Terra Power, South Korean Company Backing New 1.25-GW Coal-Fired Power Plant in Alaska

Core Insights - A $1-billion agreement has been reached between Hyundai Heavy Industries Power Systems and Terra Power for the construction of a new 1.25-GW coal-fired power plant in Alaska, marking the first new coal-fired station in the U.S. in over a decade [1] - The project, named the Terra Energy Center, is part of several energy-related agreements discussed during the recent Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo [1] - The South Korean private equity group Koreit will invest $500 million in equity for the Terra Energy Center project [1] Industry Context - Coal-fired power generation has been declining in the U.S. and globally as countries shift towards cleaner energy sources [1] - Currently, coal-fired power accounts for approximately 16% of the U.S. energy supply, while natural gas-fired plants provide over 40% and nuclear power contributes about 19% [1] - The last completed coal-fired power plant in the U.S. was the 932-MW Sandy Creek station in Texas, which began operations in 2013 [1]