The TEPCO PE angle is the most interesting part of the KK-1 through 5 optionality, but I think the binary framing undersells the complexity. The implicit assumption is: PE firm buys in, capital constraint lifts, five BWRs enter the pipeline. But I think what a PE firm actually wants from a TEPCO stake matters enormously here. With a 5–7 year return horizon, they need a clear exit, and that could be hard to structure when Fukushima decommissioning liabilities are still open-ended. Whether the deal ring-fences the restart-eligible generation assets from those obligations, or takes a stake in TEPCO as a whole, produces completely different outcomes for how much capital actually flows toward KK-1 through 5.