Electricity market changes
A specialist seminar will examine response strategies for developers and private companies as the electricity market undergoes structural changes, including the introduction of the central contract market and the growing role of battery energy storage systems (BESS), which are considered key to easing curtailment caused by rapid renewable energy growth and stabilizing the grid.
The Korea Industrial Education Institute announced that it will hold the seminar, “Transformation of the central contract market and electricity market: Corporate responses to regulatory innovation,” simultaneously in person and online on November 10. The in-person event will take place at the KIEI seminar room in Guro District, Seoul.
The electricity market is rapidly moving away from its existing single cost-based pool (CBP) market toward a diversified structure centered on contracts and auctions, including renewable energy bidding, the low-carbon central contract market and the hydrogen power generation auction market.
In particular, grid-stabilization BESS projects under medium- to long-term contracts are rapidly emerging as a major future business opportunity. These systems charge and discharge electricity to stabilize frequency and voltage and prevent overloading at local substations and distribution systems connected to large volumes of intermittent generation, such as solar and wind power.
The seminar is intended to help companies respond to these regulatory changes by understanding changes in bidding and settlement criteria, closely analyzing business profitability and investment risks, and developing practical business models.
Seven seminar sessions
The seminar will run from 10 a.m. to 5:10 p.m. and feature seven core sessions.
The detailed topics are: reform of the central contract market and electricity market rules, bidding, corporate market participation and response strategies; revenue generation through comparisons of overseas and domestic BESS markets and their implications; hydrogen power generation auction provisions and operational direction; electricity market reform through renewable energy bidding, including the achievements and challenges of the Jeju pilot project; the use and direction of ESS for electricity market and grid stabilization; power generation project economic analysis and investment strategies in response to changes in electricity market and central contract market rules; and the mainland expansion of renewable energy bidding, developer responses and demonstration cases.
Discussions are expected to examine in depth overseas BESS business models that provide flexibility at the substation and distribution-grid level, before the transmission-grid stage, along with domestic settlement mechanisms. They will also address risk management measures for developers when the renewable energy bidding system, tested first on Jeju, is expanded across the mainland.
Participation and registration
“With renewable energy expansion and grid stability now the electricity industry's foremost issues, this seminar will provide practical support for accurately understanding the mechanisms of the central contract market and bidding system and proactively setting future investment directions,” a Korea Industrial Education Institute representative said, encouraging developers and related companies to take an interest and participate.
Registration and further information are available through the Korea Industrial Education Institute website, www.kiei.com, or by telephone at 02-2025-1333 through 02-2025-1337.
Original Korean article: skenews.kr
English brief by Korea Wind Intelligence, koreawindintel.com
