South Korea

The contract period should span 15 years.

It usually takes a decade to complete the permitting processes.

It secured its first exclusive development rights for offshore wind in the country.

LNG accounts for 26.8% of the country’s power mix.

The country’s wind installation is expected to reach 13.1 GW.

The strategy encourages cooperation with international partners to boost the supply chain.

Ørsted is developing a 1.6 GW wind project off the coast of Incheon.

Since the United States (US) Biden Administration announced the temporary pause on new liquefied natural gas (LNG) export approvals early this year, many Asian countries expressed concern about the potential disruption in energy security and decarbonization goals.

The measures will allow Korean companies to invest in electrolysis and liquid hydrogen.

Demand experienced a 26% year-on-year increase in 2023.

Over $73m was provided to fund the project.

This will support its target to reach net-zero carbon by 2040.

Over 100 proprietary technologies and 80 super-gap technologies will aid the energy value chain.

LS Cable & System Ltd. will supply HVDC cables for offshore wind farms over the North Sea.

The agreement is one of the deals formed during the South Korean President’s state visit.

A total of nine MOUs were signed between the two countries.