South Korea has designated a $22.3 billion gas-fired power plant in Encinal, Texas, as the inaugural project under its $350 billion investment commitment to the United States, made in exchange for reduced US import tariffs. The facility, with a planned capacity of 6.3 gigawatts, is intended to meet surging electricity demand from semiconductor factories and AI data centres across Texas, with the government projecting revenues of up to $45.4 billion over 20 years. Seoul has also identified the construction of eight nuclear reactors and a liquefied natural gas project in Alaska as its second and third planned investments, though both remain subject to further negotiations with Washington.