South Korea’s state owned gas company, KOGAS has signed an individual-pricing natural gas sales contract with domestic company KOMIPO.
Under the terms of the contract, KOGAS will supply 200,000 tonnes of natural gas annually to Units 2 and 3 of the Incheon combined heat and power plant from 2027 to 2036, totaling 2 mill tonnes over 10 years.
KOGAS said that after agreements with Western Power in June and Southern Power in September, KOMIPO has also become a new customer under the individual pricing scheme, which was introduced in 2020 to enhance supply stability and facility utilisation.
The scheme was selected partly because the Incheon plant is considered a key power generation facility for the Seoul metropolitan area.
KOGAS said that total contracted volume under this scheme now stands at about 3.6 mill tonnes per year and stressed it planned to continue expanding supplies.
Korea Gas Corp (KOGAS) was established under South Korean law to import, store, transport, and distribute natural gas nationwide. It operates the country’s major LNG terminals and transmission infrastructure and is designated as the country’s primary natural gas wholesaler.
Korea Midland Power Co (KOMIPO) is a government-owned power generation company created as part of the unbundling of Korea Electric Power Corp’s generation units.
It is responsible for operating various thermal and renewable power facilities and supplying electricity to the national grid.
