As the supply of renewable energy such as solar and wind power increases, how to stably utilize the electricity produced has become as important as expanding generation capacity. Given that power output varies with weather conditions, the capacity of the power grid must be enhanced, and for power generation projects to proceed sustainably, understanding and participation from local communities are necessary.
EWP (Korea East-West Power) is responding to these challenges by expanding business models that share generation revenues with residents and strengthening the foundation for renewable energy utilization through energy storage systems (ESS) and next-generation technology development.
Sharing project benefits with local communities
The first priority is ensuring that local communities benefit from project outcomes. EWP's resident participation business model began with the Gadeok Mountain wind farm in Taebaek. In the Gadeok Mountain wind farm Phase 1, Korea's first resident-participation wind project, residents established village enterprises to participate in the project.
This approach of direct resident participation in power generation projects is evolving in Jeju into a model that strengthens public responsibility. The Handong Pyeongdae offshore wind farm, 110 megawatts, is Korea's first publicly led offshore wind project in which public institutions hold a majority stake and share development benefits with residents. It obtained its Electricity Business Licence in April, and plans to contribute to domestic wind industry development by using 100 percent domestically produced equipment and materials during construction.
