SEOUL, Sept. 21 (Korea Bizwire) — The South Korean government plans to introduce a forecasting system for renewable energy power generation as a way to better cope with the volatility in solar and wind power generation.
Under the forecasting system, 20 megawatt-plus solar and wind power generators should report the predicted amount of renewable energy power generation one day in advance.
If they implement the predicted power generation within a margin of error of 8 percent on the next day, they will be given a payment of between 3 and 4 won per 1 kilowatt-hour of power generation.
The Ministry of Trade, Industry and Energy and the state-run Korea Power Exchange Corp. confirmed on Friday the revision of the power market operation rules for the introduction of the forecasting system.
The forecasting system can contribute to improving the capability of predicting renewable energy power generation. This, in turn, can lead to saving the expenses that could arise from additional operation or suspension of power generators.
It also can contribute to spreading new business models, including the collection, processing and use of weather information to predict power generation, the real-time collection of information through Internet of Things (IoT) technology, and the control of power generation through the use of electric storage devices.
Kevin Lee (email@example.com)