Korea Pioneers Clean Hydrogen Power Bidding Market for Green Energy Transition
Key Ideas
- Korea introduces the world's first clean hydrogen power bidding market to reduce greenhouse gases and supply affordable clean hydrogen through competition.
- The market allows the supply and purchase of electricity generated from clean hydrogen meeting domestic certification standards, fostering a cleaner energy ecosystem.
- Annual bidding volume set at 6,500 GWh with a 15-year contract period, aiming for commercial operation by 2028 to advance the transition to green energy.
- Additionally, a power bidding market for general hydrogen will be launched to promote distributed energy resources, with a bid volume of 1,300 GWh and a 20-year contract.
Korea has taken a significant step towards sustainable energy by launching the world's first clean hydrogen power bidding market. The Ministry of Trade, Industry and Energy unveiled this pioneering market to drive the development of clean hydrogen and combat greenhouse gas emissions. Participants in this innovative market will utilize power generators powered solely by hydrogen meeting strict certification standards. With an annual bidding volume of 6,500 GWh and a 15-year contract period, the market aims to ensure the commercial operation begins by 2028. The selection process for winning bids will consider various factors including price indices, clean hydrogen utilization grade, and contribution to industry and economy. In parallel, a power bidding market for general hydrogen will be initiated to encourage distributed energy resources, with a focus on sustainability and long-term energy generation. This initiative highlights Korea's commitment to green energy transition and signifies a positive stride towards a cleaner and more sustainable future.
Topics
Certification
Renewable Energy
Sustainability
Energy Transition
Green Energy
Electricity Market
Government Initiative
Latest News