Electric Power Public Corporations Announce "Complete Coal Power Phase-Out by 2050"... Carbon Neutrality Vision Unveiled

Opening of 'Bitgaram International Electric Power Technology Expo 2021 (BIXPO 2021)'

[Asia Economy Reporter Haeyoung Kwon] Seven electric power public enterprises, including Korea Electric Power Corporation (KEPCO), have jointly declared that they will completely phase out coal power generation by 2050 to achieve carbon neutrality.

On the 10th, six power generation public enterprises?KEPCO, Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power, Korea East-West Power, and Korea Hydro & Nuclear Power?announced their carbon neutrality vision, "ZERO for Green," at the opening ceremony of the "Bitgaram International Electric Power Technology Expo 2021 (BIXPO 2021)" held at the Kim Dae-jung Convention Center in Gwangju.

First, the power public enterprises have committed to achieving zero carbon emissions in the power generation sector by switching to carbon-free energy sources such as renewable energy and hydrogen. To this end, they plan to completely phase out coal power generation by 2050 and lead the development of capital- and technology-intensive projects such as large-scale offshore wind power and next-generation solar power, which are difficult to activate solely through private sector participation.

Hydrogen-based power generation using ammonia and green hydrogen will also be gradually expanded. The power public enterprises will proactively reinforce the power grid to transport the rapidly increasing renewable energy in a timely, stable, and efficient manner.

While securing flexible resources such as energy storage systems (ESS), they plan to build an intelligent power supply system to enable optimal operation of the increasingly complex power grid.

In preparation for the increase in electricity demand due to electrification, they intend to improve energy consumption efficiency through various demand reduction programs and energy efficiency technology development, as well as promote the decentralization of power demand.

Additionally, the power public enterprises have established and announced a "Carbon Neutral Technology Development Strategy" that includes a joint technology development plan and implementation measures.

These companies aim to reduce the levelized cost of electricity (LCOE) for offshore wind power by more than 40% from the current level to 150 KRW per kWh by 2030 through the development of technologies such as turbine scaling and large-scale complex construction. They also plan to focus on developing water electrolysis technology to increase the production efficiency of green hydrogen from the current 65% level to over 80% by 2030.

For fuel switching, they will demonstrate 20% ammonia co-firing by 2027 and develop 50% hydrogen co-firing technology by 2028.

They have also set a goal to commercialize carbon capture, utilization, and storage (CCUS) technology by 2030 at 500 MW for coal-fired power and 150 MW for gas-fired power, reducing capture costs to $30 per ton, which is 50% of the current cost.

A representative from the power public enterprises stated, "To achieve carbon neutrality, it is essential to achieve zero carbon emissions in the power generation sector, which accounts for 37% of domestic greenhouse gas emissions, and to expand renewable energy generation. This announcement reflects our commitment and direction to faithfully fulfill our roles throughout the entire power industry value chain."

This content was produced with the assistance of AI translation services.