Tongyeong, South Korea (November 7, 2024) — GE Vernova Inc. (NYSE: GEV) today announced the start of commercial operation for Tongyeong Eco Power’s Tongyeong combined cycle power plant in Gyeongsangnam-do, South Korea.  The new one-gigawatt (GW) LNG-fueled plant site, including one 200,000-cbm LNG storage tank, is located at Anjeong Industrial Park in Tongyeong City, and it delivers the equivalent electricity needed to power approximately 1 million Korean households.

For the project, GE Vernova provided two 7HA.02 gas turbines, one STF-D600 steam turbine, two Heat Recovery Steam Generators (HRSG) and three H65 generators. In addition to the equipment, GE Vernova is expected to provide maintenance services for the 7HA.02 gas turbines and generators for the next 17 years.

“GE Vernova is committed to bring more affordable, reliable and sustainable power generation technology to South Korea and we are confident that the adoption of GE Vernova’s advanced HA technology, combined with their total plant services offering, will play a significant role in moving the country towards becoming an energy self-reliant nation,” said Tongyeong Eco Power.

“We are honored to support Hyundai Development Company (HDC)’s Tongyeong Eco Power in its approach to providing more efficient power and thermal energy from Liquefied Natural Gas” said Ramesh Singaram, President and CEO, Asia of GE Vernova’s Gas Power. “The start of commercial operation of Tongyeong Combined Cycle Plant marks a significant achievement that underlines our commitment to delivering efficient energy solutions in a country where power generation is very reliant on heavy fossil fuels, with coal and oil covering nearly 60% of power needs, according to IEA estimates."

The country’s biggest utilities are turning from coal-burning power plants to liquefied natural gas, which can help deliver power on demand and support the development of renewable energy resources like wind and solar. Case in point, two further major projects in South Korea are using high-efficient HA gas turbines engineered by GE Vernova to work toward the environmental goals laid out in the country’s energy commitments.

• Naepo Green Energy Co. Ltd.’s new district heating plant in the center of Naepo City, about 65 miles south of the capital Seoul, is powered by a GE Vernova 7HA.02 gas turbine, as well as a STF-D650 steam turbine
• Korea Southern Power Co. Ltd. (KOSPO), a unit of the national utility Korea Electric Power Corp., has recently started to operate its Shinsejong combined-cycle power plant (CCPP) — powered by a GE Vernova 7HA.03 gas turbine.

GE Vernova HA gas turbines can save over 3.3 metric tonnes of CO2 emissions per year, per unit compared to an average coal-fired plant of the same size. This is equivalent to removing roughly 680,000 cars off the road for every HA unit deployed to substitute an older, coal-fired plant of equivalent size. GE Vernova simulated that H-class units in South Korea could reduce carbon emission intensity of the fossil fleet per kilowatt hour more than three-fold over current levels if coal plants were retired and this newer, advanced technology was deployed in country.

GE Vernova HA gas turbines are able to operate on a variety of fuels, including blends of hydrogen and natural gas, to offer multiple pathways to reduce CO2 emissions.

With the highest number of H-Class units ordered in the industry, GE Vernova’s HA gas turbines have accumulated more than 2.5 million commercial operating hours continuing to be the fastest growing fleet in the heavy-duty gas turbine H-Class segment.

For more than 45 years GE Vernova has collaborated with Korean companies in key infrastructure sectors and continues to help Korea’s energy transition journey and provide technologies to support the Korean government’s goals. GE Vernova’s gas turbines provide more than 14 GW of generation capacity with an installed base of over 80 units.

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Notes to editors
© 2024 GE Vernova and/or its affiliates. All rights reserved.
GE and the GE Monogram are trademarks of General Electric Company used under trademark license.

Forward Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

About GE Vernova
GE Vernova (NYSE: GEV) is purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova’s Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. Learn more: GE Vernova and LinkedIn.

SEJONG, SOUTH KOREA (July 15, 2024) – GE Vernova Inc. (NYSE: GEV) today announced Korea Southern Power Co, Ltd.  (KOSPO)’s Shinsejong Combined Cycle Power Plant achieved the start of operation in Nuri-ri, Yeongi-myon, Sejong Multifunctional Administrative City, the administrative capital of South Korea. The plant, powered by GE Vernova’s 7HA.03 gas turbine, marks the company’s 100th HA unit commissioned across the globe, and the first 7HA.03 gas turbine in South Korea.

With the highest number of H-Class units ordered, GE Vernova’s HA gas turbines have accumulated more than 2.5 million commercial operating hours continuing to be the fastest growing fleet in the heavy-duty gas turbine H-Class segment. The fleet boasts an installed capacity of more than 53 gigawatts (GW) of power, the equivalent capacity needed to power nearly 40 million American homes.

“Demand for electricity is on the rise, and we expect it to continue to accelerate,” said Eric Gray, CEO at GE Vernova’s Gas Power business. “Highly efficient HA gas power plants can play a crucial role in balancing energy transition commitments with electricity reliability. Many HA combined cycle power plants facilitate the coal-to gas transition and provide the necessary power to balance the variable nature of renewables, helping to ensure energy system reliability and grid stability.”

In addition to benefitting customers and supporting the energy transition, the growing fleet of operating HA gas turbines can provide significant services backlog for GE Vernova over the long-term via maintenance and upgrade opportunities.

HA gas turbines can save over 3.3 metric tonnes of CO2 emissions per year, per unit compared to an average coal-fired plant of the same size. This is equivalent to removing 680,000 cars off the road for every HA unit deployed. In addition, GE Vernova simulated that H-class units in South Korea could reduce carbon emission intensity of the fossil fleet per kilowatt hour more than three fold over current levels if coal plants were retired and this newer, advanced technology was deployed in country.

