가스 캐던 텍사스 소도시에 AI 전력기지…대미투자 1호 된 까닭

A gas-combined power plant in the small town of Enslan, Texas, USA, is set to be the largest of its kind in the country, with a capacity of 6472 megawatts. This is more than twice the size of the largest gas-combined power plant in Florida, according to the U.S. Energy Information Administration. The total project cost is $2.23 billion. The electricity generated here will directly supply nearby artificial intelligence (AI) data centers. This marks the first project of Korean strategic investment, known as 'Project Star'.

The Enslan area is part of the Eagle Ford shale formation, one of the major shale gas fields in the United States. Local energy company Lewis Energy Group has been developing natural gas in this region for over 40 years. For Project Star, the project also provides the land and basic infrastructure such as natural gas and water supplies. The development and operation of the power plant will be led by American real estate developer Relate Commerce and power provider Nextera Energy.

The U.S. government will invest the full $2.23 billion for the construction and operation of the power plant in three stages. In the first stage starting in 2029, a 1952 megawatt gas turbine unit will be commissioned. In the second and third stages in 2031 and 2032 respectively, two 4520 megawatt gas-combined power units will be brought online.

The investment is made in phases to match the cash outflows with the project progress. The government expects the Texas power market to grow at an annual average of 13.6% from 2025 to 2030 due to the increasing demand for data center power. The project's timeline and scale have been adjusted based on the growing electricity demand.

The Ministry of Industry and Technology has projected an internal rate of return (IRR) of around 15% for the project, considering the investment period and recovery point. One key condition for the project's profitability is the power purchase agreement (PPA) with the data centers. The government plans to use the 'tolling' method for the PPA, where the data center pays a fixed fee monthly for the contracted generation capacity of 6472 megawatts, in addition to variable costs such as natural gas and water charges.

This structure helps the power provider secure relatively stable cash flows despite fluctuations in fuel prices. The crucial factor is the finalization of the PPA terms, as the current projected IRR could vary based on the agreement conditions.