Announced as the largest U.S. gas power build in history, the ambitious deal with Japan is still missing contracts, suppliers, and even formal filings — raising questions about whether the headline-grabbing project can catch up with its own hype.
When President Donald Trump unveiled a sweeping $33 billion U.S.–Japan energy partnership to construct what he called the largest gas-fired power complex in America, the announcement landed with geopolitical weight.
But weeks later, the project exists more on paper than on the grid.
No binding commitments have been confirmed. Major equipment suppliers remain unsigned. And the very regulators responsible for approving such a facility say they were caught off guard by the news.
A Mega-Project Without the Usual Paper Trail
The proposed 9.2-gigawatt facility in Portsmouth, Ohio would rank among the most significant power developments in modern U.S. history — large enough to reshape regional electricity markets at a time of soaring demand driven by AI data centers, electrification, and industrial reshoring.
Yet PJM Interconnection, the grid operator that must evaluate and approve new generation hookups, said it had not been notified.
“PJM was not aware of the project,” a spokesperson confirmed.
The Ohio Power Siting Board, which must authorize construction of plants above 50 megawatts, reported it has received no application matching the project’s description.
That absence is unusual in the highly regulated U.S. power sector, where developers typically secure permits, interconnection studies, and equipment queues years before making public announcements.
Japanese Firms Named — But Not Committed
Japan’s trade ministry and local media identified a constellation of companies linked to the initiative, including SoftBank Group and Panasonic Holdings, as part of a potential consortium of more than a dozen organizations.
But when contacted, none confirmed binding investment agreements.
Other industrial names floated as participants — such as Toshiba, Hitachi, and Mitsubishi Electric — offered carefully worded statements expressing “interest” or support for U.S.–Japan cooperation, while stopping short of acknowledging signed contracts.
A spokesperson for SoftBank said the firm is in discussions and “making preparations,” but declined to elaborate.
Financing Still Taking Shape Behind the Scenes
Japanese policy lenders, including the Japan Bank for International Cooperation and export credit agency Nippon Export and Investment Insurance, are expected to play roles in structuring financing, according to reports in Japan.
But details — including loan sizes, guarantees, and equity participation — remain undisclosed, suggesting negotiations are still underway.
Energy executives say that’s not unusual for cross-border infrastructure, but it contrasts sharply with the project’s already-public scale and valuation.
A Collision of Political Messaging and Industry Reality
Trump has frequently touted major trade and industrial deals well before final documentation is signed — a strategy that energizes political narratives but clashes with the slower cadence of the energy sector.
Gas plant construction requires:
Long-lead turbine orders (often backlogged into the 2030s)
Environmental and siting approvals
Grid interconnection studies
Locked-in fuel supply agreements
Structured project financing
Without those pieces, analysts say, the timeline remains conceptual.
Why the Project Matters So Much
If completed, the Ohio facility would represent a centerpiece of Japan’s broader pledge to invest roughly $550 billion in the United States, a move widely interpreted as an effort to strengthen economic ties and avoid escalating tariff pressures.
It would also deliver a major political win for Washington as electricity reliability and rising power prices become central economic concerns.
Natural gas remains the fastest scalable source of baseload capacity in the U.S., especially as coal retires and renewable expansion strains transmission networks.
Industry Reaction: Wait First, Announce Later
Energy leaders say the sequence of events has been reversed compared to normal project development.
“A lot of these announcements get put out there and people fill in the blanks afterward,” said one U.S. gas executive, noting that aligning partners and equipment suppliers can take years.
What Happens Next?
For now, the Ohio mega-project sits in a liminal phase — politically launched but not yet industrially anchored.
To move forward, developers must still:
Secure turbine manufacturing slots in an already constrained global market.
File formal applications with Ohio regulators.
Enter PJM’s multiyear interconnection approval process.
Finalize equity, debt, and export-credit structures.
Until then, what was billed as a transformative infrastructure breakthrough remains, in practical terms, an ambitious framework awaiting signatures.
Bottom Line:
The proposed U.S.–Japan gas powerhouse could reshape America’s energy landscape — but before steel is ordered or ground is broken, the project must transition from diplomatic headline to engineering reality.