Jungbu Power Invests 420.6 Billion KRW to Activate Jeju Green Hydrogen

On the 13th, Korea Midland Power signed a "Business Agreement for the Production and Support of Renewable Energy Green Hydrogen" with the Hydrogen Convergence Alliance Promotion Group, Jeju Energy Corporation, and Hyundai Motor Company at Jipilos, a hydrogen-related small and medium-sized enterprise in Yongin-si, Gyeonggi-do. From the left: Lee Sang-jong, Acting President of Jeju Energy Corporation; Park Hyung-gu, President of Korea Midland Power; Sung Yun-mo, Minister of Trade, Industry and Energy; Kim Se-hoon, Executive Director of Hyundai Motor Company; Moon Jae-do, Chairman of the Hydrogen Convergence Alliance Promotion Group. (Photo by Korea Midland Power)

[Asia Economy Reporter Moon Chaeseok] Korea Midland Power announced on the 14th that on the 13th, it signed a public-private joint "Business Agreement for the Production and Support of Renewable Energy Green Hydrogen" together with the Hydrogen Convergence Alliance Promotion Group, Jeju Energy Corporation, and Hyundai Motor Company at Jipilos in Yongin-si, Gyeonggi-do.

The agreement was promoted to create demand and establish a supply base for green hydrogen produced using Jeju Sangmyeong Wind Power's unused electricity, starting from April, the first time in Korea.

Midland Power plans to invest 420.6 billion KRW by 2030 in expanding green hydrogen production facilities in Jeju and investing in green hydrogen fuel cell projects.

Jeju's renewable energy generation ratio, including solar power, exceeds 13%. It often faces issues with handling unused electricity that exceeds power demand depending on weather or season.

Midland Power and the three partner organizations will expand P2G (Power To Gas) hydrogen production facilities to consume unused electricity and promote green hydrogen.

Plans are underway to introduce hydrogen charging stations and hydrogen vehicles, which are currently not supplied at all within Jeju Island.

Park Hyung-gu, President of Midland Power, said, "By 2030, Midland Power will achieve a 20% renewable energy generation ratio and spare no effort to enhance P2G green hydrogen production technology," adding, "We will do our best to play a leading role as a representative public enterprise in the green hydrogen business and the domestic hydrogen economy."

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