Power Generation 5 Companies and Energy Economics Institute Collaborate on 'Green Energy' Research

"Seeking Active Role of Power Public Enterprises for Green New Deal Success"

[Asia Economy Reporter Moon Chaeseok] In line with the government's Green New Deal policy, power generation public enterprises and the Korea Energy Economics Institute are exploring ways to increase the use of new and renewable energy while maintaining stable electricity production.

On the 16th, five power generation public enterprises?Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power, and Korea East-West Power?along with the Korea Energy Economics Institute announced that they signed a "Cooperation Agreement for Joint Research Projects Related to Green Energy" on the 15th via a non-face-to-face method.

The agreement was signed to promote joint research on common issues faced by power generation public enterprises amid changes in the power industry environment. Officials from the institutions expect it will help effectively implement green energy-related projects in the future.

Green energy is one of the ten representative tasks in the "Korean New Deal Comprehensive Plan" announced on July 14.

It includes large-scale research and development (R&D), demonstration projects, and expansion of facility deployment to foster the new and renewable energy industry ecosystem.

It also contains support for transitioning industries to new and renewable energy in crisis regions expected to face downsizing of coal power generation and other businesses.

Power generation public enterprises face challenges to ▲maintain stable electricity production, ▲significantly increase the share of new and renewable energy within their business portfolios, and ▲ensure that stakeholders such as local communities are not marginalized.

The power generation public enterprises and the Korea Energy Economics Institute will conduct joint research on common issues to facilitate the smooth expansion of green energy supply and energy transition.

Through this, they seek ways to simultaneously achieve two goals: sustainable growth of enterprises and seamless transition of the country to clean energy.

Originally, the agreement ceremony was planned to be held at the National Assembly under the chairmanship of Lee Hak-young, chairman of the Industry, Trade, Small and Medium Enterprises Committee of the Democratic Party of Korea. Ju Young-joon, Director General of the Energy Resources Office at the Ministry of Trade, Industry and Energy, was scheduled to attend. However, due to the spread of COVID-19, the event was changed to a non-face-to-face format.

Rep. Lee said, "I highly appreciate that the five power generation public enterprises, which form the backbone of Korea's power industry, have decided to actively seek roles for the success of the Green New Deal by promoting green energy-related research together with the representative energy policy research institution, the Korea Energy Economics Institute."

He added, "I hope that the participating institutions will achieve practical research results and timely present ways for power generation public enterprises to take a leading role in helping Korea leap forward as a low-carbon and eco-friendly country."

After the agreement ceremony, the power generation public enterprises and the Korea Energy Economics Institute will form a working-level consultative body to determine specific research topics and scope. They plan to start the research in earnest as soon as possible.

This content was produced with the assistance of AI translation services.