Incheon City to Commission Preliminary Feasibility Study for 'Yeongheung Future Energy Park' Next Month
On September 18, the Incheon city government announced that it will commission a preliminary feasibility study next month for the "Yeongheung Future Energy Park," which is planned to be established in the Yeongheungdo area of Ongjin County.
The Future Energy Park project, planned for a 3.75 million square meter area in Yeongheungdo, centers on converting the existing Yeongheung Thermal Power Plant to carbon-free power generation, building clean hydrogen production facilities, and establishing an advanced industrial complex.
The advanced industrial complex is expected to include a data center, a research and development center, and a support complex for offshore wind power. The project is scheduled to run until 2045, with total project costs estimated at over 22 trillion won.
In July, the city signed a business agreement with 10 public institutions and companies, including major domestic energy firms, to jointly conduct a preliminary study for the establishment of the Incheon Yeongheung Future Energy Park. The agreement includes participation from Ongjin County, Korea South-East Power, Korea National Oil Corporation, Incheon Urban Development Corporation, Incheon Institute, Incheon Technopark, as well as private companies such as Samsung C&T, HDC Hyundai Development Company, GS Energy, and Approtium.
This month, the city plans to sign a memorandum of understanding among participating organizations and commission the preliminary feasibility study next month.
The study will cover project cost estimation for the Future Energy Park, strategies for attracting investment, development of profit models involving local residents, and plans for expanding transportation infrastructure. The city will decide whether to proceed with the project based on the economic feasibility analysis of the Yeongheung Thermal Power Plant and the surrounding Yeongheung-myeon area.
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An Incheon city official stated, "We aim to create a sustainable future energy ecosystem in Yeongheungdo by transitioning to clean hydrogen and establishing an advanced industrial complex," adding, "We will do our utmost to make the Yeongheung Future Energy Park a forward base for fostering new industries and creating high value-added jobs."
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