Goseong Green power station
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Goseong Green power station (고성그린파워) is an operating power station of at least 2080-megawatts (MW) in Hai-myeon, Geumseong, Hadong, South Gyeongsang, South Korea. It is also known as Goseong Hi, Goseung Hai, Goseong High, 고성그린파워.
Location
Table 1: Project-level location details
| Plant name | Location | Coordinates (WGS 84) |
|---|---|---|
| Goseong Green power station | Hai-myeon, Geumseong, Hadong, South Gyeongsang, South Korea | 34.904909, 128.125406 (exact) |
The map below shows the exact location of the power station.
Unit-level coordinates (WGS 84):
- Unit 1, Unit 2: 34.904909, 128.125406
Project Details
Table 2: Unit-level details
| Unit name | Status | Fuel(s) | Capacity (MW) | Technology | Start year | Retired year |
|---|---|---|---|---|---|---|
| Unit 1 | operating | coal - unknown | 1040 | ultra-supercritical | 2021 | 2051 (planned) |
| Unit 2 | operating | coal - unknown | 1040 | ultra-supercritical | 2021 | 2051 (planned) |
Table 3: Unit-level ownership and operator details
| Unit name | Owner |
|---|---|
| Unit 1 | Goseong Green Power Co Ltd [100.0%] |
| Unit 2 | Goseong Green Power Co Ltd [100.0%] |
Background
The ultra-supercritical power plant is also known by the names Goseong Hai[1] and Goseong Hi. [2][3]
The power station was proposed as two 1,040 MW units. Construction was planned to begin in 2016 and was to be completed in April 2021.[4]
The plant's implementation plan was approved in October 2015.[5] Construction began in February 2017, with completion in 2021.[6][7]
Financing
- Source of financing: US$3,901,229,795 in debt from a consortium led by KB Kookmin Bank and Shinhan Bank.
A 4.3 trillion KRW (approximately US$3.9 billion) loan agreement was closed in 2017. The project financing was led by KB Kookmin Bank and Shinhan Bank.[8] Groups providing debt financing to the project included:
- Samsung Life Insurance: KRW 353.4 billion (US$318 million)
- Hanwha Life Insurance: KRW 342.1 billion (US$308 million)
- Kookmin Bank: KRW 228 billion (US$205 million)
- Kyobo Life Insurance: KRW 228 billion (US$205 million)
- Shinhan Bank: KRW 209 billion (US$188 million)
- Nonghyup Life Insurance: KRW 190 billion (US$171 million)
- Heungkuk Life Insurance: KRW 176.7 billion (US$159 million)
- Heungkuk Fire & Marine Insurance: KRW 164 billion (US$ 148 million)
- Mirae Asset Life Insurance: KRW 152 billion (US$137 million)
- Shinhan Life Insurance: KRW 113.1 billion (US$102 million)
- Lotte Insurance: KRW 95 billion (US$85.5 million)
- DB Insurance: KRW 76 billion (US$68.4 million)
- Hana Bank: KRW 76 billion (US$68.4 million)
- NH Bank: KRW 76 billion (US$68.4 million)
- Korea Development Bank Life Insurance: KRW 20 billion (US$18 million)
- Woori Bank: KRW 15 billion (US$13.5 million)
- Korean Federation of Community Credit Cooperatives: KRW 12 billion (US$10.8 million)
- Shinhan Bank: KRW 10.9 billion (US$9.8 million)
- Korea Post: KRW 2.86 billion (US$2.6 million)
- Industrial Bank of Korea: KRW 20 billion (US$1.8 million)
Hyundai Marine & Fire Insurance and KB Insurance provided both project financing and underwriting for the project, but exact amounts for each financing type are not known.[9]
In October 2022, "controversy erupted" (Google translate) when it was revealed that project construction cost 2.15 trillion won (1.73 billion USD) more than the original proposal submitted to the government. This was an over 70% increase. Critics suspected that the excess cost would be transferred to ratepayers.[10]
Possible cancellation or replacement with gas (2017)
South Korea's new president, elected in May 2017, said he would consider suspending coal-fired power plants less than 10 percent into construction.[11]
In April 2017, just before the presidential election, the plant's completion rate was reported at 8%. It was then reported as 14.5% on May 15, 15% on May 16, and 21% on May 23, raising questions about the legitimacy of the progress, since the plant was still planned for operation in April 2021.[12] Planet satellite photos suggest the only progress from February 2016 to April 2018 was land clearing.
In September 2017, the government released a statement saying it would push to transform coal-fired power plants less than 10% constructed into LNG-fired power turbines.[13]
Project continues
The country's 8th Basic Plan for Long-Term Electricity Supply and Demand (2017-2031), finalized in December 2017, did not list the plant for conversion to gas, suggesting it could remain coal-fired.[14][15]
In March 2018, it was reported there were ongoing labor disputes at the plant site with project contractor SK Engineering & Construction.[16]
In June 2020, it was reported the plant was 90% complete and on track for commissioning in 2021.[17] Planet Labs satellite imagery shows construction progress from 2017 through October 2020 (Goseong Green power station is in the center of the image, Samchonpo power station is on the left).
