Hanwha Energy to Bring in 600,000 Tons of LNG a Year
Hanwha Energy signed a contract with TotalEnergies on May 24 in order to directly bring in 600,000 tons of LNG a year for 15 years.
The contract is Hanwha Group’s first step in the LNG power generation industry. The group is planning to expand its business in the sector by making use of its expertise and experience in the renewable energy sector including cogeneration and solar power generation.
According to the contract, the LNG will be supplied to Tong-Yeoung Eco Power, which is a 1 GW LNG combined cycle power plant to be run by Hanwha Energy and HDC starting from 2024. In addition, Hanwha Energy is considering turning its coal-fired power plant in Yeosu into the same type and building a new LNG power plant in Vietnam.
At present, Hanwha Energy is doing solar power and energy storage businesses in the United States, Japan, Spain, Australia, Vietnam and Malaysia. In South Korea, it is a leading energy company engaged in cogeneration, total energy development, hydrogen power generation in industrial complexes, and so on. Three years ago, the company picked LNG as its new business model to reduce power plant carbon emissions and respond to the volatility of renewable energy sources.