Onion
November 4, 2026
🔥 Doosan Enerbility: The SMR stage expands after Czech construction talks end - 2026.11.04
Well now, Onion’s here! After 30 years in the market, I’ve learned that when bad news breaks, everyone catches their breath first. Still, the Czech story isn’t necessarily over just because the talks have ended, so today let’s take a closer look at what’s left on the table. 📈
Czech construction talks are over—but apparently, not quite
Korea Hydro & Nuclear Power announced on October 29 that negotiations on the Czech Dukovany nuclear plant construction contract with the Daewoo Engineering & Construction–Doosan Enerbility consortium had ended [1]. The talks dragged on for about 15 months, but the two sides ultimately failed to bridge their differences over construction costs and contract terms [2]. However, Daewoo E&C wants to resume negotiations, and settlement issues involving hundreds of billions of won already spent also remain unresolved [1]. In other words, negotiations are over, but the settlement is still underway. Well, this isn’t the end—it’s “the chapter after the ending”!
The Reporter’s Notebook noted that KHNP placed responsibility for the end of negotiations on the construction consortium. It also mentioned that the contractor did not accept a lump-sum, fixed-price contract [3]. This is one of those situations where you shouldn’t draw conclusions based on just one side’s account. Seoul Economy TV reported that the Czech nuclear project had been turned on its head and that Doosan Enerbility was making a bold bid in a new tender for the construction contractor [6]. With talk of a new tender, it certainly feels like things are moving again. But that’s how the report described it; no one yet knows how it will turn out.
Why is the stock price swinging so much?
The price action is interesting. The closing price on October 29 was ₩56,700, down 8.55% on the day, while the closing price on November 4 was ₩52,600. On November 3, CBC News reported that Doosan Enerbility had given back its gains from the previous day, as the KOSPI fell sharply by more than 3% [4]. When the broader market is shaken, individual stocks are bound to move along with it, so it’s important to separate the Czech issue from the overall market mood. That report also offered a view on the outlook, but that was the publication’s perspective—not something the company has confirmed [4].
U.S. SMRs: This is where the field is expanding
Reports say global nuclear plant construction is rising to its highest level in 40 years [5]. Doosan Enerbility has signed a contract with U.S.-based NuScale Power to manufacture key equipment for commercial SMRs and is expanding its SMR orders in the United States [5]. The Czech construction talks have hit a snag, but as demand for nuclear power grows, SMRs are emerging as a new pillar. Well, well—the market is bound to perk up its ears at news like this! Onion sees a clear bullish scenario if the expansion in U.S. SMR orders continues. But this is only a hypothetical scenario; don’t read it as a confirmed plan.
Questions that remain
There are three issues still to resolve: whether Daewoo E&C’s desired renegotiations will actually take place, how the settlement for the hundreds of billions of won already spent will be handled, and what the outcome of a new tender will be. And one more question: how much of the work missed in the Czech Republic could U.S. SMRs make up for? In my 30 years of watching the market, I’ve found that the direction of a big picture usually becomes clear when several factors move at once. That’s all for today. When there’s more news, we’ll dig into it together again. ☕
📰 Reference News (5)
Czech nuclear talks end, but Daewoo E&C hopes to renegotiate... Settlement issues over the hundreds of billions already spent also remain
네이버뉴스 · 2026.11.04
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Fallout after Dukovany talks collapse… Construction contractor
네이버뉴스 · 2026.11.03
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[Reporter’s Notebook] The scales are tipped
네이버뉴스 · 2026.11.04
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Doosan Enerbility gives back previous day’s gains… What’s next as the KOSPI plunges more than 3%? - CBC News
CBC뉴스 · 2026.11.03
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Global nuclear construction hits 40-year high… Doosan Enerbility steps up U.S. SMR order expansion - THE Biz
네이버뉴스 · 2026.11.04
📰 View original📺 Reference Videos (1)
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