1、EQUITY:ALTERNATIVE ENERGYKorea energyGlobal Markets Research14 July 2025Koreas nuclear power looks competitive globallyWe see attractive companies across the value chain;upgrade KEPCO to BuyGlobally,nuclear power demand is rising Global demand for nuclear power is staging a comeback,as many countrie

2、s are increasing nuclear power capacity investments.In 2024,nuclear represented the second largest source of low-carbon-emission electricity(9%of global power generation share;17%in 2000)after hydropower(14.3%),while wind/solar represented 8%/7%each.In 2024,renewables(wind,solar,hydro)and nuclear co

3、mbined accounted for 41%of global electricity(source:Lowcarbonpower).Global nuclear power capacity is set to rise by 2.0-2.5x by 2050E to the range of 800-950GW(2024:377GW)implying 3-4%p.a.growth according to forecasts by the International Energy Agency(IEA)and the International Atomic Energy Agency

4、(IAEA).The US now aims to quadruple nuclear capacity Following the enacting of the Accelerating Deployment of Versatile,Advanced Nuclear for Clean Energy(ADVANCE)Act in July 2024,the US aims to revitalize US nuclear energy via streamlining regulation,reducing licencing costs.In May 2025,the Trump ad

5、ministration issued executive orders to quadruple nuclear capacity from 100GW(27%of world)to 400GW by 2050(link)and to speed up the building of the onshore nuclear supply chain via fast-track licensing and promoting demand for military/AI applications.The US will promote this via large power plants(

6、reactors),small module reactors(SMR),micro reactors,and advanced Gen IV systems.SMR more flexible solution to nuclear power reactorsSMRs are new,smaller types of nuclear power reactors with capacity up to 300MW per unit(one-third of traditional nuclear power reactors),with costs being 10-15%of tradi