NEWS: South Korea launches world’s first auction for clean-hydrogen power generation

May 28, 2024

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South Korea launches world’s first auction for clean-hydrogen power generation

South Korea is starting a 15-year bidding process for the production of up to 6,500 GWh of electricity from clean hydrogen, allowing bids with hydrogen that emits up to 4 kg of CO2 per kg. The Ministry of Trade, Industry and Energy (MOTIE) on the 24th of May, said operations awarded contracts must start by 2028, with successful bidders allowed a three-year preparation period and a one-year grace period.

The Hydrogen Council estimates that Korea by 2050, heavily reliant on imported clean hydrogen, could become one of the largest markets with a demand of 35 million tonnes.