Plug Power Inc and South Korea’s SK E&S have pledged to spend KRW 1 trillion to build a gigafactory for hydrogen facilities and a research facility in South Korea. As per the statement, it will inject KRW 510 billion into the project, while US-based turnkey hydrogen solutions provider Plug Power will cover the remaining KRW 490 billion. The investment will be made by the duo’s SK Plug Hyverse joint venture (JV).
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The objective of the study was to provide high-level policy recommendations on Korea’s clean energy transition from coal in the power sector. The report covers a detailed review of policy and market developments around Korea’s transition to net zero. The scope of the report includes all sectors of the economy, industry and all the regions across the world, where the authors extract the main recommendations that are applicable to the case of Korea.
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This report was commissioned by Korea’s Ministry of Trade, Industry and Energy and carried out jointly by the International Energy Agency (IEA) and the Korea Energy Economics Institute. The objective of the study was to analyse market design improvements to enable achieving net zero in Korea’s power sector, in accordance with the country’s long-term decarbonisation objectives.
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The African Development Bank, the Korean Ministry of Economy and Finance, and the Export-Import Bank of Korea have signed an agreement under which South Korea will co-finance energy projects with the African Development Bank for $600 million. Korea’s funds will be invested in renewable energy generation, transmission, and distribution through the Korea Eximbank.
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Posco, a South Korean company and Ørsted, a Danish power company, will collaborate to produce hydrogen from electricity generated by wind energy. The two companies have signed a memorandum of understanding to evaluate the feasibility of producing green hydrogen in Incheon, South Korea, where Ørsted plans to build a wind power plant.
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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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