Korea Western Power Company, Tallgrass, and PSM to Collaborate on Utility Scale Decarbonization

Accelerating the Clean Energy Transition for Gas Turbine Power Generation

TAEAN-GUN, CHUNGCHEONGNAM-DO, South Korea & LEAWOOD, Kan. & JUPITER, Fla.–(BUSINESS WIRE)–KOWEPO, Tallgrass, and Power Systems Mfg, LLC (PSM) today announced their agreement to collaborate on key infrastructure investments for the conversion of natural gas-fired power generation to clean hydrogen fuel use in the United States. Focused on investment in utility-scale hydrogen-to-power projects in the United States, the parties will leverage KOWEPO�s global experience in power generation and asset management, Tallgrass’ experience throughout the U.S. in traditional and decarbonized energy infrastructure, supply and logistics, and PSM’s innovative, fuel-flexible FlameSheet™ gas turbine combustion system retrofit solution, part of their global multi-OEM aftermarket services portfolio.

Se-moon Lee, Head of New Overseas Business Department from KOWEPO, said, “We are delighted to cooperate with Tallgrass and PSM, which have expertise in clean hydrogen co-fired power generation projects. This cooperation is expected to greatly contribute to the ‘2050 carbon neutral’ vision of KOWEPO through sustainable energy transition. KOWEPO is developing a hydrogen co-firing project in The Netherlands and a green ammonia production project in UAE. By partnering with Tallgrass and PSM, we have a new opportunity to enter the US power industry and will help expand the foundation to meet future decarbonized energy needs in the US.”

“We are pleased to work with KOWEPO and PSM on another important step to spur investment in decarbonizing U.S. power generation through clean hydrogen,” said Blake Hotzel, Tallgrass’ Vice President of Business Development. “This initiative, coupled with our investments in the Escalante H2 project in New Mexico and the Trailblazer CO2 conversion project, reflects our expanding commitment to decarbonization broadly across the energy industry. By teaming with KOWEPO and PSM, we can advance investment in the type of affordable, reliable and dispatchable decarbonized energy that will be critical to meeting future energy needs in the US.”

“Today’s installed fleet of gas turbines play a fundamental role in the US grid infrastructure by offering reliable, flexible and responsive capacity, complementing the growing portfolio of intermittent, zero emission renewable power,” said Jeff Benoit, PSM’s Vice President for Clean Energy Solutions. “Our FlameSheet™ combustor retrofit, first installed in OEM gas turbines in 2015, will ultimately enable operational flexibility with 0-100% clean hydrogen and single digit NOx emissions, allowing these ‘future-proof’ assets to fully participate in our country’s clean energy transition. By partnering with Tallgrass and KOWEPO, we will pull this vision forward.”

Cautionary Note Concerning Forward-Looking Statements

Disclosures in this news release contain forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the execution of definitive collaboration documents; the identification and selection of suitable utility-scale hydrogen-to-power projects for investment; the successful development and completion of the projects; the expectation that these projects will achieve the stated carbon offset and power generation goals; and the expected benefits, economic or otherwise, of the proposed projects to local communities and the broader US. Such statements are subject to several assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

About KOWEPO

KOWEPO is one of six generation subsidiaries of Korea Electric Power Corporation(“KEPCO”). We have a domestic generation capacity of 11,441MW, or approximately 8.6% of total electricity generation capacity in Korea. Based on our mission to contribute to social development by creating safe and clean energy through continuous innovation, we plan to expand our generation capacity and enhance our generating systems in the electricity generation industry both domestically and internationally. In particular, given a shift in the energy paradigm that focuses on the environment, we are fully committed to increasing the portion of electricity we generate using renewable and alternative energy sources. Learn more at KOWEPO.com.

About Tallgrass

Tallgrass is a leading energy infrastructure company focused on safely, reliably and sustainably delivering the energy and services that fuel homes and businesses and enable quality of life. We are committed to being at the forefront of efforts to decarbonize our world. An investor group led by Blackstone Infrastructure Partners, which includes Enagás SA, GIC, NPS and USS, owns the outstanding equity interests in Tallgrass. Learn more at Tallgrass.com.

About PSM

Jupiter, Florida-based PSM, a wholly owned subsidiary of Hanwha Group, is the leading high-technology aftermarket service provider for multi-OEM platform gas turbine power plants worldwide. Our mission is to provide our own technology-enabled solutions that improve operational performance, fuel flexibility and maintenance life cycle costs for the asset owners. Complementing this service business is our portfolio of advanced, high-hydrogen fuel-flex combustion system retrofit solutions. Learn more at PSM.com.

Contacts

KOWEPO Media Inquires
Seok Hee Lee, +82 41 400 1295

xixi@iwest.co.kr

Tallgrass Media Inquiries

Steven Davidson, 817-988-4284

media.relations@tallgrass.com

PSM Media Inquires
Jeff Benoit, +1 561 262 5211

Jeffrey.Benoit@us.psm.com