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Market Chatter: South Korea, US Agree on Over $22 Billion Budget for 6.3-GW Gas Power Plant in Texas

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Representatives of South Korea met on Monday with the US Strategic Investment Steering Committee approving and agreeing on a revised budget for the construction of a 6.3 gigawatt gas-fired power plant which the Asian country will build in Texas, Korean news website Edaily reported.

The combined cycle power plant in Encinal will be the first project to be built under a planned Korean investment of $350 billion in the US. The two sides agreed on a budget of $22.3 billion for the project, initially expected to cost $19.8 billion.

The project's first phase will develop 1.4 GW of gas-fired power generation with the remaining 4.9 GW of capacity to follow.

The Korean parliament will discuss the project in a meeting on Monday, the article said. The country's government will also consider other projects proposed by the US, including nuclear power plants and an Alaskan liquefied natural gas project, the article said.

has reached out to the Korean Ministry of Foreign Affairs and the US Department of Energy seeking confirmation and comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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