The future supply of renewable energy and green hydrogen from K-REP will generate significant benefits for the State of Queensland including:
– Assist Queensland achieve its renewable energy target of 50% by 2030;
– Assist Queensland develop its domestic hydrogen economy;
– Assist Queensland develop a new export market for green hydrogen;
– Create new jobs for Queensland and in particular Regional Queensland (Western Downs);
– Facilitate new investment into Queensland; and
– Expand the bilateral trade and investment relationship between Queensland and Korea (Queensland’s third largest trading partner).
Korea Midland Power Co., Ltd. (KOMIPO) has decided to partner with Elecseed on K-REP. KEPCO, a parent of KOMIPO,is the largest electricity utility in Korea and responsible for generation, transmission and distribution. KEPCO is majority owned by the Korean Government and has installed capacity of > 65,000MW supplying ~93% of Korea’s domestic power. KOMIPO is one of six KEPCO power generation companies and has installed capactiy of >9,700MW and supplies 8.2%of Korea’s domestic power. KOMIPO’s top management have confirmed KOMIPO’s goal to expand its intalled capacity of renewables from 862MW in 2018 to 7.2GW by 2030, which would be 38% of its generation capacity.
K-REP will be KOMIPO’s first significant investment in Australia, which would be a huge coup for Queensland. Although KOMIPO’s Overseas Green Energy Project Team have identified a number of other potential investment opportunities in Australia, they are currently on hold pending a successful outcome on K-REP in Western Downs, Queensland.