▲ SK Eternix Yeongwol Gwangjeon No. 1 Solar Power Plant
A brokerage platform is being launched to enable the online trading of electricity generated from renewable sources such as solar and wind power.
The Ministry of Climate, Energy and Environment announced that it is initiating a pilot project for a Power Purchase Agreement (PPA) brokerage platform.
A mock trading session and a discussion meeting were held in Seoul today, bringing together platform participants, including power generation companies, renewable energy suppliers, and corporations seeking to purchase electricity produced from renewable sources.
A PPA is a system that allows consumers in need of electricity to contract directly with power generation companies to receive power outside of the electricity market operated by the Korea Power Exchange.
While the Renewable Energy PPA system, which allows renewable energy generators and electricity-purchasing companies to sign direct contracts, has been in effect in Korea since 2022, companies and renewable energy generators have frequently reported difficulties in finding suitable partners for these agreements.
In response, the Ministry of Climate, Energy and Environment has established this brokerage platform, allowing companies and power generators to disclose their PPA supply and demand volumes and engage in private negotiations.
Following this pilot phase, the platform is scheduled to begin official operations in early August.
The Ministry of Climate, Energy and Environment has decided to support the installation costs of meters for small-scale power generators that sign contracts through the platform, and to provide additional support for grid usage fees for companies for up to four years.
Furthermore, the government will increase the support ratio for guarantee insurance premiums for rooftop solar power generation businesses to up to 50 percent.
(Photo: Courtesy of SK Eternix, Yonhap News)
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