"Let's Help the Hydrogen Avengers"... 14 Energy Public Enterprises United

Launch of 'Energy Public Institutions Hydrogen Economy Council' on the 27th
14 public enterprises including Korea Electric Power Corporation and Korea Power Exchange participate
"Simultaneous development of upstream and downstream industries such as ships and plants"

Four Groups Including Hyundai Motor to Promote Establishment of Hydrogen Business Council
(Seoul=Yonhap News) Hyundai Motor Group announced on the 10th that it discussed the establishment of a hydrogen business council with SK Group, POSCO Group, and Hyosung Group at the Hyundai Motor and Kia Technology Research Center. The photo shows Hyundai Motor Group Chairman Chung Eui-sun (from left), POSCO Group Chairman Choi Jeong-woo, Hyosung Group Chairman Cho Hyun-joon, and SK Group Chairman Chey Tae-won listening to an explanation about the electric vehicle dedicated platform E-GMP. June 10, 2021.
[Provided by Hyundai Motor. Resale and DB prohibited]
photo@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Jun-hyung] A public enterprise version of the hydrogen business consortium, known as the "Korean Hydrogen Avengers," has been established.

On the 27th, the Ministry of Trade, Industry and Energy announced the launch of the "Energy Public Institutions Hydrogen Economy Council" to systematically implement the "1st Basic Plan for Hydrogen Economy Implementation." Fourteen energy public enterprises, including Korea Electric Power Corporation (KEPCO) and Korea Power Exchange, participated in the council.

The council's goal is to build hydrogen infrastructure such as plants. This is to support the hydrogen economy transition promoted by the hydrogen business consortium, the "Korea H2 Business Summit." The Korea H2 Business Summit, launched last September, includes 15 companies such as SK, Hyundai Motor, and POSCO. They announced plans to invest 43 trillion won in the hydrogen sector by 2030. According to the Ministry of Trade, Industry and Energy, proactively creating hydrogen demand and building related infrastructure in the public sector through the council can reduce investment uncertainties for private companies. If the council actively builds hydrogen infrastructure, it is expected to induce active investment from private companies as well.

The council held its inaugural ceremony and first meeting on the same day. It plans to hold regular monthly meetings to timely build infrastructure such as hydrogen pipelines according to hydrogen energy introduction and power demand. Foundational systems such as the Clean Hydrogen Power System (CHPS), Clean Hydrogen Certification System, and hydrogen supply-demand plans will also be discussed sequentially. Kang Kyung-sung, Director of the Energy Industry Office at the Ministry of Trade, Industry and Energy, said, "The successful establishment of Korea's energy ecosystems for oil, gas, and electricity was the result of all public institutions working together," adding, "By fully combining the accumulated experience and capabilities of each institution, including the overseas networks and import/storage facilities of oil and gas corporations, pipeline construction, and the nationwide power network construction by KEPCO and power generation companies, we can also succeed in building the hydrogen ecosystem."

From the left in the photo: Chung Eui-sun, Chairman of Hyundai Motor Group; Chey Tae-won, Chairman of SK Group; Choi Jeong-woo, Chairman of POSCO Group; Cho Hyun-joon, Chairman of Hyosung Group.
[Photo by Asia Economy DB]

Korea Gas Corporation presented several strategies for Korea to lead the hydrogen economy on this day. The successes and failures experienced during the establishment of the domestic liquefied natural gas (LNG) industry served as the strategic foundation. Korea Gas Corporation holds the view that hydrogen infrastructure should be built in connection with large-scale power demand, similar to LNG. In the case of LNG, the first long-term LNG supply contract was signed with Indonesia in 1983, linked to the demand of the Pyeongtaek LNG power plant. Subsequently, starting with the first project of constructing the Pyeongtaek receiving terminal in 1986, a nationwide supply network was successfully established.

Korea Gas Corporation proposed that hydrogen should be promoted on two tracks?activating upstream and downstream industries such as ships and plants?just as LNG power demand helped secure the global competitiveness of LNG ships. The corporation also announced plans to carry out ammonia and liquefied hydrogen infrastructure construction projects through large-scale power demand such as coal and LNG power generation. The long-term goal is to establish the world's first clean hydrogen power ecosystem where hydrogen supply, distribution, and utilization are connected.

Discussion was also held on jointly investing in ammonia receiving terminals by linking ammonia storage bases and power generation company storage tanks. This is to reduce infrastructure investment costs through collaboration among institutions participating in the council. The council is also considering options such as utilizing parts of existing LNG receiving terminals as liquefied hydrogen receiving terminals. Director Kang said, "The hydrogen economy is not only an opportunity to achieve carbon neutrality through clean energy but also an innovation opportunity that will bring a new industrial revolution," adding, "During the hydrogen economy transition period, nurturing upstream and downstream industries simultaneously is essential to stand tall as a leading hydrogen economy nation."

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