The government has designated the Texas combined cycle power plant as its first U.S. investment project and reported the details to the National Assembly on September 22. The government plans to invest $23.2 billion (approximately 31.55 trillion won) in the project, anticipating a return of $43 billion to $45 billion (about 58.48 trillion to 61.2 trillion won) over 20 years.
The government believes it has secured commercial viability for the project and is expected to proceed with the investment without the National Assembly's approval process. However, lawmakers, particularly from the opposition, have expressed concerns about the need for a thorough review of the project's commercial viability.
Kim Sung-won, chairman of the National Assembly's Industry, Trade, and Small and Medium Enterprises Committee, spoke to reporters after the government briefing, stating, "The main agenda was the report on the Texas combined cycle power plant, along with updates on the nuclear power framework and Alaska development."
He added, "While the government claims commercial viability is assured, we have significant concerns about this, and we urge that negotiations align with national interests during the U.S. discussions."
Koo Ja-geun, a member of the ruling People Power Party and secretary of the Industry Committee, noted, "The government believes that investing $23.2 billion will yield returns of $43 billion to $45 billion over 20 years, indicating commercial viability. However, as this is still in the development stage, there are concerns about potential variables, and we conveyed the need for caution."
A similar report and exchange of opinions took place in the National Assembly's Finance Committee. Oh Gi-hyung, a member of the Democratic Party and secretary of the Finance Committee, stated, "As this is an early-stage project, there were calls for ongoing post-management and thorough monitoring. We emphasized that negotiations with the U.S. should not be unconditional but should prioritize securing national interests, and we asked that these concerns from committee members be adequately communicated."
Bae Jun-young, a member of the People Power Party and secretary of the Finance Committee, expressed regret over the government's "notification-style report." He pointed out, "Before negotiations begin, the National Assembly should conduct sufficient deliberations to closely examine the implications for rationality and national interest. Reporting a day before the announcement and expecting acceptance is regrettable from the opposition's perspective."
He added, "While it is right for South Korea and the U.S. to understand each other's positions and cooperate for development as close allies, negotiations are negotiations, and national interest is national interest. We are somewhat disappointed in how much the government has truly prioritized the financial well-being of South Korea and future generations."
During the session, lawmakers also raised questions about where the electricity produced at the Texas combined cycle power plant would be sold and whether the companies considering power supply contracts have sufficient capabilities. The government is expected to finalize a memorandum of understanding (MOU) with the U.S. based on the report provided to the National Assembly.
Meanwhile, the government only reported on the first U.S. investment project on this day. Consequently, related projects known as the second and third U.S. investments, including nuclear power and Alaska development, will need to undergo another reporting process to the National Assembly before proceeding.
The government believes it has secured commercial viability for the project and is expected to proceed with the investment without the National Assembly's approval process. However, lawmakers, particularly from the opposition, have expressed concerns about the need for a thorough review of the project's commercial viability.
Kim Sung-won, chairman of the National Assembly's Industry, Trade, and Small and Medium Enterprises Committee, spoke to reporters after the government briefing, stating, "The main agenda was the report on the Texas combined cycle power plant, along with updates on the nuclear power framework and Alaska development."
He added, "While the government claims commercial viability is assured, we have significant concerns about this, and we urge that negotiations align with national interests during the U.S. discussions."
Koo Ja-geun, a member of the ruling People Power Party and secretary of the Industry Committee, noted, "The government believes that investing $23.2 billion will yield returns of $43 billion to $45 billion over 20 years, indicating commercial viability. However, as this is still in the development stage, there are concerns about potential variables, and we conveyed the need for caution."
A similar report and exchange of opinions took place in the National Assembly's Finance Committee. Oh Gi-hyung, a member of the Democratic Party and secretary of the Finance Committee, stated, "As this is an early-stage project, there were calls for ongoing post-management and thorough monitoring. We emphasized that negotiations with the U.S. should not be unconditional but should prioritize securing national interests, and we asked that these concerns from committee members be adequately communicated."
Bae Jun-young, a member of the People Power Party and secretary of the Finance Committee, expressed regret over the government's "notification-style report." He pointed out, "Before negotiations begin, the National Assembly should conduct sufficient deliberations to closely examine the implications for rationality and national interest. Reporting a day before the announcement and expecting acceptance is regrettable from the opposition's perspective."
He added, "While it is right for South Korea and the U.S. to understand each other's positions and cooperate for development as close allies, negotiations are negotiations, and national interest is national interest. We are somewhat disappointed in how much the government has truly prioritized the financial well-being of South Korea and future generations."
During the session, lawmakers also raised questions about where the electricity produced at the Texas combined cycle power plant would be sold and whether the companies considering power supply contracts have sufficient capabilities. The government is expected to finalize a memorandum of understanding (MOU) with the U.S. based on the report provided to the National Assembly.
Meanwhile, the government only reported on the first U.S. investment project on this day. Consequently, related projects known as the second and third U.S. investments, including nuclear power and Alaska development, will need to undergo another reporting process to the National Assembly before proceeding.
* This article has been translated by AI.
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