'World's First Clean Hydrogen' Power Generation Bid... 'Nambu Power' Final Decision
Annual 750 GWh Scale Auction
Electricity Supplied from Clean Hydrogen Production for 15 Years
South Korea's Korea Southern Power, a power generation public enterprise under Korea Electric Power Corporation, has been finally selected as the first participant in the world's first annual clean hydrogen power generation bidding market.
On the 2nd, the Ministry of Trade, Industry and Energy announced that as a result of conducting the '2024 Clean Hydrogen Power Generation Competitive Bidding' through the Korea Power Exchange, a power plant that submitted a plan to supply 750 GWh (gigawatt-hours) of electricity annually was selected as the final successful bidder.
The Ministry of Trade, Industry and Energy did not disclose the power plant due to bidding regulations, but Korea Southern Power recently announced that it was selected as the sole preferred negotiator in the clean hydrogen power generation competitive bidding.
Korea Southern Power plans to generate electricity using clean fuel that meets South Korea's clean hydrogen certification standard (greenhouse gas emissions of 4 kg CO2eq or less per 1 kg of hydrogen). Commercial operation is scheduled to begin around 2028 after a preparation period including infrastructure construction such as receiving bases and pipelines, and power plant modification, with a power trading period of 15 years from the start of commercial operation.
Park Chan-gi, Director of the Hydrogen Economy Policy Division at the Ministry of Trade, Industry and Energy, explained, "The selection of the successful bidder this time is significant for creating large-scale clean hydrogen demand and discovering clean hydrogen prices," adding, "Since this is the first bidding this year, it seems that businesses participated cautiously considering various conditions such as power grid connection and infrastructure."
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He continued, "The bidding market is scheduled to be opened annually, and as bidding cases accumulate, participation is expected to increase," and said, "Furthermore, we will continue to strive to achieve policy goals such as greenhouse gas reduction and economically viable clean hydrogen procurement by communicating with related experts and the industry in the future."
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