Korea's Ministry of Trade, Industry, and Energy has opened the bidding market for clean hydrogen power and general hydrogen power for this year. In a recent announcement, the ministry confirmed that the clean hydrogen power bidding volume stands at 3,000 gigawatt-hours (GWh), with a 15-year contract period. This volume is roughly equivalent to the annual electricity consumption of around 850,000 households.

The power generation for clean hydrogen must begin by 2029, after a three-year preparation period. The ministry plans to finalize the selection of bidders by November of this year. In a move to enhance industry processes, two new mechanisms will be introduced for the clean hydrogen power bidding market: an exchange rate-linked settlement system and a hydrogen volume borrowing system. These changes are expected to meet long-standing requests from industry stakeholders.

On the other hand, the general hydrogen power bidding market has a volume of 1,300 GWh, with a longer 20-year contract period. Power generation in this category must commence by 2027, following a two-year preparation period. The final bidders for this market will be selected around August.

The introduction of these bidding processes underscores Korea's commitment to expanding its clean energy capacity, particularly in the hydrogen sector, and supporting long-term sustainable energy generation.