Doosan Enerbility Targets Global Energy Market with Nuclear Power and Gas Turbines by 2026
Editor
This morning, while reviewing SK Securities’ analysis report on Doosan Enerbility, I discovered some interesting changes occurring in the global energy market. As of November 26, 2025, it seems highly likely that Doosan Enerbility will capture growth momentum in both the nuclear power and gas turbine sectors starting in 2026. SK Securities has set a ‘buy’ investment opinion and proposed a target stock price of 92,000 KRW, indicating significant upside potential compared to the current stock price.
The most notable aspect is the order outlook in the nuclear power sector. The main contract for the Czech Dukovany Units 5 and 6 is expected to be signed by the end of 2025, and orders for new Westinghouse nuclear power plant equipment in Bulgaria and Poland are anticipated in 2026. Interestingly, Doosan Enerbility is set to enter the Eastern European nuclear power market as a key partner of Westinghouse. Large nuclear power projects in Poland, the UAE, and Saudi Arabia also appear to be noteworthy opportunities.
The SMR (Small Modular Reactor) sector is also intriguing. As major partners like X-energy, NuScale Power, and TerraPower enter the commercialization phase, Doosan Enerbility is set to begin supplying equipment as an ‘SMR foundry’ company. Personally, I found this expression impressive, as it suggests positioning the company as a specialist in SMR manufacturing, similar to a semiconductor foundry.
Golden Opportunity for Gas Turbines Created by AI Data Centers
However, the truly fascinating opportunity lies in the gas turbine sector. With the rapid increase in AI data center demand in North America, the demand for gas turbines has also exploded. The problem is that the existing global top three companies, GE Vernova, Siemens, and Mitsubishi, are already fully booked for deliveries until 2030. The former advantage of large gas turbines, ‘short delivery times,’ has ironically become a stumbling block.
This is where Doosan Enerbility’s opportunity arises. In October, the company signed a contract to supply two 380MW-class gas turbines to a major U.S. tech company. While the average delivery period for the existing global top three companies is five years, Doosan Enerbility can supply within one year. This is truly remarkable competitiveness and could be a game-changer in fields like AI data centers, where rapid power supply is essential.
In fact, as major AI services like OpenAI’s ChatGPT and Google’s Bard grow explosively, the power demand of data centers is increasing exponentially. Microsoft announced that its data center power consumption in 2024 increased by over 30% compared to the previous year, and Meta expects power demand for AI training to increase by more than 50% by 2025. In this situation, Doosan Enerbility’s ability to provide fast delivery is highly attractive.
One question arises here: how can Doosan Enerbility offer delivery times five times faster than the existing global top three companies? It seems they may have a differentiated approach in terms of production facility flexibility or supply chain management. Especially, Korea’s manufacturing DNA and fast decision-making structure are likely to be beneficial.
Trump Administration and U.S. Energy Policy Variables
A noteworthy part of the SK Securities report is the mention of U.S. electricity rates and the 2026 midterm elections as factors that could affect future stock prices. Currently, U.S. electricity rates are rising due to increased power demand, and it’s interesting that President Trump, during his candidacy, pledged to lower electricity rates and revive fossil fuels and nuclear power.
In fact, the average U.S. electricity rate in 2024 was 16.8 cents per kWh, up 3.2% from the previous year, and in major states like California and New York, it exceeded 20 cents. As AI data center power demand continues to rise, the pressure on electricity rates is expected to increase further, making the demand for stable power sources like nuclear power and gas turbines likely to grow.
The 2026 U.S. midterm elections are also an important variable. Depending on the election results, the Trump administration’s nuclear policy could either gain momentum or weaken. Since nuclear power heavily relies on government approval for licensing and nuclear fuel, changes in the political environment can directly impact nuclear-related companies like Doosan Enerbility.
Personally, I believe the Trump administration’s energy policy will generally be positive for Doosan Enerbility. Given Trump’s policy stance emphasizing ‘energy independence,’ investment in stable power sources like nuclear power and gas turbines is likely to increase. There also seems to be an opportunity for Korean companies to emerge as alternative partners in the technology competition with China.
However, there are also risks. With the strengthening of U.S. protectionist policies, there could be regulations or restrictions on Korean companies, and policies prioritizing domestic manufacturers might emerge. In fact, during the Biden administration, there were cases where foreign companies faced difficulties due to the ‘Buy American’ policy.
Looking at the global nuclear power market, Westinghouse, France’s EDF, Russia’s Rosatom, and China’s CGN are currently the major players. Among them, Doosan Enerbility, as a key partner of Westinghouse, shows strength particularly in the Eastern European and Middle Eastern markets. They supply essential equipment for Westinghouse’s AP1000 nuclear power plants, which is closer to a technical partnership than a simple subcontractor role.
In the gas turbine market, GE Vernova holds the top position with about a 40% market share, Siemens has 30%, and Mitsubishi holds around 20%. Doosan Enerbility currently has less than a 5% market share globally, but with the aforementioned delivery competitiveness, they seem poised to rapidly increase their market share.
Particularly noteworthy is the rapid growth of the AI data center market. According to IDC, the global data center market size is expected to grow from $220 billion in 2024 to $400 billion in 2028, with an average annual growth rate of 16%. Among these, AI-specific data centers are expected to grow even faster, and since these facilities require 24-hour stable power supply, the demand for gas turbines is inevitably set to increase significantly.
From a financial perspective, Doosan Enerbility’s sales for the third quarter of 2024 were 2.1 trillion KRW, an 8% increase from the same period last year, and operating profit was 120 billion KRW, a 15% increase from the same period last year. The order backlog remains around 14 trillion KRW, and if the large orders expected in 2026 materialize, the order backlog is expected to increase significantly.
In fact, the energy industry requires a long-term perspective, so it’s more important to look at the mid- to long-term business outlook rather than short-term stock price fluctuations. In the case of Doosan Enerbility, the fact that they have two growth engines, nuclear power and gas turbines, is attractive, and their business portfolio aligns with mega-trends like global carbon neutrality policies and the increase in AI data center demand, which is seen positively.
In conclusion, as SK Securities’ analysis suggests, 2026 is likely to be a significant turning point for Doosan Enerbility. In the nuclear power sector, entry into the Eastern European and Middle Eastern markets is expected to begin in earnest, starting with the Czech Republic, and in the gas turbine sector, they are expected to expand their presence in the North American market based on AI data center demand. While there are risk factors such as changes in the U.S. political environment and global economic downturns, overall, the momentum appears positive.
This article was written after reading the [Morning Meal] SK Securities “Expecting Simultaneous Growth in Doosan Enerbility’s Nuclear Power and Gas Turbines” article, adding personal opinions and analysis.
Disclaimer: This blog is not a news outlet, and the content written reflects the author’s personal views. The responsibility for investment decisions lies with the investor, and no liability is accepted for investment losses based on the content of this article.
