The programme will help utilities install energy storage systems to store electricity generated from solar generation systems.
The South Korean Ministry of Trade, Industry and Energy said it is expecting to invest $391.6 million of new energy storage systems by 2020.
The project is expected to support increased adoption of renewable energy sources in the Asian country and will begin in 2017.
South Korea has set a target to generate 6% of its electricity from low carbon sources by 2020. The country is targeting to reduce its carbon emission by 37% by 2030, reported The Renewable Energy New Economy.
Having launched the energy storage programme, the ministry said it will also invest $27 billion through to 2021 to expand the country’s renewable energy sector in a bid to reduce carbon emissions as well as stabilise grid networks. [South Korean industry invests US$67.3bn in smart energy].
The launched project is expected to lift the country’s energy storage from the 250MWh level achieved by the end of 2015.
Energy storage systems adoption
The announcement follows late August’s partnership for rollout of an energy storage project by the Korea Electric Power Corporation (KEPCO) with global energy storage firm Kokam.
Under the collaboration, Kokam is developing a 36MWh energy storage system for South Korea’s largest power utility company.
[quote] KEPCO will use the system to provide frequency regulation at its sub-station in the town of Non-Gong in Dalseong County.
The system will comprise solution provider’s two Lithium Ion battery technologies the Ultra High Power Nickel Manganese Cobalt and the Nano battery solutions.
The development of the system began in June and is expected to be completed by December 2016. The project has also received the International Smart Grid Action 2016 Award (ISGAN) for frequency regulation.
The project falls under KEPCO’s efforts to ensure grid reliability by integrating more renewable energy sources with the grid. The completion of the project will increase the utility’s energy storage capacity for frequency regulation to 92MWh.
The utility firm said that it is planning to install 500MWh of energy storage capacity for frequency regulation by the end of 2017.
Image credit: www.entrepreneur.com.