The Largest Ever National Project Worth 2 Trillion Won Attracted Since Gaegun
O Do-chang, the governor of Yeongyang County, held a meeting with about 100 media representatives in the county office's main conference room on the 2nd and announced that Yeongyang County has been confirmed as the candidate site for the new pumped-storage power plant project.
The Ministry of Trade, Industry and Energy selected Yeongyang County (1GW), Bonghwa County (0.5GW) in Gyeongbuk Province, Gokseong County (0.5GW) in Jeonnam Province, and Geumsan County (0.5GW) in Chungnam Province as preliminary candidate sites, and Hapcheon County (0.9GW) in Gyeongnam Province and Gurye County (0.5GW) in Jeonnam Province as priority candidate sites. All six local governments were selected as project operators and will be completed sequentially by 2035.
The Yeongyang pumped-storage power plant, the largest scale in Korea (equivalent to one nuclear power plant) with 1GW capacity, will receive approximately 2.1 trillion KRW in full national funding from 2024 to 2035. It will establish upper and lower reservoirs, power generation facilities, and a relocation complex in Yonghwa-ri, Iwol-myeon, Yeongyang County. Considering inflation rates, the project cost is expected to approach about 3 trillion KRW.
This project is expected to bring not only new population inflow to Yeongyang County, which is facing the risk of regional extinction, but also new vitality to the local economy. During the construction and operation periods, various ripple effects and development linked to the pumped-storage power plant are anticipated to become a new driving force for regional development.
The county expects the pumped-storage power plant to create about 150 regular jobs, reinvest in resident welfare projects using 93.6 billion KRW in regional development support funds, revitalize the local economy through the injection of pure construction costs amounting to 1.5 trillion KRW, secure a long-term tax base of 1.4 billion KRW annually, and establish new tourist attractions by developing various tourism facilities utilizing resources around the pumped-storage power plant, attracting over 100,000 visitors annually.
Yeongyang County believes the decisive reason for its final selection as the pumped-storage power plant candidate site is the Ministry of Trade, Industry and Energy’s objective evaluation results, which recognized it as having the optimal site conditions and the highest level of resident acceptance nationwide.
In particular, the county received praise for presenting a new model of differentiated attraction activities by launching a private-led “Pan-County Attraction Committee” and conducting comprehensive promotional activities. Based on the formation of a broad consensus among residents, overwhelming support for the project was demonstrated through a pan-county signature campaign (87.47% participation rate) and a resident opinion survey (96.9% approval rate).
The county plans to accelerate administrative support and basic infrastructure development to ensure the project is completed early in line with the government’s basic electricity supply plan. Especially, it will make every effort to promote various support projects through continuous communication and consultation with residents in the areas expected to be submerged.
Governor O Do-chang said, “The selection of the new pumped-storage power plant project site has created an important opportunity to open a ‘New Era for Yeongyang.’ I would like to thank government and Gyeongbuk Province officials, as well as Representative Park Hyung-su, who have shown interest. Above all, I sincerely thank the residents of Yeongyang County who united with indomitable will, especially the residents of Yonghwa-ri, Iwol-myeon.” He added, “Now, we look forward once again to the passionate enthusiasm and active cooperation of the residents during the preliminary feasibility study scheduled for 2024 and the successful construction of the pumped-storage power plant, just as they have shown so far.”
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