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Korea launches clean H2 power bidding market

The Ministry of Trade, Industry and Energy (MOTIE) announced that Korea is launching a clean H2 power bidding market. The bidding market is expected to contribute to reducing greenhouse gases (GHGs) through the development of clean H2, while also supplying clean H2 at affordable prices through competition.

The clean H2 power bidding market is a market for supplying and buying electricity produced by harnessing clean H2. Participants are allowed to harness power generators using only H2 that fulfills the domestic clean H2 certification standards (GHG of 4 kg CO2e or less per 1 kg of H2). This year’s annual bidding volume is 6,500 GWh with a contract period of 15 years. Commercial operation must begin by 2028, following three years of preparation period plus one year of grace period.

The bid notification period will be 24 weeks, considering the length of time needed for power generators to seal their fuel supply contract. The winning bidder will be selected in December based on price indices, clean H2 utilization grade, fuel supply stability, and level of contribution to industry and economy and other nonprice elements.

Meanwhile, the power bidding market for general H2 is to be launched this year as well. This bidding market aims to catalyze the installation of distributed energy resources (DER), with the bidding volume reaching 1,300 GWh and the power generation contract spanning 20 years. Commercial operation must commence by 2026 following two preparatory years. The winning bidder, like last year, will be selected in August after an evaluation of price indices, power system impact, industrial and economic contribution, and nonprice indices.