According to an announcement from North Gyeongsang Province on September 8, a special purpose corporation will be established to turn the 72.5-square-kilometer island in the East Sea into an energy independent island with renewable energy sources. (image: Kobiz Media / Korea Bizwire)
DAEGU, Sept. 8 (Korea Bizwire) – In 2020, Ulleung Island will become the world largest eco-friendly, carbon-free energy island.
According to an announcement from North Gyeongsang Province on September 8, a special purpose corporation will be established to turn the 72.5-square-kilometer island in the East Sea into an energy independent island with renewable energy sources.
The SPC will be joined by the province, Ulleung County, KEPCO, LG CNS and Dohwa Engineering. The provincial and county governments will take a 15 percent share, and KEPCO will hold 25.5 percent. Other shares will be held by private companies.
Through the project, the island will transform its energy source from diesel fuel to eco-friendly alternatives including solar cells, wind turbines, thermal energy and fuel cells.
In its first phase, the SPC will invest 123.7 billion won (US$103 million) to construct facilities for photovoltaic power generation, wind power generation and energy storage systems. By 2017, the island will cover 30 percent of its energy needs with renewable energy sources.
After that, it will invest 266.5 billion won (US$222.4 million) to build geothermal power generation and fuel cell facilities. With these facilities, Ulleung Island will be able to stop diesel power generation starting in 2020.
The provincial office plans to attract more tourists by establishing the island as the world’s first eco-friendly energy island, and hopes to expand the project to other islands.
By Kevin Lee (kevinlee@koreabizwire.com)
