With guests from local autonomous entities and regional areas present, Korea Power Exchange (KPX) held a groundbreaking ceremony to set up energy storage system (ESS) facilities for frequency regulation at Honam Thermal Powerplant in Yeosu.
At the ceremony, 50 guests from the Ministry of Trade, Industry, and Energy, KPX, the Korea Institute of Energy Technology Evaluation and Planning, Korea East-West Power, Korea Electrotechnology Research Institute (KERI), and Bitek Information & Communication came to celebrate the event.
KPX (Chairman & CEO Nam Ho-ki), the host institute, has been carrying out a national research project for the Development of the ESS Operation System for Electric Frequency Regulation and Electric Power Market System with other participating institutes such as LG Chemicals, SK Innovation, Hyosung, LSIS, KERI, Korea Polytechnic University, Bitek Information & Communication, Korea East-West Power, and Gwangsung E&C. The period of this national project is three years, from June 2013 to May 2014, and the budget is 21.67 billion won (US$20.77 million). KPX has the goal to develop new energy business models in the electric power market such as the technical verification of ESS and the development of the electric frequency regulation market.
Developed countries such as the U.S. and some European countries already took the initiative for the obligation and propagation of ESS to respond to expansion of new renewable energy and improve the quality of electric power, and they are competing fiercely for predominance in the market. Following the ceremony, the researchers from KPX and participating institutes had a workshop on ESS research projects, discussing issues such as the establishment of facilities, ways of verification, and system improvement simulation by focusing on the simulation of the effect of implementing ESS, the evaluation plan for the official authorization of ESS, and case studies of ESS overseas.
ESS is a physical energy storage system to store the energy so that it can be used later. Energy is currently stored in many ways such as pumping-up power generation, batteries, flywheels, and air compression. The Korean ESS uses a lithiumion battery system. Recently, with smart grids and new renewable energy receiving a lot of attention amid the recent sharplyincreasing interest in energy around the world, ESS is one of the most optimized ways to increase the efficiency of smart grids and new renewable energy.