Korea Power Exchange (KPX) struck an MOU with GS Retail, Haezoom and merlot.lab to implement a joint project to verify energy consumption in conjunction with demand response (DR) on April 27.
The deal is designed to explore new business models for the companies’ ESG management by verifying and spreading technologies related to smart grids.
The project calls for verifying technologies to raise the DR participation rate and power reduction amounts by changing people’s DR participation format from the conventional manual mode to an automatic system.
The project targets six commercial buildings: five GS25 convenience stores and one GS Fresh supermarket. It will analyze what automatic DR effect and efficiency are improved using lighting and refrigeration fixtures, which are main consumption areas of commercial buildings.
Under the project, electricity consumption will be optimized by adjusting the illuminance of lighting fixtures and conforming the temperature of refrigerators to regulated ones.
The verification project will allow each participant to spread business models related to DR targeting commercial buildings; ramp up demand management capabilities corresponding to a rise in public participation in DR and participating consumers; reduce greenhouse gas emissions through efficient power consumption; and raise effects of ESG management.
Kim Sang-il, head of the Electricity Market Division at KPX, said, “I hope this agreement will be a first step to connect new technologies and businesses related to advanced metering infrastructure (AMI) and DR to legal temperatures and further develop energy conservation business models applying to commercial buildings.”
Min Sa-gong, chief of the Store Operation Support Office at GS Retail, said, “I expect the verification project to serve as an opportunity to proactively join in ESG management and bring about win-win solutions for each other.”
Haezoom CEO Kwon Oh-hyun said, “Technology companies, policy institutions and consumers all have to cooperate in successfully exploring energy conservation models and we’ll do our best to bear fruit by fully utilizing operation technologies we now possess.”
CEO Shin So-bong of merlot.lab said, “We’ll do our utmost to commercialize the technologies that can satisfy all in the current energy market through the verification project.”
The deal is expected to serve as an opportunity for each institution to continue to ramp up cooperation to strengthen carbon neutrality foundation.
Korea Power Exchange convenes the fifth real-time power supply-demand stability and operation consultative committee meeting at Korea Midland Power headquarters on March 30. (Photos: KPX)
KPX Convenes Power Supply Demand Stability a Operation Consultative Committee Meeting
Korea Power Exchange (KPX) held the 5th Real-time Power Supply Operation Consultative Committee Meeting at Korea Midland Power Co. on March 30 with 49 officials from major power companies in attendance.
In Korea, renewal energy facility capacity has already surpassed nuclear power facility capacity, and the former now accounts for 21 percent of the nation’s total power facility capacity.
The Real-time Power Supply Operation Consultative Committee was inaugurated last year to lend an ear to field communications on the pending issues of the operation of the power grid, coupled with rising renewal energies and explore alternative options.
The committee is a working-level consultative body, organized by KPX, in which power member companies participate.
KPX worked out a plan to stabilize the power grid during springtime in consideration of power supply condition and power grid environment changes, coupled with rising renewable energy supply.