STOCKS | South Korea Selects $22.3 Billion Texas Gas Plant as First U.S. Investment Project

According to Sina Finance, citing the Korea Economic Daily and unnamed government sources, South Korea has selected a roughly $22.3 billion gas-fired power plant project in Texas as the first project under its $350 billion investment plan for the United States. The final project cost was set at about $22.3 billion, after the U.S. initially sought $25 billion and South Korea initially considered $19.8 billion. The project is located in Encinal, Texas, has a total planned capacity of 6.3 gigawatts, and is intended to meet electricity demand from artificial intelligence data centers. It will first build 1.4 gigawatts of gas turbine generation capacity, followed by an additional 4.9 gigawatts of combined-cycle power capacity. South Korea plans to brief parliament on Monday and formally announce the first U.S. investment project this month after completing the reporting and approval process.