"Industries Will Seek Out Electricity"... Kim Sungjin Inaugurated as Chairman of Korea Power Exchange

Inauguration Ceremony Held at Naju Headquarters on May 6

"Expanding Compensation Markets for Flexible Resources Including Electric Vehicles"

The inauguration ceremony of Kim Sungjin, the new chairman, is being held at the main auditorium of Korea Power Exchange headquarters in Naju on the 6th. Korea Power Exchange

"I will create a structure where industries seek out electricity, rather than simply sending power."

Kim Sungjin, the new chairman of the Korea Power Exchange, made this statement during his inauguration ceremony held on May 6 at the main auditorium of the Naju headquarters. He added, "Through the power market, I will lay the groundwork for shifting the industrial landscape so that power-intensive industries such as data centers, the hydrogen industry, and the battery industry can be established in renewable energy production areas like the southwest coast."

The Korea Power Exchange is the institution responsible for managing the domestic electricity market and power system operations. Recently, the government has been pushing for a power market reform centered on renewable energy, drawing attention to Chairman Kim's role. Key issues for the Korea Power Exchange to address include the renewable energy bidding system and regional tariff schemes.

During his inaugural address, Chairman Kim emphasized, "We must create a structure in which the value of electricity is assessed differently depending on when, where, and how it is needed." He continued, "This will enable the efficient connection of electricity supply and demand, allow companies to make rational decisions on their locations, and ultimately increase the nation’s overall energy efficiency."

Chairman Kim also announced plans to introduce the renewable energy bidding system, which had been piloted on Jeju Island, into the mainland grid to establish a system that enhances the acceptance of renewable energy.

On this day, Chairman Kim identified the establishment of a stable power supply system that harmonizes renewable energy with conventional power sources as his top priority. He stated, "The sun and wind are resources beyond our control, yet the public’s daily life and industry require a stable supply of electricity 24 hours a day," pledging to directly confront this challenging issue.

Chairman Kim declared, "I will ensure the creation of a power market where flexible resources are properly compensated." He added, "We will expand the ancillary services market to enable the participation of various flexible resources such as energy storage systems (ESS), demand response, and electric vehicles, and will gradually introduce a real-time operation system."

Chairman Kim also stated, "I will take the lead in establishing a distributed power system based on local assets," specifically proposing the following: ▲Support for regional electricity operation models based on microgrids ▲Integrated management of distributed resources through virtual power plants (VPPs) ▲Design of market operation systems tailored to next-generation power grid environments.

In addition, he emphasized his commitment to making the Korea Power Exchange an organization that attracts the nation’s top energy professionals and to strengthening cooperation with private sector, academia, and global organizations.

Chairman Kim, who will lead the Korea Power Exchange for the next three years, was born in 1963. He graduated from Daedong High School in Gwangju and the Department of Economics at Konkuk University, and earned a Ph.D. in East Asian Studies and Chinese Economy from the University of Leeds in the UK. After passing the third national civil service examination, he served as spokesperson for the Ministry of Trade, Industry and Energy, executive vice president of the Korea Display Industry Association, and president of the Gwangju Future Car Mobility Promotion Institute.

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