The United States and South Korea have jointly unveiled implementation plans for three major energy initiatives in the US, advancing a USD350bn strategic investment package announced by South Korea in late 2025 (South Korea’s government press release, 01/10/2026).
- The "Project Star" involving US power utility NextEra Energy, US gas supplier Lewis Energy Group and real estate developer Related Companies, consists in the construction of a 6,472 MW gas-fired CCGT power project in Encinal, Texas to supply AI data centres, with an estimated cost of USD22.3bn. The facility is expected to start its first phase of commercial operations in 2029, with full operations scheduled for 2032.
- South Korea has also announced "Project Power", under which the country plans to invest up to USD120bn in the construction of eight nuclear reactors, including two based on South Korea’s APR-1400 reactors and six AP1000 reactors, through a bilateral framework for cooperation in the nuclear energy sector. The project would be led by Westinghouse, KEPCO and KHNP. The initiative also aims to allow South Korean companies to acquire stakes in US energy company Westinghouse and participate in the profits generated by the reactors. According to the press release, the detailed terms will be determined between the companies involved.
- South Korea has additionally unveiled "Project North", which focuses on assessing the potential construction of pipelines and an LNG terminal in Alaska. The two countries will first examine the project's commercial viability before determining whether to move forward.
South Korea announced the three projects following the signing of a Memorandum of Understanding between the two countries in November 2025, under which South Korea committed to investing in the United States in exchange for reduced US tariffs on Korean imports.
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