The Hydrogen Stream: South Korea launching hydrogen bidding market

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South Korea‘s Ministry of Trade, Industry, and Energy launched a bidding process for hydrogen power generation on June 9. The selection of a winning bidder is scheduled for the middle of August. The government has planned two bidding rounds this year, with a total volume of 1,300 GWh, and the first round aims to allocate half of this volume. South Korea has described the initiative as “the world's first hydrogen power generation bidding market.” In recent weeks, South Korea has engaged in energy collaboration discussions with several countries, including AzerbaijanFranceJapan, and Oman. Seoul is focusing on hydrogen production as it shifts away from nuclear power.

The International Energy Agency (IEA) has released a report on Oman's potential as a competitive low-emissions hydrogen supplier. It notes Oman's solar and wind resources, as well as its expansive land area, as key factors. Oman aims to produce at least 1 million tons of renewable hydrogen per year by 2030, with targets of up to 3.75 million tons by 2040 and 8.5 million tons by 2050 – surpassing current hydrogen demand in Europe. “The 2040 hydrogen target would represent 80% of Oman's current LNG exports in energy-equivalent terms, while achieving the 2050 target would almost double them,” said the IEA.

The Queensland government has approved funding for major water projects. The Australian state will offer AUD 8 million ($5.4 million) over a period of two years for a detailed assessment of the water requirements for the hydrogen industry in the city of Gladstone.

Mitsubishi Power Americas and Magnum Development have closed a $504.4 million loan guarantee from the US Department of Energy's (DoE) Loan Programs Office to develop the world's largest industrial green hydrogen facility in central Utah. Michael Ducker, the vice president for Mitsubishi Power Americas, said that the loan will create a path to accelerate the long-term hydrogen market across the United States.

Lhyfe and Capital Energy have signed a collaboration agreement to jointly develop offshore renewable hydrogen projects in Spain and Portugal. “Under the agreement, the two companies will work together to create hydrogen production sites at some of the offshore wind farm sites currently being developed by Capital Energy,” said Lhyfe. “The Spanish energy company already has a development pipeline of more than 7.5 gigawatts (GW) in both countries.”

Thyssenkrupp has announced plans to list Thyssenrupp nucera's shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The initial public offering of ThyssenKrupp nucera's shares will likely be completed “before the summer break, subject to capital market conditions,” said the two companies. 

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