USD120 billion framework nuclear agreement – USA, South Korea targeting six AP1000 and two APR1400 units

WNN, Thursday, 1 October 2026

A USD120 billion framework agreement to build six Westinghouse AP1000 units and two of South Korea’s APR1400 units in the USA has been outlined by the US Department of Commerce.

According to the US Department of Commerce, the location of the new units has yet to be specified, with USD100 billion “slated for construction costs (overnight costs) and USD20 billion for contingency reserves. These reserves are counted toward the investment amount”.

In its description of the ‘Project Power’ scheme, it says that the eight units would be part of achieving the US president’s goal of having 10 large reactors under construction by 2030.

The Department of Commerce says: “By combining US technological expertise with Korea’s supply chain capabilities and leveraging successful deployment cases in the United States, the two parties will broaden their strategic, long-term cooperation in the global nuclear power market. The parties will develop and announce individual projects separately as sites, schedules, and commercial terms are finalised. Both countries have agreed to cooperate on transferring a USD10 billion advance payment by the end of the year to facilitate efforts, which are aimed primarily at the immediate purchasing of long-lead items, in accordance with all applicable domestic legal requirements.”……………….

Cameco, which owns 49% of Westinghouse, said that the framework agreed by the two governments would see the new units being deployed on federal sites, beginning with two AP1000 units.

In its statement, Cameco also said the agreement “contemplates a waiver under the 2025 settlement agreement reached by Westinghouse in its intellectual property dispute with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co., Ltd. The one-time waiver would allow for the construction of up to two APR1400 reactors in the United States, generating enhanced value for Westinghouse. The associated compensation package is expected to recognise the use of Westinghouse intellectual property and technology, providing approximately USD2 billion of value per APR1400 reactor through a combination of intellectual property licensing, engineering and procurement services, subcontracting opportunities and the long-term supply of fuel fabrication services, highlighting the strategic role that Westinghouse is expected to play across the contemplated reactor projects in the US”.

Referring to the potential equity investment by South Korean firms in Westinghouse, Cameco said it “does not expect any potential equity participation contemplated under the Framework to affect our ownership interest in Westinghouse”…………………………….. https://www.world-nuclear-news.org/articles/usa-south-korea-targeting-six-ap1000-two-apr1400-units