South Korea unveils major energy investment plans in US
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SEOUL, Oct 1 : South Korea officially unveiled comprehensive implementation plans on Thursday for three major energy initiatives in the US, advancing a $350 billion strategic investment package designed to secure critical exemptions from punishing US import tariffs.
The two will launch a $22.3 billion gas-fired power project in Encinal, Texas, to directly power artificial intelligence data centers, with initial commercial operations slated for 2029, according to the South Korean government.
US President Donald Trump also announced the plan in a briefing at the White House on Wednesday.
Here are details of the projects, according to the Korean government:
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• The 6.47-gigawatt-hour plant is scheduled to begin commercial operations in 2029, the Korean government said in a statement issued in Seoul on Thursday following Trump’s announcement.
• South Korea plans to invest $120 billion in building eight nuclear reactors in the US, including two based on South Korea’s APR-1400 design.
• Seoul and Washington will review a project to build pipelines and a terminal to transport and export liquefied natural gas in Alaska, although the project will proceed only if commercial and legal conditions are met.
• South Korea’s investments will be capped at $20 billion annually under a legally binding agreement.
• Profit will be equally split between South Korea and the US until South Korea recovers its principal investment across all projects.
• Specific details on the nuclear power plant project haven’t been decided yet.
Source: Reuters
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