This photo, taken July 27, 2022, shows a newly constructed hydrogen production plant in Pyeongtaek, Gyeonggi Province. (Yonhap)
SEOUL, June 12 (Korea Bizwire) — The Ministry of Trade, Industry and Energy announced that it will establish a competitive market for hydrogen power generated using hydrogen compounds.
To comply with the Basic Plan for Long-term Electricity, as notified by the ministry, major buyers such as state-run Korea Electric Power Corp. (KEPCO) and utility firms are obliged to purchase a specific proportion of hydrogen-generated power.
Similarly, major suppliers, including hydrogen power-generating businesses, will participate in a competitive auction to supply the designated proportion to the buyers.
Fuel cells, which are integral to hydrogen power generation, have been incorporated into the Renewable Portfolio Standard.
Considering the fuel cost and the introduction of various hydrogen power-generation technologies, unlike solar or wind energy, the ministry recognized the necessity of establishing a separate competitive market.
The market will be conducted twice a year, and the notifications for the first bid have already been released through the Korea Power Exchange.
In mid-August, the successful bidder will acquire a total of 650 gigawatt hours (GWh) of hydrogen power, which accounts for 50 percent of this year’s available power for the bid (1,300 GWh).
M. H. Lee (mhlee@koreabizwire.com)
