Hydrogen molecule. Source: Mainspring Energy. South Korea’s Ministry of Trade, Industry and Energy (MOTIE) on Friday announced the launch of a clean hydrogen power bidding market for supplying and buying electricity produced by using clean hydrogen or hydrogen derivatives such as ammonia.
South Korea ‘s Ministry of Trade, Industry, and Energy launched a bidding process for hydrogen power generation on June 9. The selection of a winning bidder is scheduled for the middle of August. The government has planned two bidding rounds this year, with a total volume of 1,300 GWh, and the first round aims to allocate half of this volume.
South Korea has described the initiative as “the world's first hydrogen power generation bidding market.” In recent weeks, South Korea has engaged in energy collaboration discussions with s everal countries, including Azerbaijan, France, Japan, and Oman. Seoul is focusing on hydrogen production as it shifts away from nuclear power.
This is the world’s first established bidding market for power generation utilising clean hydrogen. The bidding market for power generation utilising hydrogen in Korea is split between general hydrogen and clean hydrogen. The bid volume for 2024 will be 6,500GWh. There is to be only one bid per year.
The first round opened on Friday, with 650 gigawatt-hours — 50 percent of this year’s total bidding volume — up for bidding. The winner of the bid will be announced in August. Korea opened the world’s first hydrogen power bidding market with new bids of 650 gigawatt-hours.
Businesses using blue hydrogen (carbon captured hydrogen) can choose whether to apply the Volatility Post-Adjustment Index (Henry-Hub Index) in relation to the variable bidding price. Clean hydrogen (LNG-hydrogen and coal-ammonia co-fired generation) will be the primary fuel sources.
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South Korea rolled out the first clean hydrogen power bidding market globally with an annual bidding volume of 6,500 gigawatt-hours.
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South Korea''s Ministry of Trade, Industry and Energy (MOTIE) on Friday announced the launch of a clean hydrogen power bidding market for supplying and buying …