0
U.S. President Donald Trump (center) announces South Korea's 200 billion dollar investment plan in the U.S. under the U.S.-Korea Trade and Investment Initiative from the Oval Office at the White House in Washington, D.C., on September 30 (local time). This includes a 54 billion dollar project to build an Alaska liquefied natural gas (LNG) pipeline. / EPA, Yonhap

U.S. President Donald Trump announced on the 30th (local time) eight large-scale nuclear power plants in the U.S., a gas power plant in Texas, and an Alaska liquefied natural gas (LNG) project as targets for South Korea's 200 billion dollar (271.4 trillion won) energy investment in the U.S.

Secretary of Commerce Howard Lutnick stated that 120 billion dollars (162.84 trillion won) would go to the eight nuclear plants, 22 billion dollars (29.854 trillion won) to the Texas plant, and over 50 billion dollars (67.85 trillion won) to Alaska LNG. The South Korean government, however, has finalized only the Texas project as the initial venture, leaving the remaining two projects subject to further consultations.

		0
U.S. President Donald Trump speaks in the Oval Office at the White House in Washington, D.C., on September 30 (local time). / AP, Yonhap

Trump announces 200 billion dollars in South Korean energy investments, including eight nuclear reactors and Alaska LNG

President Trump made the announcement from the Oval Office at the White House alongside Secretary Lutnick, Secretary of the Interior Doug Burgum, Secretary of Energy Chris Wright, and Republican U.S. Senator Dan Sullivan of Alaska. "Thanks to an agreement my administration signed with South Korea, I am pleased to announce one of the largest energy infrastructure investments in American history," President Trump said, adding that "the South Korean government will invest up to 200 billion dollars." He went on to state that with these funds, "6 gigawatts of generation capacity, 6 gigawatts of power facilities along with eight new large-scale nuclear power plants, and finally, the Alaska LNG pipeline will be built."

President Trump stressed that "this colossal investment package we are announcing today represents a monumental step forward that secures critical energy supply chains, guarantees American energy dominance, and strengthens our partnership with South Korea and the broader Pacific region like never before."

Bloomberg reported that the announcement unveiled the first major projects under the 200 billion dollar strategic investment tranche out of a total 350 billion dollar (474.95 trillion won) investment package pledged to the U.S. Seoul and Washington agreed on the 350 billion dollar investment package during trade talks in July of last year, negotiated detailed terms thereafter, and fleshed them out on the occasion of the Gyeongju South Korea-U.S. summit on October 29.

		0
U.S. Secretary of Commerce Howard Lutnick (left) speaks on Alaska energy infrastructure projects in the Oval Office at the White House in Washington, D.C., on September 30 (local time). U.S. President Donald Trump and Republican Senator Dan Sullivan of Alaska listen on. / Reuters, Yonhap

Commerce Secretary Lutnick outlines 120 billion dollars for nuclear plants and 22 billion dollars for Texas, discloses construction locations

With President Trump not specifying exact investment figures for each venture, Secretary Lutnick, speaking immediately after, unveiled project-by-project totals. Lutnick stated that 120 billion dollars would go toward building eight nuclear reactors and 22 billion dollars would be allocated to the Texas gas plant, while noting that more than 50 billion dollars would be invested in the Alaska LNG initiative. He disclosed that the eight large reactors are set to be built in states including Ohio, Tennessee, South Carolina, and Kentucky.

Reported figures for the nuclear investment differed between the public announcement and prior reporting. While Lutnick cited 120 billion dollars during the remarks, Bloomberg had reported ahead of the event that South Korea was slated to commit around 100 billion dollars (135.7 trillion won) to build up to eight nuclear reactors across the U.S. Citing people familiar with the matter, Bloomberg reported that Westinghouse Electric, vendor of the AP1000 reactor design, will take part in construction.

The scale of the Texas power facility was also characterized differently across sources. While President Trump pegged the generation capacity at 6 gigawatts, Bloomberg reported the planned capacity for the Texas gas plant at 6.5 gigawatts. Bloomberg noted that the plant could begin generating power before the end of the 2020s to supply regional data centers, with NextEra Energy slated to participate as one of the project developers.

