Korea Gas Corporation to invest $4B in hydrogen production and distribution by 2030
29 April 2019
Korea Gas Corp. (KOGAS), the state-run natural gas supplier and a major global importer of LNG, plans to spend 4.7 trillion won (US$4.01 billion) to build hydrogen-producing facilities by 2030.
Under the plan, KOGAS will construct 25 hydrogen-producing facilities and pipelines totaling 700 kilometers to transport the gas. By 2030, KOGAS expects to supply 1.73 million tons of hydrogen annually.
KOGAS said demand for hydrogen in South Korea will reach 1.94 million tons per year by 2030 and 5.26 million tons by 2040.
KOGAS also said that with increased output, prices of hydrogen will likely fall
to 4,500 won (US$3.89) per kilogram from the current range of 6,500 won to 7,500 won (US$5.62 to 6.48) per kilogram.
KOGAS said it will import 300,000 tons of hydrogen by 2030 and 1.2 million tons by 2040.
South Korea has been seeking to boost the hydrogen economy as a new growth engine. In January, the country said it will increase the number of hydrogen fuel cell electric vehicles to about 80,000 units by 2022 as part of a broader effort to boost the hydrogen economy.
If the projected price of hydrogen is from natural gas reforming, that is remarkable as NG is around 3 times the price of that in the US.
The price however would presumably not include distribution, which initially at low volume adds quite a bit.
In any case, it is pretty clear that battery only fans have overstated their position.
Maybe Hyundai and Toyota know a thing or two about powering transport, maybe even more than some bloggers?
Posted by: Davemart | 29 April 2019 at 10:41 AM
This is another good news for the future H2 economy.
Combined with excess clean REs and high efficiency electrolysers it could become another source of clean/green H2 at an affordable price?
Posted by: HarveyD | 29 April 2019 at 05:34 PM
The global interest in clean H2 (extraction, storage, distribution and use) is increasing at a much faster pace. Near future improved electrolysers and FCs will help to make 24/7 REs and FCEVs a reality.
Posted by: HarveyD | 01 May 2019 at 04:25 PM