[Edaily Reporter kyoungeun kim ] Shinhan Investment Securities announced on the 8th that it is maintaining its “Overweight” investment rating on the utilities sector, noting that as investment projects in the U.S. take shape, medium- to long-term order opportunities for domestic equipment manufacturers are likely to expand not only in gas-fired power generation but also across the nuclear power, energy, and infrastructure sectors.
Han Seung-hoon, an analyst at Shinhan Investment Securities, stated in a report released that day, “According to media reports, the 6.3-gigawatt (GW) gas-fired combined-cycle power plant project in Encinal, Texas, has been tentatively confirmed as the first investment project in the U.S.”
The reported project cost is $22.3 billion (approximately 30 trillion won), with a unit cost of $3,540 per kW, which is similar to the unit cost ($3,545 per kW) of Japan’s gas-fired power projects in the U.S.
A plan is being discussed to proceed in six phases: first, developing a 1.4-GW gas turbine phase to verify demand and project viability, followed by the sequential expansion of a 4.9-GW combined-cycle power plant. If the project proceeds as planned, Phase 1 is expected to begin commercial operation in 2030. It has been reported that the company is considering selling electricity to ERCOT, the Texas power grid operator, or entering into long-term power purchase agreements (PPAs) with artificial intelligence (AI) data centers, as well as supplying power directly to off-grid facilities.
However, as the Ministry of Trade, Industry and Energy maintains that nothing has been finalized, confirmation through an official announcement will be necessary in the future.

The report continued, “Following reports of the tentative confirmation of the first investment in the U.S., stock prices of companies supplying related equipment—such as gas turbines and heat recovery steam generators (HRSGs)—rose,” adding “Following final confirmation in September, the project structure and the selection of EPC and main equipment vendors are expected to take shape. If the goal is to begin commercial operation in Phase 1 by 2030, it is highly likely that preemptive orders will be placed, particularly for gas turbines, which have long lead times.”
DOOSAN ENERBILITY(034020), a manufacturer of 380-megawatt (MW) gas turbines, is expected to have direct opportunities to secure orders if the Phase 1 plan of 1.4 GW, as reported in the media, materializes. Given their long lead times, gas turbines are likely to be ordered earlier than other equipment; assuming orders for four units in Phase 1 and eight to ten units in Phase 2, at approximately 300 billion won per unit, the potential order value is estimated to be between 3.6 trillion and 4.2 trillion won. It is explained that the order volume could increase further if the scope is expanded to include steam turbines, EPC, and other components.
BHI Co., LTD.(083650)Regarding this, the company stated, “We are focusing on the potential to secure HRSG orders required for the subsequent 4.9 GW combined-cycle power plant expansion,” adding, “If the subsequent expansion proceeds as planned, we can expect a significant number of HRSG orders.” Although the capacity for each phase has not been finalized, assuming 8 to 10 HRSGs at approximately 50 billion won per unit, the potential order opportunity is estimated to be between 400 billion and 500 billion won.
One analyst said, “The further concretization of future combined-cycle power plant expansion plans and the selection of HRS Co., Ltd. vendors are expected to serve as key drivers of the stock price.”