Page 10 - AsiaElec Week 11 2022
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AsiaElec RENEWABLES AsiaElec
Shell to expand offshore
wind and hydrogen
presence in South Korea
SOUTH KOREA SHELL is to expand its presence in offshore the fact that all coal power plants are set to be
wind and hydrogen production in South Korea unprofitable before the end of their expected life-
and has teamed up with generator Korea South- times even under current environmental policies
ern Power in order to play a major role in in the and power market regulations, Ember said.
country’s energy transition. The MunmuBaram project, which is sub-
Shell Gas & Power Developments signed a ject to future investment decisions, would be a
memorandum of understanding (MoU) with significant development towards South Korea’s
Korea Southern Power that covering a number Renewable Energy 3020 Plan, which aims to
of collaboration projects ranging from renewa- increase domestic renewable energy generation
ble energy off-take, joint operation and mainte- to 20% of the energy mix by the year 2030 and
nance, and potential business opportunities in will assist in meeting South Korea’s ambition to
renewable-based hydrogen. become carbon neutral by 2050, Shell said.
Shell is already involved in the MunmuBaram Seung-Woo Lee, President and chief execu-
joint-venture that is developing a floating off- tive officer (CEO) of KOSPO said: ”This MoU
shore wind project in Ulsan. signed with Shell, a global energy leader, will
”Shell views offshore wind energy as a key help KOSPO expand our businesses. This will
part of a net-zero energy system,” said Young- not only help the Korean government achieve
Kyu Ju, MunmuBaram Project Director and the goal of transforming major energy sources
Shell Korea Country Chair. but will also put Korea’s world-class shipbuilding
”We are excited to collaborate with KOSPO and marine engineering business at the core of
to advance Korea’s renewable energy market the floating wind industry.”
and propel the country closer towards its carbon The MunmuBaram floating wind firm farm is
neutral target.” a joint venture project between Shell (80%) and
For example, state-owned KEPCO and its CoensHexicon.
six power generation subsidiaries have said they The joint venture partners have recently
will pursue a gradual but complete exit from coal secured Electricity Business Licenses covering
by 2050. Instead of coal, they also plan to burn the project’s entire 1.3 GW capacity.
green hydrogen. The developers said that they will now con-
South Korea’s journey to achieving net zero tinue to progress the development of the project
by 2050 is dependent on phasing out coal as a through an Environmental Impact Assessment
generating fuel by 2028, the think-tank Ember (EIA), a marine traffic survey, a cultural heritage
said. inspection survey, and other activities.
Ember said it would be possible to phase out Located offshore South-East Korea, 65-80km
coal by 2028 if the government manages to install from the city of Ulsan, MunmuBaram will be
40 GW of solar and 14 GW of onshore wind by developed in phases and, once fully constructed,
2028 and puts in place a carbon price regime. is expected to generate up to 4.2 TWh per year
Meeting the 2050 target will be helped by of electricity.
P10 www. NEWSBASE .com Week 11 16•March•2022