		0
U.S. Senator Dan Sullivan, Republican of Alaska (right), speaks on Alaska energy infrastructure projects in the Oval Office at the White House in Washington, D.C., on September 30 (local time). / EPA, Yonhap

Over 50 billion dollars for Alaska LNG, with developer's final investment decision and South Korean fund disbursement still unfinalized

The Alaska LNG project is an initiative to construct an approximately 800-mile (1,300-kilometer) pipeline to transport natural gas from the North Slope in the northern part of the state down to a liquefaction export terminal in the south. The White House stated that the pipeline will connect the North Slope to the southern Alaska LNG export terminal and lower energy costs for local residents through stable supplies, AP reported.

Regarding the pipeline's length, Bloomberg described the section traversing the state as 740 miles (1,191 kilometers), while AP characterized the total span connecting the North Slope to the southern export terminal as 807 miles (1,300 kilometers).

The project remained in conceptual stages for decades, with prohibitive costs and the sheer scale of construction cited as persistent hurdles, Bloomberg observed. Glenfarne Group, the privately held firm developing the venture, has signed preliminary contracts with LNG importers but has yet to reach a final investment decision (FID).

Bloomberg previously reported the size of South Korea's support for Alaska LNG at 54 billion dollars (73.278 trillion won), and AP also reported that an investment plan valued at around 54 billion dollars was unveiled on the day. While Bloomberg assessed South Korean backing as a factor capable of propelling the project forward, it noted that South Korea has not yet made a binding final commitment to finance the undertaking, adding that the disbursement of funds will undergo additional due diligence and verification procedures.

		0
U.S. President Donald Trump speaks in the Oval Office at the White House in Washington, D.C., on September 30 (local time). / AFP, Yonhap

South Korean government confirms only Texas as inaugural project, nuclear and Alaska LNG remain in consultation stage

Divergences exist between the investment targets announced by the U.S. and the scope officially confirmed by the South Korean government. Seoul has finalized only the 22.3 billion dollar (30.2611 trillion won) combined-cycle gas turbine project in Encinal, Texas, as Project No. 1, while leaving both the Alaska venture and the nuclear initiatives as subjects for future consultation. With President Trump publicly including these two uncommitted ventures among the investment targets, controversy is expected to follow. U.S. political outlet Politico also reported that the South Korean government has not yet confirmed financing for those ventures.

This investment constitutes part of the 350 billion dollar capital commitment Seoul pledged in exchange for lowering U.S. tariffs on South Korean exports from 25% down to 15%. AP reported that the 2025 trade accord included the 350 billion dollar U.S. investment pledge in return for reduced U.S. tariffs on South Korean automobiles, auto components, and other goods.

Trump highlights Alaska investment ahead of midterms, eyeing boost for Senator Sullivan

The announcement coincided closely with the domestic political calendar. Bloomberg analyzed that amid deep voter dissatisfaction over the cost of living, Republicans risk losing their congressional majority in the November 3 midterm elections, prompting President Trump to spotlight investments in states featuring vulnerable races.

President Trump appeared alongside Senator Sullivan, who is locked in a tight reelection battle against former Democratic Representative Mary Peltola. Introducing Sullivan as a passionate champion who has spoken repeatedly about the Alaska LNG project, Trump declared the venture would be "one of the largest energy projects in American history and a massive win for the people of Alaska."

President Trump remarked that he "won Alaska by a very large margin," adding, "So there will be no problem." Senator Sullivan stated that the project would deliver low-cost energy to Alaskans while simultaneously supplying power to U.S. allies across Asia.

Bloomberg projected, however, that because these ventures require years before entering commercial operation, voters are unlikely to feel tangible benefits ahead of balloting. AP noted that this marked the second time this week President Trump spotlighted foreign investment achievements tied to swing states, citing a September 28 announcement regarding the construction of a 15 billion dollar (20.355 trillion won) steel mill in Iowa. AP reported that Democrats need a net pickup of four seats out of 100 in the Senate to regain the majority.

According to AP, voter anxiety is mounting as fuel prices approach record highs amid unresolved conflict with Iran. In an AP-NORC Center for Public Affairs Research poll conducted in late July, only about one-third of respondents approved of President Trump's handling of the economy, while approximately 7 in 10 evaluated economic conditions as poor.

Ira Joseph, a senior research scholar at the Center on Global Energy Policy at Columbia University, observed that while Alaska LNG sits closer to Asian markets than rival Gulf Coast facilities, it will "join a line of new LNG projects that is already saturated."

                                                                                                               Ha Man-ju