- Oct 3, 2018
- 2,637
| TYPE | Infrastructure |
| COUNTRY | South Korea |
| PROJECT | Hydroelectric Renovation and Development |
| PROJECT COST | 3,300,000,000.00 |
| COMPLETION DATE | 01/05/2021 |
| PROJECT INFORMATION | The Republic of Korea has outlined $2.3 billion towards implementing the construction of three energy projects in renewable and sustainable Electricity. Hydroelectric projects will be developed in Sihwa, Yeongheung, and Namgang. The project breaks down spending towards allocating $1.9 billion in procurement of turbines, generators, system automation patents, site landscaping. $100 million has been allocated towards environmental, safety and health checks, environmental studies, and long-term impact and feasibility studies. Lastly, $300 million has been allocated to wages, staff costs, miscellaneous costs e.g. fuel, food, unexpected site-incident costs, etc... All three projects are major infrastructure endeavors sought to develop an independent energy sector within the Republic of Korea and ensure the stability of energy in the event of global distribution of energy supplies. While such a project is unfeasible for the Republic of Korea considering its reliance on the global trade network for both economic growth as well as energy to fuel domestic production. Efforts to mitigate the effects of a global energy crisis can help ensure cushion the effects of such an event. The 1997 Financial Crisis further showcases that economic interdependence is crucial for countries to ensure a robust domestic industry capable of sustaining global upsets in trade and consumption. The Sihwa Project has been offered to Daewoo Engineering & Construction company to develop a tidal power plant oat Sihwa River. The project intends to comprise of 40 Bulb turbine-generators and their ancillaries. The systems will be automated and supervised through onsite commissions and installation supervisors. The project is set to produce an aggregate of 2,725 GWh per year. The Sihwa project is the largest in terms of energy production, and is intended to become one of the leading centers for energy production in Korea. Additionally, once completed, it will be the worlds largest hydroelectric facility. The Namgang HydroElectric Dam Plant Project has been offered to Daewoo Engineering & Construction company to develop an electric dam power plant on the Namgang River. The project intends to produce 20,500 MWs daily of energy. The projects aims with an extension of $600 million in appropriated spending after completion seeks to create 42 billion kWh of hydroelectric energy, which is enough to meet the annual residential needs of 14 million people. In relative terms, this output would be the equivalent of more than 80 million barrels of crude oil. The systems will be automated and supervised through onsite commissions and installation supervisors. Plans for the Cheongson Turbine produced in Korea which produce 306 MV to be installed would require up to 60 units to be built. However, patents would be required to help upgrade the turbines for automation. The Yeongheung Ocean Hydro Plant project had begun in 1992 under President Kim [Youngsam[. In 1997 the Project was temporarily suspended due to financial constraints and suspended when the corruption scandal that engulfed the country in 1997 implicated the original project members. In 1998, President Kim [Daejung] resumed the project. In 1998 the project was handed to Gabjin General Construction and Daekwang Engineering & Construction. The Project is will use Kaplan-type turbines, which are designed for use with smaller heads than traditional Francis turbines. During normal operation, the plants stop twice a day at high tide when the effective head is too small. In addition to tidal variations, the output also varies with the seasons. Installed hydro capacity: 23% Hydropower under construction: 6,489 MW Hydro generation per year: 7,273 GWh Technically feasible hydro generation potential per year: 26,389 GWh Goals The Republic of South Korea has no proven oil reserves. Exploration had begun early in the 20th century until the 1980s in the Yellow Sea and on the continental shelf of Korea did not find any offshore oil. Coal supply is insufficient and of low quality. While North Korea maintains a number of energy sources, the separation of the two Koreas and de facto state of war makes inter-Korean energy projects unstable and highly risky to develop. • The Project thus seeks to develop renewable alternative energy sources. The proposal is not limited to hydroelectricity. However, hydroelectricity is favorable for the Nordic Council proposal as its member states are producers of major hydro-based projects. Whereas Korean corporations are based on Solar-based projects. As such, the project seeks to be mutually beneficial to both parties. Project Initial Spending | Additional Spending | Total Spending Sihwa Tidal Power Plant $800,000,000.00 | $300,000,000.00 | $1,100,000,000 Namgang HydroElectric Dam Plant $700,000,000.00 | $600,000,000.00 | $1,300,000,000 Yeongheung Ocean Hydro Plant $400,000,000.00 | $100,000,000.000 | $500,000,000 Other spending {listed prior above} $400,000,000.00 | N/A | $400,000,000.00 Total Amount $2,300,000,000 $1,000,000,000 | $3,300,000,000 |
| PRIVATE / ENCRYPTED | No |