GE Vernova HA class combined cycle power plants emit approximately 50–60 percent less CO2 compared to a typical coal-fired power plant of the same size, significantly lower nitrous oxides and particulate matter, no mercury, and essentially no sulfur oxides.

Energy combustion systems are a key component of GE Vernova’s HA gas turbines and modern combustion technologies can increase efficiency and reduce emissions. As a leader in combustion technology, GE Vernova developed the DLN 2.6e combustion system with its advanced premixer technology, installed in GE Vernova 60Hz H-class turbines, offering a step change in performance, emissions and fuel flexibility. This technology can enable the 7HA.03 gas turbines installed at Shinsejong to generate power with lower NOx emissions, three parts per million of NOx at the main stack with efficient flue gas treatment system.

With South Korea’s power generation very reliant on heavy fossil fuels today (with coal and oil covering nearly 60% of power needs, according to IEA estimates), gas power can play a crucial role in facilitating its transition to a lower carbon future. The Shinsejong plant will generate power to sell at Korea Power Exchange and heat to supply district heating to Sejong City. This will help KOSPO meet the growing demand for heat, air conditioning, and electricity with increased efficiency. in alignment with the country’s commitment to moving the country to being carbon neutral by 2050.

“We’re thrilled to celebrate with KOSPO, and with all our customers and employees, this latest milestone for our proven HA fleet, which is helping power plant operators increase efficiency, retire coal-fired facilities to reduce emissions, and integrate greater levels of renewable energy globally,” commented Gray. “Beyond the proven benefits of the HA fleet, multi-decade services and maintenance contracts can ensure continued performance enhancements and efficient operations for power plant customers.”

In a related milestone, in April, GE Vernova celebrated the production of the 2000th gas turbine manufactured at its site in Belfort, France, followed by last week’s  announcement of the first HA turbine completed in Saudi Arabia at GE Saudi Advanced Turbines (GESAT) facility – a joint venture between Dussur and GE Vernova.

GE Vernova’s H-Class combined cycle power plant is one of the most responsive and flexible in the industry, enabling grid operators to dispatch power quickly, complementing intermittent renewable sources. The fleet is highly fuel flexible and able to operate on a variety of fuels, including blends of hydrogen and natural gas that may enable further emissions reduction in the future. In addition, H-class combined cycle plants can be retrofitted with a carbon capture system that can reduce CO2 emissions by up to 95 percent. 

 

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Notes to editors

Forward Looking Statements:

This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

About GE Vernova:

GE Vernova (NYSE: GEV) is purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova’s Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a new, innovative era of lower carbon energy. Learn more: GE Vernova and LinkedIn.

Seoul, South Korea: April 8, 2024 - GE Vernova’s Gas Power business (NYSE: GEV) today announced it has secured an order from Korea Western Power Co.,Ltd (KOWEPO),a subsidiary of Korea Electric Power Corporation (KEPCO), to provide a GE Vernova 7HA.02 gas turbine and a H65 generator for KOWEPO’s power station in Gongju-si, Chungcheongnam-do Republic of Korea. For the project GE Vernova is part of an international consortium, including the Korean engineering, procurement and construction (EPC) company Daewoo E&C.

KOWEPO’s aged coal-fired plant is expected to be replaced with Gongju-si natural gas power generation, expected to reach an output of 500 Megawatts, while enabling future fuel mix combustion of up to 30 percent by volume of hydrogen, subject to the development of a hydrogen manufacturing industry of an appropriate size and scale.

“This power plant will add new capacity, expected to increase power supply security in South Korea while continuing to phase out coal power generation. In addition, it will help expand a more reliable deployment of renewable energy resources in our country as we’ll be more capable to dispatch power quickly in response to grid fluctuations,” said a representative from KOWEPO. “The new power plant will be capable to operate on up to 30% hydrogen by volume, in line with the national goal to deploy renewables and green hydrogen at large scale and achieve carbon neutrality by 2050.”

The new power plant targets to begin operation in 2027. Switching from a coal plant to its gas equivalent can alone reduce carbon emissions by as much 60 percent, and lower emissions levels for other pollutants such as mercury, NOx, SOx and particulate matter, when using one of the most advanced of GE Vernova’s HA gas turbines.

“In a country with an increasing power demand due to planned coal-fired power plant retirements, we are proud to support a lower-carbon future in Korea,” said Ramesh Singaram, President and CEO GE Vernova’s Gas Power in Asia. “We are committed to providing KOWEPO with our advanced gas turbine technology to accelerate coal phase-out and support an increase in the share of renewables as we work towards lower-carbon gas-based power generation with hydrogen. Once in operation, Gongju-si power plant is expected to be among the most efficient and flexible power plants in the country.”

GE Vernova is a major player in power generation in South Korea. GE Vernova ’s gas turbines (simple and combined cycle) in the country have the capacity to generate more than 14 Gigawatts of electricity with an installed base of over 78 units. The company has been present in South Korea since 1976, working closely with local companies to support the country’s growth in the energy sector. In 2015, GE Vernova undertook a large-scale manufacturing plant investment in Changwon, South Korea, by acquiring Doosan’s HRSG business.

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Forward Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

• At COP28 held on the December 2nd, SK E&S signed a 'Global MOU for the construction of the largest low-carbon hydrogen plant in Korea' with its global partners and local government.
• The event, jointly hosted by the Korea's Presidential Commission on Carbon Neutrality and Green Growth, discussed successful strategies for the establishment of a low-carbon hydrogen project in Korea with GE Vernova, Air Liquide Engineering & Construction, Chungcheongnam-do*, Korea Midland Power.