To Discuss Impacts of Carbon Neutrality on Power Industry
The Korea Power Exchange (KPX) hosted a Bloomberg NEF (BNEF) seminar on carbon neutrality responses at its headquarters on Feb. 8.
In the seminar, energy experts from BNEF offered in-depth analyses on the impacts of carbon neutrality on the electric power industry and electric power demand.
Ali Izadi, BNEF head of research in the Asia Pacific region, spoke on the major carbon neutrality policies in G20 countries in the first session. He said these countries are promoting the abolition of fossil fuel support, carbon emission pricing, and the mandatory disclosure of financial information related to the climate crisis.
Kang Dong-kwan, director of Korea-Japan research at BNEF, explained the Net‐Zero Emissions by 2050 Scenario (NZE), which shows what is needed for the global energy sector to achieve net‐zero CO2 emissions by 2050. To achieve carbon neutrality, Kang said, electrification will be carried out in various sectors such as industry, buildings, and transportation. He added that it will be necessary to expand carbon-free power sources, introduce carbon capture & storage (CCS) technology and expand hydrogen production and use.
Finally, BNEF analyst Amanda Ahl spoke on demand resource policies for carbon neutrality and the current status of digital technology. Stressing the importance of power grid flexibility, the analyst said the roles of demand resources such as virtual power plants (VPPs) are important due to an increase in power price volatility, a need for auxiliary services such as frequency maintenance and new network construction.