JEJU, April 7 (Korea Bizwire) – A new system that allows windmills to provide a stable source of electricity and store the energy efficiently will be developed for the first time by Korean research teams.
Based on the agreement, Jeju Island will offer support to cultivate new energy-related businesses. LG Chemical will supply lithium-ion batteries, and Hyundai Heavy Industries will be responsible for EPC using related technologies. EPC (Engineering Procurement Construction) is a construction method in which one company supplies the blueprints, construction materials, and the construction itself.
There are two types of ESS, a ‘load shift’ type which simply stores the electricity until needed, and a ‘output stability’ type (Frequency Revision) which stabilizes the frequency that changes due to external influences such as the wind.
Currently, both types of ESS have to be installed. However, through the agreement, an ESS that has both features will be developed.
If storage systems linked to wind power generation are supplied aggressively, wind power generation businesses could reduce the amount of investment needed in the early stages, and become more profitable. ESS businesses could maximize sales by applying Renewable Energy Certificates (REC) based on the renewable energy supply certificate trading system established under Korean law.
Renewable energy supply certificates are proof that the power supplier generated electricity using renewable energy equipment. REC is the unit of the certificate.
For instance, the weighted value of wind power generation is ‘one’, but the weighted value of ESS is ‘five’. The reason for the difference in weighted value is to cultivate businesses in the renewable energy field. The government sets a new weighted value each year considering the speed of technology development.
Officials hope that domestic businesses will develop new ESS business models and expand globally. They also anticipate that the new technology development will push the ‘Carbon Free Island 2030’ plan forward.
By Kevin Lee (email@example.com)