South Korea launches world's 1st clean hydrogen power bidding market

The contract period should span 15 years.

South Korea rolled out the first clean hydrogen power bidding market globally with an annual bidding volume of 6,500 gigawatt-hours.

In a statement, the Ministry of Trade, Industry and Energy said participants in the bidding are allowed to harness power generators using only hydrogen that meets the domestic clean hydrogen certification standards of four kilograms (kg) of carbon dioxide equivalent greenhouse gas or less per 1 kg of hydrogen.

Participants may bid green hydrogen with a contract period of 15 years, slated to start commercial operations by 2028 after a three-year preparation period and one-year grace period.

The ministry added that the bid notification period will be 24 weeks, with the winning bidder to be selected in December based on price indices, clean hydrogen utilisation grade, fuel supply stability, and level of contribution.

It added that the power bidding market for general hydrogen will also be launched this year, with a bidding volume of 1,300 gigawatt-hours and a power generation contract of 20 years.