South Korea unveils major energy investment plans in US
XLE•South Korea unveiled plans for a $22.3 billion gas-fired power project in Texas, a $120 billion investment in eight US nuclear reactors and a review of an Alaska LNG project. Investments will be capped at $20 billion annually under a legally binding agreement.
1. Texas power project
South Korea and the US will launch a $22.3 billion gas-fired power project in Encinal, Texas, to supply artificial intelligence data centers. The 6.47-gigawatt-hour plant is scheduled to begin commercial operations in 2029.
2. Nuclear and LNG plans
South Korea plans to invest $120 billion in eight US nuclear reactors, including two based on its APR-1400 design; specific details have not been decided. Seoul and Washington will review an Alaska pipeline and terminal project to transport and export liquefied natural gas, which will proceed only if commercial and legal conditions are met.
3. Investment terms
The plans are part of a $350 billion strategic investment package. Annual investments will be capped at $20 billion, and profits will be split equally until South Korea recovers its principal investment across all projects.
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