South Korea Moves Closer to First Tidal Power Station

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Researched by Industrial Info Resources (Sugar Land, Texas)--Early last year, Korea Hydro and Nuclear Power Company Limited (KHNP) (Seoul), the only independent spinoff of Korea Electric Power Corporation (NYSE:KEP) (KEPCO) (Seoul), signed a memorandum of understanding with GS Engineering and Construction (SEO: 006360 ) (Seoul) in order for the two companies to construct one of the world's largest tidal power stations just off the coast from Seoul. Industrial Info is tracking a number of tidal power stations, most of which are being developed in North America and Europe. KHNP's tidal power station represents one of the largest in the Pacific region.

South Korea has been working to create a renewable energy policy that will drastically lessen its dependence on imported energy. Though the attention of the country's new multibillion-dollar green growth engines will mostly fall on wind and solar power and coal gasification, hydro project development, including hydroelectric and tidal power, has not been overlooked. The massive Four Rivers Project and developing tidal power plants share a significant percentage of South Korea's 2030 goal for renewable energy capacity.

The KHNP-GS team expedited the project start, bringing it forward at least an entire year, and began preliminary construction last month. Construction is taking place in the waters surrounding five primary islands located in Incheon Bay, despite protests from many domestic organizations that the station would pose a threat to wetlands. KHNP has already drawn up plans to restore the wetlands utilizing construction refuse.

Despite an expedited start, the $3.9 billion project has been lengthened by a full year for completion in 2017. Once completed, the station will generate close to 2.5 million megawatt-hours and will provide for 60% of the surrounding coastal community's total power consumption. Other tidal power projects are also on the books for South Korea. Renetec Company Limited (Seoul) is heading two more tidal power stations off the southern coast of South Korea, one of which is expecting completion in 2016. A second larger project is expected to follow in 2018.

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