The 140-year-old company 'resurrected from the dead': AI’s nuclear power demand has made Westinghouse Electric a hot commodity.

But the AP1000’s cooling approach works in the opposite way: during accidents, residual heat from the reactor core is removed via physical processes—including gravity-driven coolant circulation, natural convection, and steam condensation—requiring no external power supply, no diesel generator startup, and no operator intervention. Even in a station-wide blackout, safe cooling can be maintained for up to 72 hours. As early as 2007, China became the first customer to sign orders for AP1000 reactors, with four units entering commercial operation between 2018 and 2019—making it the global leader. Subsequently, two domestic U.S. projects were launched: the Vogtle Nuclear Power Plant expansion in Georgia added two AP1000 units, while the V.C. Summer Nuclear Station in South Carolina added another two. Yet in the U.S., Westinghouse’s reactor construction slid irreversibly into runaway budget overruns. The Vogtle project ultimately cost approximately $35 billion—more than double its original budget. The V.C. Summer project was abandoned after burning through $9 billion; its costs were borne by electricity consumers served by the participating utility companies, via higher electricity rates. The AP1000 remains one of the world’s most advanced commercial reactors—the design itself is sound. What went wrong was execution: since the 1990s, only three new reactors have entered operation in the U.S. As a result, the entire industry chain—from suppliers and experienced engineering crews to project management systems and regulatory review processes—has severely atrophied. Design drawings were repeatedly revised during construction; the promise of modular construction proved difficult to fulfill on sites lacking skilled labor—ultimately exhausting engineering funds and derailing schedules. In March 2017, Westinghouse filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. Its parent company, Toshiba, recorded a massive net loss of approximately $9 billion that year—most of it stemming from Westinghouse’s nuclear business. Deeply shaken, Toshiba announced its withdrawal from new reactor construction, retaining only maintenance and decommissioning operations. Will it now ride the tailwind of surging AI-driven nuclear power demand? During bankruptcy proceedings, a commercial partnership under Brookfield Asset Management—a Canadian asset management firm—acquired Westinghouse in 2018. In October 2022, Brookfield’s renewable energy subsidiary jointly acquired Westinghouse with Cameco, a Canadian uranium mining and conversion company. The final enterprise value stood at $8.2 billion, marking Westinghouse’s second ‘rebirth’ under strong capital backing. Today, Westinghouse faces an external environment markedly different from its previous two revivals. Earlier nuclear renaissances were driven primarily by policy: governments seeking to reduce fossil fuel dependence offered subsidies to spur nuclear construction. But over the past two years, real market demand for nuclear power has surged rapidly—fueled by soaring electricity consumption from AI data centers. Once AI training clusters go live, they require uninterrupted, predictable, high-power electricity supply. This makes data centers’ electricity requirements—high capacity, stability, and long-term reliability—naturally aligned with nuclear power’s high capacity factor, baseload output, relatively stable fuel costs, and zero-carbon emissions.

South Korea’s first U.S. investment agreement confirmed: plans to build a $20-billion gas-fired power plant in Texas to supply AI data centers.

The confirmation of this first project marks the transition of the U.S.–South Korea trade agreement’s large-scale investment commitments into concrete implementation. However, domestic debate in South Korea over the project’s commercial viability continues, and opposition-party lawmakers are calling for enhanced congressional oversight. First Project Announced: Texas Gas-Fired Plant to Supply AI Data Centers According to reports, South Korea’s first confirmed project is located in Encinal, Texas, with a generating capacity of 6.3 gigawatts and an estimated project value exceeding $20 billion. Electricity generated will primarily serve local AI data centers and semiconductor fabrication plants. Following an industry minister’s briefing, South Korean National Assembly member Chung Chin-ook stated that South Korea will fully fund the project and hold a 50% equity stake jointly with its U.S. partner. Assembly member Bae Jun-young noted that, following the project’s formal announcement, a 'substantial' sum of money must be secured by the end of September; if requested by the U.S. side, funds could be transferred within as little as 45 days. Kim Yong-jin, Professor of Management at Seogang University, believes the Texas power plant project could serve as a strategic entry point for Korean enterprises into the U.S. market—and catalyze further investments by Korean firms bringing both technology and capital to the United States. Beyond the gas-fired plant, South Korea is also advancing a far larger nuclear investment initiative. Citing informed sources, reports indicate that Seoul and Washington are discussing the construction of up to eight large-scale nuclear reactors across the U.S.—two using South Korea’s domestically designed APR1400 reactor, and the remaining six using Westinghouse’s AP1000. Chung Chin-ook added that South Korea is also considering acquiring a 5%–10% equity stake in Westinghouse. Regarding participation in the long-dormant Alaska liquefied natural gas (LNG) project, no decision has yet been made. Kim Yong-jin opined that if South Korea successfully deploys its own reactor designs in the U.S. and acquires roughly a 10% stake in Westinghouse, it would help safeguard related intellectual property—and further expand South Korean nuclear exports into European and Middle Eastern markets. Trump Exerts Ongoing Pressure; Commercial Viability Takes Center Stage This investment arrangement stems from the trade agreement reached by the two countries last November. Under its terms, U.S. tariffs on Korean goods were reduced to 15%. Yet U.S. officials have persistently criticized the pace of Korean investment implementation, and former President Trump even threatened to raise tariffs. As negotiations shift from framework agreements to specific projects, South Korea has grown increasingly concerned about investment returns.

SK, Samsung Among Korean Firms Considering Westinghouse Stake Acquisition

18 hours ago

Major Korean firms including Samsung and SK are evaluating a Westinghouse stake to boost U.S. nuclear presence, aligning with a $120 billion Korea-U.S. reactor deal.

The Korea Times

2026-10-15

SK, Samsung Among Korean Firms Considering Westinghouse Stake Acquisition

SK, Samsung Among Korean Firms Considering Westinghouse Stake Acquisition

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