EGCO Commerces the COD of 19.8MW Gangdong PP, Expecting to Recognize Revenue in 4Q20

The Electricity Generating Public Company Limited (EGCO) announced that Gangdong Fuel Cell Power Plant (GDFC), managed by Paju Energy Service Co. Ltd. (Paju ES), in which EGCO holds 49% of stakes, commenced its Commercial Operation on October 1, 2020 to sell electricity to Korea Electric Power Corporation (KEPCO), the sole off-taker of wholesale power generation in South Korea, through the Korea Power Exchange.

 

GDFC, located in Gangdong-gu, Seoul, South Korea, is a fuel cell power plant with an installed capacity of 19.8 MW. A fuel cell is an electrochemical device that combines hydrogen from natural gas and oxygen to produce electricity and heat. Fuel cells operate without combustion and it is considered as an option for a reliable source of power.

 

The GDFC will contribute additional stable revenues to EGCO, starting from the 4th quarter of year 2020 onwards. Additionally, the Power Plant will generate the revenues from selling thermal energy and also receive renewable credits according to its output in the form of Renewable Energy Certificates (REC), serving the increased demand for clean energy in South Korea. Furthermore, GDFC will enable Paju ES power plant, operated by Paju ES, to fulfill a portion of its Renewable Portfolio Standard (RPS) obligations on a long-term basis.