JEJU-DO < invest Korea

According to Yonhap News,

Jeju-style new distributed energy projects including a green hydrogen demonstration technology development project will be pushed for five years.

Jeju-do announced on April 22 that three Jeju-style distributed energy related projects for green hydrogen demonstration and resolution of curtailment of new and renewable energy generation made to the final list of subjects for the 1st energy technology development project support project.

As a result, a total of KRW 88.1 billion will be invested in the project starting from this year until 2026, including KRW 49.9 billion from the government and KRW 39.2 billion from the private sector.

The provincial government will invest KRW 62.2 billion over five years in a large-scale green hydrogen demonstration technology development project, (P2G: Power to Gas), in connection with 12.5MW new and renewable energy.

P2G is a technology that utilizes hydrogen produced through water electrolysis as an eco-friendly energy source. In other words, this is a system that stores renewable energy by producing hydrogen from excess renewable energy.

To this end, 14 organizations and companies, led by Korea Southern Power, participated to create four water electrolysis systems, and then use the surplus power to produce green hydrogen. The produced hydrogen is then supplied to hydrogen fueling stations and hydrogen vehicles.

In addition, KRW 13.5 billion will be invested for 4 years in a P2H (Power to Heat) technology development project, that converts power generated from the curtailment of renewable energy generation system into heat through a heat pump, etc.

P2H is a process of heating and cooling performed due to the electricity.

This project will be participated by 8 organizations and companies led by Jeju Energy Corporation. It plans to supply thermal energy produced by using electric energy to facilities used by the vulnerable groups, such as the primary industry, tourism industry, and hospitals.

Lastly, the total project cost of KRW 12.4 billion will be invested in the Power to Mobility (P2M) project, referring to electric car battery utilization station establishment and a smart charging/discharging system development demonstration project.

P2M is a technology that electrifies the transportation sector by storing electric energy in batteries, etc, developing a technology that will contribute to stabilization of electricity demand and supply by providing demand response system through electric car smart charging.

A total of 10 organizations and companies, led by Gridwiz, a specialized company, will participate in building a charging station utilizing batteries after using an electric vehicle, and call for participation of about 3,000 electric vehicles to verify the technology of charge during the curtailment time and discharge during the power load time.


koss@yna.co.kr

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Source: Yonhap News (April 22, 2022)