Hyundai Energy Manage

A ‘Floating’ Combined Cycle Power Plant

Hyundai Energy ManageA group of companies in Korea is working on a power generating station aboard a ship. Polaris Shipping, Korea Midland Power, Hyundai Heavy Industries, and Siemens Energy Solutions signed a Memorandum of Understanding to develop Mobile Powership, an integration of shipbuilding and power generating technology in which a power generating facility will be installed onto a Floating Storage Regasification Unit (FSRU).

The companies expect Mobile Powership, an offshore combined cycle power plant, to commence its operation in December 2017 with a total investment of $940 million. Mobile Powership will have the capacity to respond to natural disasters such as earthquakes and floods.

Mobile Powership integrates a combined cycle power generating facility and liquefied gas storage in which a gas turbine and a regasification unit are directly linked to achieve curtailment of fuel cost. The partners say once the business model is successfully launched in Korea, they will selectively target combined cycle power producing markets where high yields can be generated.

Given the high value of land, the oceans are being looked to as places to create energy. In the US, the Department of the Interior’s Bureau of Ocean Energy Management is holding competitive auctions for commercial offshore wind development. And the Swedish energy start-up Minesto is generating electricity from low-velocity currents using a system of underwater kites.

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