Hyundai Engineering has reportedly been named the preferred bidder for two power projects simultaneously: the Yongin cogeneration plant in Gyeonggi province and the Sinhonam combined-cycle plant in Yeosu, South Jeolla province. The combined project cost of the two projects is approximately KRW 2.3826 trillion.
The Yongin cogeneration plant will have a capacity of 1,050MW of power and 517 Gcal/hour of heat supply, ordered by Korea Midland Power and SK Innovation E&S. Project cost is reported at approximately KRW 1.7526 trillion, with construction targeted to begin in September 2026 and completion in September 2030. The design reportedly supports future conversion to hydrogen co-firing and eventually full hydrogen firing. The Sinhonam combined-cycle plant will be built at the site of the Honam thermal power plant in Yeosu as a 500MW-class LNG combined-cycle plant, ordered by Korea East-West Power, with a project cost of approximately KRW 630 billion.
The Yongin cogeneration plant: 1,050MW power / 517 Gcal/hour heat, project cost approximately KRW 1.7526 trillion, construction from September 2026 to September 2030. The Sinhonam combined-cycle plant: 500MW-class LNG combined cycle, project cost approximately KRW 630 billion. Combined project cost for both is approximately KRW 2.3826 trillion.
Amid continued orders for gas-based cogeneration and combined-cycle plants in response to rising domestic electricity demand and the need to replace aging thermal facilities, the projects are reported to incorporate hydrogen co-firing and full-firing-ready designs to prepare for future low-carbon conversion.
Hyundai Engineering being named preferred bidder for two major power projects on the same day illustrates the competitiveness of domestic EPC (Engineering, Procurement and Construction) firms in the gas power segment. It also confirms a trend of hydrogen co-firing/full-firing-ready designs becoming a standard requirement for new domestic cogeneration and combined-cycle plant orders.
The timing of final contract signing, whether construction actually begins as planned, and the specific method by which the Yongin cogeneration plant’s hydrogen co-firing/full-firing conversion design is implemented warrant continued monitoring once confirmed.