Country’s largest utility aims to install 500MW of energy storage capacity to balance supply and demand by the end of 2017
South Korea’s largest utility has contracted battery developers Kokam to build a 36MW energy storage system at its Non-Gong substation in the south of the country.
The agreement, which was announced on Monday, will see the firm install two different lithium ion battery technologies on behalf of Korea Electric Power Corporation (KEPCO) to help balance supply and demand.
Work began on the project in June and is scheduled to be completed by December this year.
In March Kokam completed a new 24MW storage system in the country – currently the world’s largest lithium ion installation for matching supply and demand. Once the newest system is installed, Kokam will have deployed 92MW of energy storage capacity for frequency regulation for KEPCO.
Battery storage systems for frequency regulation enable KEPCO to manage demand on the grid without resorting to spinning power generation reserves – the extra generation capacity available by increasing the power output of existing generators.
The installation will bring KEPCO a step closer to its goal of installing 500MW of energy storage capacity for frequency regulation by the end of 2017.
The announcement is the latest in a series of good news for the nascent global energy storage industry. Just last week Gaelectric revealed it has been awarded an extra €8.3m in EU funding for its novel compressed air energy storage project. Meanwhile a report released last month from market analysts GTM Research predicted that Germany’s energy storage market could reach over £780m by 2021.