SK Ecoplant Passes Renewable Energy Bidding Capability Test..."Proving Competitiveness in Power Brokerage"

SK ecoplant has demonstrated its power brokerage capabilities, moving one step closer to bidding for renewable energy projects.

SK ecoplant announced on the 27th that it recently passed the capability test for the Jeju renewable energy bidding system conducted by the Korea Power Exchange. SK ecoplant proved its power brokerage business capabilities based on a Virtual Power Plant (VPP) that connects small-scale renewable energy power plants on a platform basis and operates them as a single power plant.

Example screen of the virtual power plant (VPP) service platform Power Zen launched by SK Ecoplant last year. Photo by SK Ecoplant

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The capability test for the renewable energy bidding system is a procedure to verify whether the intermittency and variability of power generated by renewable energy sources such as solar and wind, whose output varies depending on weather conditions, can be minimized by controlling the output. Passing this test is required to participate in the Jeju renewable energy bidding system. Companies that pass will begin simulated operations starting next month on the 1st. The industry views achieving results in the Jeju pilot project as important to securing a leading position in the nationwide renewable energy bidding system scheduled for expansion in 2025.

SK ecoplant formed a team and prepared for the capability test to participate in the Jeju renewable energy bidding system. To pass the test, the error rate between predicted and actual power generation must be maintained within 12%, and SK ecoplant recorded an average error rate of 4.6%.

In this test, SK ecoplant utilized ‘Power Zen,’ a renewable energy generation prediction-based bidding platform launched at the end of last year. Power Zen predicts the power generation of each renewable energy power plant and provides forecast data on the status of the power grid that can deliver the generated power to demand sites. This allows for an assessment of actual power supply capability.

Lee Jae-deuk, Executive in charge of SK ecoplant’s Renewables Business, said, "The differentiation of SK ecoplant’s power brokerage business lies not only in renewable energy generation prediction technology but also in a comprehensive understanding of the power grid." He added, "Based on the operational performance of the Jeju pilot project, we will accelerate securing renewable energy resources nationwide, including Jeju."

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