U.S. Investment: Thermal and Nuclear Power Plant Construction Likely, National Assembly Briefing Before Announcement on 18th

First U.S. Investment Project:
Encinal Gas Combined Cycle Power Plant Virtually Finalized

Second Project Likely to Be Nuclear Power Plant Construction

National Assembly Coordination Underway for U.S. Investment Report

The government has effectively decided to launch the construction of the Encinal gas combined cycle power plant in Texas as the first project among its planned investment of 200 billion dollars (approx. 269 trillion won) in the United States. After a final report to the National Assembly, an official announcement is expected on the 18th. There appear to be no major disagreements in the National Assembly, and the coordination process is expected to conclude smoothly.

On September 8, a member of the Democratic Party who serves on the National Assembly’s Finance and Planning Committee stated, "From the perspective of U.S. President Donald Trump, since the midterm elections are in November, there is a strong desire for proceedings to move quickly from Korea’s side. Democratic Party lawmakers, however, have opted for thorough review and scrutiny, which is why party-government consultations were held."

(Seoul=Yonhap News) Reporter Lee Donghae = On September 7, Oh Ki-hyung, a member of the ruling Democratic Party and ranking member of the National Assembly's Finance, Economy and Planning Committee, entered the ruling party-government meeting held jointly by the Finance, Economy and Planning Committee and the Industry, Trade, Energy, Small and Medium Venture Business Committee at the National Assembly Members' Office Building to discuss investment negotiations with the United States government departments. 2026.9.7 eastsea@yna.co.kr (End)

The lawmaker added, "The discussions on the thermal power plant have advanced significantly, while projects such as the construction of nuclear power plants involve broader issues, so it seems we are at the stage of signing a memorandum of understanding (MOU). The United States is keen to see tangible results and may want to include the nuclear power plant project as well, but it is uncertain how that announcement will be made."

The follow-up, second project is likely to be a nuclear power plant project, reportedly involving the construction of a total of eight nuclear power plants in the United States, a project valued at 120 billion dollars (approximately 161 trillion won).

However, the Democratic Party is refraining from making detailed comments regarding the U.S. investment plans. In an appearance on MBC Radio’s “Kim Jongbae's Concentrated View,” Kwon Chilsung, the party's policy chief, remarked, "It's impossible to know whether the United States will be satisfied, pleased, or demand more. Negotiations are still ongoing, and even when an agreement is reached, there will be a multitude of further negotiations to carry out during the implementation phase. So, there is no need for a definitive statement at this time." At the party floor strategy meeting on the same day, there were also no separate remarks regarding U.S. investment from the party leadership.

The People Power Party is also in favor of expediting the U.S. investment, so significant disagreements are not expected even during the National Assembly reporting phase. The ruling party and government are expected to soon coordinate a plenary schedule for the Finance, Economy and Planning Committee as well as the Industry, Trade, Energy, Small and Medium Venture Business Committee to brief the People Power Party on the plans for U.S. investment.

Seong Il-jong, a member of the People Power Party, said on KBS Radio, "The plan is to invest 350 billion dollars in the United States. Since this decision has already been made, I believe proceeding quickly with projects such as gas-fired and nuclear power plants is the right course of action." He also remarked, "Back when Korea had fewer industrial sectors and faced difficulties, the United States was attentive to various factors because we were situated in a region opposing the communist bloc. Now that South Korea is a leading global nation, we can no longer expect such considerations. The developments currently underway should proceed according to the established schedule."

Previously, on September 7, the government held a closed-door party-government consultation at the National Assembly and briefed Democratic Party lawmakers belonging to the Finance and Planning Committee and the Industry, Trade, Energy, Small and Medium Venture Business Committee on candidate projects, project scale, the progress of Korea-U.S. negotiations, and future procedures.

This content was produced with the assistance of AI translation services.