A $33 billion agreement between U.S. President Donald Trump and Japan to build the largest natural gas power generation project in the United States in Ohio currently lacks binding commitments, still requires finalizing equipment suppliers, and came as a complete surprise to the state's regulators and grid operator. Japan's Ministry of Economy, Trade and Industry and local media have confirmed that at least 13 Japanese companies or organizations, including SoftBank Group and Panasonic Holdings, are involved in the project. However, when contacted by Bloomberg News, none of these entities confirmed having signed any binding documents or made investment pledges. A White House official stated that because the project is in its early stages, most suppliers have not yet signed contracts, but agreements will be finalized as the project progresses. Announcing high-profile deals with large figures while lacking immediate, concrete details has become a hallmark of Trump's administration—he often publicizes trade agreements months before formal deals are finalized. This approach contradicts longstanding practices in the U.S. electric power industry, where developers typically face lengthy permitting delays and waitlists for critical equipment, and usually adopt a more methodical approach before announcing projects. PJM Interconnection, the regional grid operator responsible for approving generator interconnections, stated it had not received any notification about the project Trump supports, which is planned for Portsmouth, Ohio. "PJM had no prior knowledge of this project," spokesperson Daniel Lockwood said in an email. The Ohio Power Siting Board, which approves the construction of projects over 50 megawatts, was also unaware. Board spokesperson Matthew Butler said Wednesday that no application matching the description provided by the Trump administration has been received. "There are no such projects in the Portsmouth area, nor any project of this scale." "Many of these kinds of announcements come first, with details to be filled in later," said Toby Rice, CEO of EQT Corporation, the second-largest natural gas producer in the U.S. He noted that finalizing partners and consolidating agreements can take time. The 9.2-gigawatt Ohio natural gas project is a significant political achievement for Trump, as soaring electricity demand and rising power prices have become major political issues. Beyond securing investors, the project must also secure turbines and other equipment amid tight supplies and delivery lead times stretching into the 2030s. This unexpectedly announced project is one of the first under Japan's pledge to invest $550 billion in the U.S., made to avoid threatened tariffs from Trump. Concurrently, Japanese Prime Minister Takaichi Sanae plans to visit Washington next month, where the government will likely seek to highlight major cooperative agreements between the two nations. Japan's Ministry of Economy, Trade and Industry said earlier this week that four companies, including SoftBank and Toshiba, have "expressed interest" in supplying equipment and components for the power plant; local media reported that at least nine other Japanese entities are also involved. None of the Japanese companies have publicly disclosed details of their participation. An official from Japan's Ministry of Economy, Trade and Industry declined to comment at a press conference Wednesday on whether any specific contracts have been signed. Signing binding contracts is typically a prerequisite for project financing or large-scale construction. "It might be unusual that no Japanese company has signed any binding documents, but the whole fund itself is unusual and highly innovative," said William Zhou, senior fellow and deputy director at the Hudson Institute. "They seem to be waiting for formal purchase orders from the project operator, who is still negotiating financial details with both governments. Until then, potential suppliers are likely reluctant to make public statements." A SoftBank spokesperson said the company is engaged in broad discussions about U.S. natural gas projects and is advancing preparatory work with all relevant parties but declined to provide further details. Hitachi, one of the companies named by the Japanese government as a participant, stated through a spokesperson that it welcomes the progress in U.S.-Japan trade agreements but did not mention whether it has signed a binding agreement for the power plant project. Toshiba declined to comment on specifics but said it would participate constructively in the project. The Nikkei newspaper reported Wednesday that a consortium led by SoftBank would include 20 Japanese and American companies, with participants including Panasonic, Murata Manufacturing, Sumitomo Electric Industries, and TDK. All four companies declined to comment. A Mitsubishi Electric spokesperson said the company intends to provide generators and transmission systems for the project and will consider the matter upon receiving specific requests for quotations. Financing details for the Ohio project remain scarce. According to local media, government-supported Japan Bank for International Cooperation and private banks are expected to provide financing, while the government-backed Nippon Export and Investment Insurance (NEXI) may provide guarantees, but no further details were disclosed. A NEXI official said the agency is working with the Japan Bank for International Cooperation and the Japanese government to advance the project but did not elaborate. The Japan Bank for International Cooperation declined to comment. Nikkei reported that major Japanese banks including Mizuho Bank, Sumitomo Mitsui Banking Corporation, and MUFG Bank will also join the consortium. Spokespeople for these banks declined to comment.