Trump announces plan for eight new nuclear power plants in the US with South Korean participation
The administration of US President Donald Trump has announced details of South Korea's large-scale energy investments in the US, including a $120 billion plan for the construction of eight large nuclear power units. At the same time, Seoul clarified that specific nuclear projects and participation in the Alaska LNG project have not yet been finally agreed. This was reported by Yonhap.
Trump presented three main investment directions: a large gas power plant in Texas, the construction of eight nuclear power units in the US, and LNG infrastructure in Alaska. The projects are part of an agreement under which South Korea committed to invest $350 billion in the American economy in exchange for reduced tariffs on Korean goods.
US Commerce Secretary Howard Lutnick stated that $120 billion is planned to be allocated to the nuclear sector. Of this amount, $100 billion will go directly to construction, and another $20 billion is provided as a reserve for unforeseen expenses.
The South Korean Ministry of Trade clarified that the so-called Project Power involves the construction of eight units: two Korean-type APR1400 reactors and six American AP1000 reactors. Among the possible states for locating the nuclear power plants, the American side named Ohio, Tennessee, South Carolina, and Kentucky.
However, the framework agreement does not yet mean final approval of specific nuclear projects. Seoul emphasized that sites, commercial terms, and other details still need to be agreed upon between the parties.
Separately, the possibility of Korean companies participating in Westinghouse is being discussed. According to the South Korean government, the parties are negotiating the acquisition by Korean companies, including the state-owned Korea Electric Power Corp., of a stake of less than 10% in the American nuclear technology manufacturer.
The first project in the package remains more defined – the gas power plant Project Star in Encinas, Texas. Its cost is estimated at $22.3 billion. The facility is to begin commercial operation in 2029 and reach full capacity in 2032. Among other things, the plant is expected to provide electricity to data centers for artificial intelligence.
The greatest divergence between Washington's statements and Seoul's position concerns Alaska. Trump included the LNG project in the announced package, and Lutnick announced investments of over $50 billion. However, the South Korean government currently speaks only of studying the commercial feasibility of building a gas pipeline and LNG terminal and does not consider a final investment decision to be made.
Thus, after the preliminary announcement of the Texas power plant, the US for the first time revealed the financial scale of subsequent energy projects, but some of them remain framework plans rather than finally approved investments.
Source: Yonhap, Yonhap / South Korean Ministry of Trade, White House
