This study analyzed the economics of natural gas power generation in North Korea, taking into account the clean development mechanism and grid connection. North Korea has been facing a serious electric power problem and requires the establishment of a new power plant. Natural gas might emerge as a new energy resource in the Democratic People’s Republic of Korea when supply from Russia reaches East Asia, including the Korean peninsula. I analyzed the economic validity of adopting a 500MWh natural gas combined cycle (NGCC) power plant, by applying levelized cost of electricity(LCOE), net present value, and internal rate of return methods. The results of the analysis show that the LCOE of natural gas power generation of North Korea is US$598 per MWh, which is three times higher than the current costs of power in North Korea. It means that NGCC in North Korea is not profitable without additional revenue. When electricity generated from the NGCC is tradable with other countries, it allows for a reasonable electricity charge, improving the economics of the NGCC. The results of this study provoke a paradigm shift, providing suggestions not simply for support but also for business revenue generation in the evaluation of North Korean economic activity.