Tag: south korea

Renewables Strongly Growing Amid Coal Contraction And Nuclear Headwinds In South Korea

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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DNV receives contract for offshore wind farm in South Korea

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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DWO and EWP to develop offshore wind projects in South Korea

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 and Doosan Enerbility to launch offshore wind cooperation 

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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ODE secures an offshore wind contract in South Korea

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 lack of wind and solar hinders exporters

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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ODE attains offshore wind contract in South Korea

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 plans to develop a 6 GW floating wind complex by 2030

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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South Korea to develop floating offshore wind farm

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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50% Emissions Reduction Club: US, Japan, Canada, South Korea

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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South Korea to allow C&I and residential consumers to purchase renewable energy under RE100 initiative

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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SK Group and Plug Power partner to promote hydrogen-based technologies in Asia

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’s green bond failed the ESG market test

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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