Korea selects Texas power plant as 1st US investment project

Korea has selected a natural gas-fired combined-cycle power plant in Encinal, Texas, as the first project under its $200 billion strategic investment commitment to the United States. It is also drawing up plans for two further projects related to the construction of eight nuclear reactors and an Alaska liquefied natural gas (LNG) project. Industry Minister Kim Jung-kwan briefed the National Assembly's Trade, Industry, Energy, SMEs, and Startups Committee on the projects Tuesday, saying the government had decided on the first project following reviews by committees chaired by the industry and finance ministers. “Today, I would like to report on one project the government has decided to pursue,” Kim said during the committee's plenary session. The $22.3 billion project, with planned generating capacity of about 6.3 gigawatts, is aimed at meeting rising electricity demand in Texas as semiconductor plants and artificial intelligence data centers expand in the state. The project will be funded entirely by Korea, while ownership will be split equally between Seoul and Washington. The govern