear pact with US *The bilateral framework outlines six AP1000 and two APR1400 reactors across federal sites, allocating $100 billion for construction and a $10 billion advance by year-end 2026.* **Published:** October 9, 2026 **By:** Ji-woo Han **Section:** Semiconductors & AI Hardware — South Korea **Format:** Breaking **Confidence:** high **Source:** https://eastasiabrief.com/semiconductors/south-korea-confirms-120-billion-civil-nuclear-pact-us-612 **Publisher:** East Asia Brief (https://eastasiabrief.com/) --- ## What to know - The $120 billion pact allocates $100 billion for overnight construction of eight reactors and $20 billion in contingency reserves - Doosan Enerbility and Korean fabricators target heavy forging orders across six AP1000 and two APR1400 units - Bilateral business plan negotiations close Dec. 31 ahead of projected 2028 site groundbreakings ![Attendees gather for a government briefing on the bilateral civil nuclear energy construction framework. (AI-generated image)](https://eastasiabrief.com/media/2026-10-08-d57c22f38991.webp) *Attendees gather for a government briefing on the bilateral civil nuclear energy construction framework. (AI-generated image)* South Korea’s industry ministry briefed domestic suppliers on Oct. 7 on the deployment terms of a $120 billion bilateral civil nuclear construction framework agreed with the United States. The initiative, designated Project Power, dedicates $100 billion to overnight construction costs and $20 billion to contingency reserves. The program accounts for 60% of Seoul’s broader $200 billion energy commitment under its bilateral strategic investment pact. The package funds eight large commercial reactors on U.S. federal sites. Six units will use the Westinghouse Electric AP1000 design, while two will use South Korea’s APR1400 technology. The APR1400 units represent the first foreign-designed commercial reactors approved for deployment on American soil. The framework establishes a unified supply chain linking American design intellectual property with South Korean heavy manufacturing. Lead negotiators shared the working guidelines during the inaugural Nuclear Export Leaders Forum in Seoul on Oct. 7. Officials from the Ministry of Trade, Industry and Resources addressed roughly 100 industrial executives. The agreement positions South Korean fabricators to secure long-lead forging orders for the six Westinghouse AP1000 reactors. South Korean heavy equipment builders already fabricate reactor pressure vessels and steam generators for global AP1000 installations. Doosan Enerbility is positioned as the primary heavy vessel supplier for the eight planned reactors. The company operates the world’s largest integrated nuclear forging shop in Changwon, which runs a 17,000-ton hydraulic forging press. A single large reactor pressure vessel and steam generator package generates approximately $400 million in component revenue. Securing orders across eight reactor units would yield roughly $3.2 billion in direct heavy equipment manufacturing work for the Changwon facility. Hyundai Engineering & Construction is positioned to lead major civil engineering contracts. The contractor previously built all four APR1400 reactors at the Barakah nuclear power plant in the United Arab Emirates. State-owned utility Korea Electric Power Corporation and operating subsidiary Korea Hydro & Nuclear Power will oversee project execution. Both state utilities are negotiating to acquire a combined 5% to 10% equity stake in Westinghouse. That equity stake would align earnings between Korean state utilities and the American reactor vendor. Westinghouse is controlled jointly by Brookfield Asset Management and Canadian uranium miner Cameco. The project requires an advance payment of up to $10 billion by year-end 2026. The capital will finance the early procurement of forgings, specialized alloy piping and long-lead reactor components. Kang Gam-chan, Deputy Minister for International Trade and Investment, told corporate executives that procurement timelines will accelerate. The ministry wants domestic fabricators prepared to bid on long-lead material orders immediately. Lee Sang-eun, director of the ministry’s nuclear export promotion division, said concrete site activity is scheduled to take shape around 2028. Washington is pushing to show physical progress ahead of the 2028 U.S. presidential election, Lee said. Candidate locations under federal review include Ohio, Tennessee, South Carolina and Kentucky. Brookfield Asset Management said the AP1000 reactors will deploy as twin-unit installations across three designated federal sites. The APR1400 units will deploy as a twin-unit pair on a fourth federal site. Westinghouse will secure technology licensing fees, project management scope and exclusive fuel fabrication rights for the entire fleet. Cameco said Westinghouse could capture approximately $2 billion per APR1400 reactor in licensing, equipment goods and lifetime fuel supply rights. That figure exceeds the $825 million per-unit fee structure established under earlier corporate settlements. The framework eases years of intellectual property disputes between Westinghouse and Korean utilities. Those disputes had stalled Korean export bids across central Europe and North America. The commercial terms require formal review before construction can start. The ministry notice emphasized that Project Power remains subject to plant-by-plant economic viability evaluations. South Korea’s $10 billion early procurement disbursement depends on domestic parliamentary and legal authorizations. Lawmakers in Seoul must approve state guarantees before Korea Hydro & Nuclear Power releases capital. Officials aim to conclude detailed commercial business plan negotiations before Dec. 31. That agreement will establish individual project finance structures and formal ownership shares. The official documents do not state the final royalty rate for the APR1400 units, and the two governments have not published binding site allocation contracts. ## Impact map | Event | Korea | China | Japan | Global impact | | --- | --- | --- | --- | --- | | Korea-US Project Power Framework | Doosan Enerbility targets up to $3.2B in vessel forgings while KEPCO evaluates a 5-10% Westinghouse stake | Chinese reactor exporters face unified US-Korean consortium in third-party markets | Japanese containment fabricators face reduced vessel procurement share on US builds | Nuclear supply chain secures 10GW of new baseload equipment demand by 2030 | | Korea-US Project Power Framework | Doosan Enerbility targets up to $3.2B in vessel forgings while KEPCO evaluates a 5-10% Westinghouse stake | Chinese reactor exporters face unified US-Korean consortium in third-party markets | Japanese containment fabricators face reduced vessel procurement share on US builds | Nuclear supply chain secures 10GW of new baseload equipment demand by 2030 | | Korea-US Project Power Framework | Doosan Enerbility targets up to $3.2B in vessel forgings while KEPCO evaluates a 5-10% Westinghouse stake | Chinese reactor exporters face unified US-Korean consortium in third-party markets | Japanese containment fabricators face reduced vessel procurement share on US builds | Nuclear supply chain secures 10GW of new baseload equipment demand by 2030 | ## In this story - **Companies:** Doosan Enerbility, Hyundai Engineering & Construction, Korea Electric Power Corporation, Korea Hydro & Nuclear Power, Westinghouse Electric - **Tickers:** 034020.KS, 000720.KS, 015760.KS - **Exposed:** Brookfield Asset Management, Cameco - **Policy:** Subsidies, Economic Security - **Impact:** Order Book, Supply Chain, Capex ## Primary sources 1. motir.go.kr 2. sedaily.com 3. ans.org 4. korea.net 5. asiatoday.co.kr --- Cite as: East Asia Brief, "South Korea confirms $120 billion civil nuclear pact with US," October 9, 2026. https://eastasiabrief.com/semiconductors/south-korea-confirms-120-billion-civil-nuclear-pact-us-612