South Korea has selected the $22.3 billion Encinal LNG combined-cycle power plant in Texas as its first U.S. investment project, according to a government report to lawmakers, after negotiations raised the proposed budget from an initial $16.8 billion. The 6.3-gigawatt facility is intended to serve Texas electricity demand growth linked to semiconductor fabs and artificial-intelligence data centers, although formal completion remains subject to domestic procedures and consultations with Washington. The prospective U.S. investment agreement is also set to state that the two countries will explore construction of eight large-scale nuclear reactors in the United States. Reactor locations, technology, financing and final scale remain undecided, and the nuclear language is expected to remain at the level of a directional commitment. The government is considering an Investment Special Purpose Vehicle, or I-SPV, to deploy capital into individual U.S. projects, while Alaska pipeline natural-gas and Midwest carbon capture, utilization and storage initiatives have been identified as possible follow-on investments. The ministry previously disputed reports that a $22.3 billion Encinal agreement had been settled, saying consultations and financing discussions were continuing. The latest account says the government has reported its negotiated results to lawmakers, while the ministry says it will finalize and announce the project after parliamentary reporting and consultations with the United States.