• The Tongyeong combined cycle power plant, operated by Tongyeong Eco Power, now generates over 1 gigawatt (GW) of electricity—sufficient to power approximately one million homes in South Korea.

Tongyeong, South Korea (November 7, 2024) — GE Vernova Inc. (NYSE: GEV) has announced the successful commencement of commercial operations at the Tongyeong Eco Power combined cycle power plant in Gyeongsangnam-do, South Korea. This state-of-the-art, LNG-fueled facility, which includes a 200,000-cbm LNG storage tank, is situated at Anjeong Industrial Park in Tongyeong City and delivers enough electricity to meet the needs of around 1 million Korean households.

As part of the project, GE Vernova provided an array of cutting-edge equipment, including two 7HA.02 gas turbines, one STF-D600 steam turbine, two Heat Recovery Steam Generators (HRSG), and three H65 generators. Additionally, GE Vernova is set to deliver maintenance services for these 7HA.02 gas turbines and generators over the next 17 years.

“GE Vernova is dedicated to delivering affordable, reliable, and sustainable power generation technologies to South Korea,” stated representatives of Tongyeong Eco Power. “We are confident that leveraging GE Vernova’s advanced HA technology, coupled with their comprehensive plant service solutions, will play a pivotal role in helping South Korea move closer to energy self-sufficiency.”

Ramesh Singaram, President and CEO of GE Vernova’s Gas Power division for Asia, added: “We are honored to support Hyundai Development Company (HDC) in its endeavor to provide more efficient power and thermal energy through LNG. The commercial launch of the Tongyeong Combined Cycle Plant is a significant achievement that underscores our commitment to offering efficient energy solutions in a nation where coal and oil still account for nearly 60% of the power mix, as per IEA estimates.”

Transition to Cleaner Energy Sources in South Korea

South Korea’s leading utilities are shifting from coal-fired power plants to liquefied natural gas (LNG), which offers on-demand power generation and aligns with the country’s renewable energy goals, including wind and solar initiatives. Notably, two additional major projects are utilizing GE Vernova’s high-efficiency HA gas turbines to support South Korea’s energy transition efforts.

For example, Naepo Green Energy Co. Ltd. has built a district heating plant in Naepo City, about 65 miles south of Seoul, utilizing a 7HA.02 gas turbine along with an STF-D650 steam turbine provided by GE Vernova. Meanwhile, Korea Southern Power Co. Ltd. (KOSPO), a subsidiary of Korea Electric Power Corp., has recently commenced operations at its Shinsejong combined-cycle power plant (CCPP), powered by a GE Vernova 7HA.03 gas turbine.

Advanced HA Technology and Emission Reductions

GE Vernova’s HA gas turbines are capable of reducing more than 3.3 metric tonnes of CO₂ emissions annually per unit, in comparison to a coal-fired plant of similar capacity. This reduction is equivalent to removing nearly 680,000 cars from the roads for every HA unit that replaces an older coal plant. According to simulations, the deployment of these H-class turbines in South Korea could lower the carbon intensity of the country’s fossil fuel fleet by over threefold if coal plants were phased out and replaced with advanced technology.

Notably, the HA turbines can operate on a mix of fuels, including hydrogen blends with natural gas, thereby providing flexible pathways to cut down CO₂ emissions.

GE Vernova’s Global Leadership and Legacy

With the largest number of H-Class units ordered worldwide, GE Vernova’s HA gas turbines have logged over 2.5 million commercial operating hours, making it the fastest-growing fleet in the heavy-duty gas turbine H-Class segment.

For over 45 years, GE Vernova has been collaborating with South Korean enterprises across critical infrastructure sectors, actively contributing to the nation’s energy transition. With over 80 units installed, GE Vernova’s gas turbines account for more than 14 GW of electricity generation capacity in South Korea.

Forward-Looking Statements

This release includes forward-looking statements that address potential future events which inherently involve uncertainties. Such statements, often containing terms like “anticipate,” “expect,” “intend,” “plan,” or “estimate,” reflect GE Vernova’s current expectations regarding its future performance, product impacts, and market conditions. These statements are subject to uncertainties, including the results of ongoing projects, economic conditions, and global market dynamics.

About GE Vernova

GE Vernova (NYSE: GEV) is a purpose-driven global energy company, encompassing Power, Wind, and Electrification segments, supported by its accelerator businesses. With over 130 years of experience, GE Vernova is uniquely positioned to lead the energy transition, striving to electrify the world while working to decarbonize it. The company’s innovative technologies empower customers to energize economies, enhance safety and quality of life, and meet sustainability goals.

Headquartered in Cambridge, Massachusetts, GE Vernova employs more than 75,000 people across 100+ countries. Its Gas Power division specializes in advanced natural gas-powered technologies and decarbonization solutions, supporting a lower-carbon future. With an installed base of approximately 7,000 gas turbines, GE Vernova stands as a leader in gas turbine technology and services.

The company’s name reflects its mission: “GE” signifies its enduring legacy of quality, while “Ver” and “verde” represent the Earth’s lush ecosystems. “Nova,” derived from Latin, signifies a new era of innovative, low-carbon energy solutions.

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