Dongseo Power Generation to Invest 6.4 Trillion Won by 2030 in Preparation for 'HPS'

Secured 1015.3 MW of Hydrogen Production Power Capacity at Gangwon, Chungcheong, and Ulsan Bases

[Asia Economy Reporter Moon Chaeseok] Korea East-West Power announced on the 30th that it will lead the hydrogen economy by investing 6.4 trillion KRW by 2030 in preparation for the government's introduction of the Hydrogen Power Obligation System (HPS).

HPS is a system announced by the government at the 2nd Small Hydrogen Economy Committee on the 15th. It separates fuel cells from the Renewable Portfolio Standard (RPS) and establishes a separate mandatory supply market.

East-West Power will develop natural gas reforming hydrogen fuel cells, by-product hydrogen fuel cells, and water electrolysis (P2G - producing and storing hydrogen using renewable energy) technologies based in the Gangwon, Chungcheong, and Ulsan regions.

First, it plans to invest 5.3 trillion KRW in the natural gas reforming hydrogen fuel cell business sector by 2030, expanding the current power generation capacity from 43.4 MW to 781.1 MW.

To this end, it will develop the East-West Power brand called 'Rural Win-Win Lifestyle SOC' and expand a win-win success model that supports city gas supply to residents in areas without city gas.

Additionally, it plans to invest 1.1 trillion KRW in the by-product hydrogen fuel cell business sector by 2030 to secure a power generation capacity of 234.2 MW.

Based on its experience operating the world's first 50 MW by-product hydrogen power plant in the Daesan Industrial Complex, it will expand the business in connection with large petrochemical complexes such as Yeosu Petrochemical Complex and Ulsan Petrochemical Complex.

For the development and commercialization of water electrolysis technology, it will collaborate with local governments such as Gangwon Province and Ulsan City to develop and promote various research projects to revitalize the hydrogen economy, including building hydrogen cities.

East-West Power has started construction of a demonstration facility within the Ulsan Thermal Power Headquarters to cooperate with Hyundai Motor Company on domestic production of fuel cell systems.

It is participating in a research project titled 'P2G Technology Development for Long-Term Storage and Conversion of Renewable Energy' with a total project cost of 48.5 billion KRW.

Chairman Yang Seung-ju of the board stated, "As a public institution, we will smoothly promote the hydrogen triangle strategy in preparation for the upcoming hydrogen obligation system."