Korea was an early mover within APAC in opening its power market to the participation of Virtual Power Plant (VPP) and Demand Response resources. A VPP is a collection of distributed energy assets including batteries, generators and onsite equipment that are aggregated to support the grid with dispatchable capacity. The VPP aggregates these assets to participate in Demand Response programs which offer demand-side resources to the energy market, and businesses get paid for doing so.
Korea’s energy transition is accelerating
Korea’s renewable energy transformation is accelerating. With the Korean Green New Deal, the country has been taking initiatives for a low-carbon economic growth without using coal or oil. We are continuing to retire many of our large and antiquated coal-fired power stations and are using more solar and wind power generators. To facilitate this energy transition, we need new forms of power capacity to ensure the reliability of the power grid while balancing natural variability of renewable power.