Commercial operation (2021)
According to July 2021 reporting, Unit 1 started commercial operation on May 14, 2021, and Unit 2 was undergoing trial operation with the goal of completion in November.[18]
As of October 2021, the plant was reportedly about to be completed.[19]
As of June 2022, the company’s website notes (Google Translate):[20]
- 2021.04: “Goseong High Power Unit No. 1 Commercial Operation and Completion of Unit No. 2”
- 2021.10: “Goseong High Power Unit No. 2 Commercial Operation”
With both units online, Goseong Green Power was working to improve their operations. The company held a ceremony in April 2022, where they announced the implementation of a 'safety and health symbiotic cooperation program'.[21]
Planned retirement
Units 1 and 2 are scheduled to close by 2051.[22]
Opposition
Since its inception, the power station has been opposed by local residents over pollution concerns.[23]
In 2021, several environmental and academic organizations including Climate Solutions, Carbon Tracker, Chungnam National University, and Centre for Research on Energy and Clean Air (CREA) warned that the new coal-fired power plant would become a stranded asset and result in significant health costs.[24][25]
May 2022 reporting states that Goseong Green Power had apparently overcome concerns and held the support of 95.7% of residents. This was because, they allege, strong emissions standards and ESG management make the project "eco-friendly".[26]
Articles and Resources
References
- ↑ “Goseong Hai Power Plant, South Gyeongsang Province,” Power Technology, accessed November 2021
- ↑ “1000MW Class Coal Fired Power Plants,” KEPCO, accessed November 2021
- ↑ "Doosan Clinches Large-Scale Project to Supply Equipment for Goseong Hai Thermal Plant," Doosan Heavy Industries & Construction press release, December 7, 2015
- ↑ "고성군·고성그린파워, 고성하이화력발전소 건설사업 기본협약," Electric Power Journal, April 21, 2015
- ↑ "고성 하이화력발전소 실시계획 승인," GNN News, October 15, 2015
- ↑ "SK건설, 고성하이화력발전소 착공," Chosun, February 24, 2017
- ↑ "건설中 원전·석탄발전, 차기 정권에서 운명은?," EBN, May 6, 2017
- ↑ "SK E&C inks $3.2b power plant deal," The Korea Herald, February 3, 2017, accessed December 2020
- ↑ Tracing 12 Years of Korea’s Coal Finance Addiction, Korea Sustainability Investing Forum, January 2021
- ↑ SK에코플랜트 등 참여 고성하이석탄발전소 건설비‘부풀리기’심각..당초 정부 제출안보다 2조 1,676억원 늘어, 데일리시사닷컴, October 12, 2022
- ↑ "S. Korea’s coal-fired power plant builders at risk of losing millions," Pulse, May 17, 2017
- ↑ "미세먼지 OUT, 신규 화력발전소 OUT," 국민소통 광장, September 24, 2017
- ↑ "S Korea to tackle pollution by cutting coal, diesel use, switching to LNG," Platts, September 26, 2017
- ↑ "S. Korea to shift toward renewable energy, natural gas," Yonhap News Agency, December 14, 2017
- ↑ "Ministry announces 8th Basic Plan for Electricity Supply and Demand," Korea Ministry of Trade, Industry, and Energy, December 14, 2017
- ↑ "건설산업노조 플랜트분과 고성하이발전소 노조탄압 폭로 기자회견 열어," Inochong, March 6, 2018
- ↑ "신규 민간 석탄발전소 건설은 속도 붙는데… 표준투자비 책정 논의는 '제자리'," cnews.co.kr, June 10, 2020
- ↑ “5조1천억원 들인 새 석탄화력 '불안불안’,” e2news, July 12, 2021
- ↑ “더 세진 탄소중립 계획에 산업계 초비상…’현실성 낮아,” mk.co.kr, October 18, 2018
- ↑ "사업추진일정," Goseong Green Power Co., Ltd., accessed November 2021
- ↑ "고성그린파워, 협력사 안전 파트너십 협약식 개최," ET News, April 8, 2022
- ↑ "Assessing the Health Benefits of a Paris-Aligned Coal Phase Out for South Korea," Annex II (Unit-level phase out schedules), Climate Analytics, May 2021
- ↑ "사천주민 신삼천포화력발전소 건설사업 피해대책 촉구," Sichuan AP, January 7, 2014
- ↑ “기후단체 ‘신규 석탄발전소, 가까운 미래에 적자날 것’ 경고,” hani.co.kr, September 6, 2021
- ↑ "The Health and Economic Cost of Coal Dependence in South Korea’s Power Mix," CREA, April 2021
- ↑ "(민자발전 20년…대표 발전소) 고성그린파워, 국내 최대 민간발전설비 보유," The Electimes, May 26, 2022
Additional data
To access additional data, including an interactive map of coal-fired power stations, a downloadable dataset, and summary data, please visit the Global Coal Plant Tracker on the Global Energy Monitor website.
