The government has designated the Texas combined cycle power plant as its first major investment in the United States, reporting the details to the National Assembly on September 22. The government plans to invest $22.3 billion (approximately 30 trillion won) in the project, anticipating returns of $43 billion to $45 billion (about 58 trillion to 61 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 need for National Assembly approval. However, opposition lawmakers have raised concerns about the need for a thorough review of the project's commercial rationale.
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, there are significant concerns regarding this, and I urged them to negotiate in a manner that prioritizes national interests during the U.S. negotiations."
Koo Ja-geun, a member of the ruling People Power Party and the committee's secretary, noted, "The government has determined that investing $22.3 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, the committee's secretary from the Democratic Party, emphasized the need for ongoing post-management and thorough monitoring due to the project's early stage, stating, "We need to ensure national interests are secured through negotiations with the U.S., rather than unconditional approval."
Bae Jun-young, the secretary of the Finance Committee from the People Power Party, expressed regret over the government's "notification-style report." He pointed out, "Before negotiations begin, the National Assembly should conduct sufficient deliberation to closely examine the implications for rationality and national interests. 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 interests are national interests. I am 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 by 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 major U.S. investment project on this day. Consequently, related projects known as the second and third major 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 need for National Assembly approval. However, opposition lawmakers have raised concerns about the need for a thorough review of the project's commercial rationale.
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, there are significant concerns regarding this, and I urged them to negotiate in a manner that prioritizes national interests during the U.S. negotiations."
Koo Ja-geun, a member of the ruling People Power Party and the committee's secretary, noted, "The government has determined that investing $22.3 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, the committee's secretary from the Democratic Party, emphasized the need for ongoing post-management and thorough monitoring due to the project's early stage, stating, "We need to ensure national interests are secured through negotiations with the U.S., rather than unconditional approval."
Bae Jun-young, the secretary of the Finance Committee from the People Power Party, expressed regret over the government's "notification-style report." He pointed out, "Before negotiations begin, the National Assembly should conduct sufficient deliberation to closely examine the implications for rationality and national interests. 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 interests are national interests. I am 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 by 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 major U.S. investment project on this day. Consequently, related projects known as the second and third major 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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