HD Hyundai Electric, Pacifico Energy Korea, CS Wind, Korea Ocean Engineering & Consultants, and Daebul Shipbuilding signed a memorandum of understanding (MoU) to develop a 3.2 GW offshore wind project off the coast of Jindo County in South Jeolla Province. In order to effectively finish the project, the companies also committed to strengthening the system of cooperation under the MoU
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APOSCO-led consortium has been awarded a $6.7 billion contract for producing green hydrogen in Duqm, Oman. The proposed green hydrogen project will be the world’s largest. POSCO Group, a South Korean steelmaker, owns a 28 per cent majority stake in the consortium’s operation. POSCO indicated in March 2022 that Oman was one of the countries that it was evaluating for hydrogen investment, and the country’s authorities met with POSCO early in 2023.
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South Korea’s gas-fired power generation will replace coal to be the dominant power type in the market’s power mix in the middle of the decade, as the momentum for the sector’s growth strengthens. Over the coming years, we expect South Korea’s coal power sector to shrink gradually as the market pivots to other sources of power, which are less carbon-intensive. Non-hydropower renewables will experience the strongest growth in its sector’s contribution to South Korea’s electricity supply despite indications of lowering the sector’s targets.
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Elenergy, a South Korean renewable energy company, has given a contract as owner’s engineer to Norwegian classification firm DNV for its Chujin fixed-bottom offshore wind project. As per the agreement, DNV will be in charge of the pre-front-end engineering design and will support contractors during the final design, procurement, construction, commissioning, and operating stages of the project.
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In order to construct offshore wind projects in South Korea, Norwegian offshore project developer Deep Wind Offshore (DWO) has joined forces with the nation’s state-owned energy company East West Power (EWP). DWO and EWP will concentrate on creating four floating and bottom-fixed projects far off the nation’s coast as part of their agreement. Together, these projects will have a capacity of more than 4 GW.
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Siemens Gamesa, a Spanish energy company, and Doosan Group subsidiary Doosan Enerbility have agreed to explore potential offshore wind power cooperation in South Korea. In Copenhagen, Denmark, the two companies signed a non-binding MoU to assess the scope of collaboration on large-scale offshore wind turbines, including installation, maintenance, and supply of turbine parts. They will also explore the sharing of services for the construction of production facilities in South Korea.
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SK D&D, a South Korean renewable energy developer, has signed a MoU with energy fund manager Glennmont Partners to invest in solar PV projects in South Korea. The two companies will invest around $153 million in the projects under the terms of the MoU.
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Vena Energy, a Singapore-based renewable energy company, has chosen Offshore Design Engineering (ODE) to serve as the owner’s engineer for its 384 MW Yokji offshore wind farm in South Korea. Under the contract, basic engineering, wind turbine generator package support, engineering, procurement, and construction preparation support services are included.
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South Korea’s wind and solar output far below corporate needs. South Korea’s top 11 exporters consume 4.5 times more electricity than generated by wind and solar in 2020. South Korea’s biggest companies could lose a key competitive edge over the next decade, as they struggle to secure critical supplies of domestic renewable energy, without a significant boost from the incoming Yoon administration.
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Climate change and net-zero commitments are accelerating the shift from fossil fuels to alternatives such as clean hydrogen. The race is on to adopt hydrogen technologies, with some countries positioning to become tomorrow’s hydrogen superpowers. But who are the frontrunners in the race to adopt and scale up clean hydrogen and other low-carbon fuels.
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Scotra, a local South Korean floating PV company, successfully finished a 41 MW floating solar installation for Korea Water Resources. The facility is located on a reservoir of the Hapcheon Dam in Gyeongsang Province, South Korea. The installation is the country’s largest floating PV plant to date.
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Green Investment Group (GIG) has granted Offshore Design Engineering (ODE) a contract as owner’s engineer and package manager for offshore wind projects in South Korea that it is developing and investing in. The deal will see ODE’s Korea office, which will open in January 2021, carry out engineering projects totaling more than 500 MW in the nation.
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South Korea has announced that it plans to build a 6 GW offshore wind park on floating foundations. The project will be located off the coast of Ulsan City at a proposed investment of KRW 36 trillion ($32.1 billion). The overall investment will come from both the public and private sectors and is expected to create about 210,000 jobs. The project is set to be completed by 2030.
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The government of South Korea has announced that it will provide full support to the floating wind farm being planned off the coast of Ulsan. The project is expected have an installed capacity of 6 GW and be completed by 2030. This capacity is expected to power as many as 5.7 million households.
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The fast-approaching Climate Summit hosted by President Biden offers a tremendous opportunity for some of the world’s biggest contributors to climate change to up their game, raise their climate commitment—and join the “50 Percent Club.” That is a group of countries committing to cut their emissions by at least half by 2030 on a path to net zero emissions no later than 2050. The U.S., Japan, Canada, and South Korea are poised for such a bold move…
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The Ministry of Trade, Industry, and Energy of South Korea has announced the sanctioning of the purchase of electricity from renewable sources by industrial and general electric consumers as part of the RE100 initiative. The parties must register at the Korea Energy Agency and the electricity will be procured through self-generation, green premium system, third party power purchase agreement, or the purchase of renewable energy certificates.
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A strategic partnership has been announced between United States-based hydrogen fuel cell provider Plug Power and the South Korean SK Group to promote hydrogen-based technologies in the Asian Market. Accordingly, SK Group will be investing $1.5 billion to acquire a 9.9 per cent pro forma ownership stake in Plug Power, thereby forming a joint venture company in South Korea. Plug SK Group’s US subsidiary will purchase around 51.4 million shares for $29.28 per share, and the transaction is expected to close in the first quarter of 2021.
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KEPCO and other companies that have decided to pursue a greener business model should be working hard to demonstrate to the market that they are taking the right steps to align with ESG investors. At this stage, however, it is unclear whether KEPCO has the appetite to seriously transition into a world-class renewable power company and catch up to its ambitions.
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Ørsted has announced its intentions to develop a total of 1.6 GW of offshore wind energy projects off the coast of Incheon City, South Korea. The announcement was made in a meeting with National Assembly members, political figures, and key industry leaders of the country.
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