Chairman Yoo Sang-hee of Korea Power Exchange gives a commemorative speech at the International Conference on the Electricity Market 2015.

The International Conference on the Electricity Market 2015 (ICEM 2015) attracted some 250 people, including officials of the Ministry of Trade, Industry and Energy (MOTIE) and power experts from industry, academia and research circles and power companies. 

ICEM 2015, the 11th rendition, hosted by Korea Power Exchange (KPX) and MOTIE was held under the theme “Environmental Changes of the Electricity Market and Exploring Ways of Coping with Them” at the Kim Dae-joong Convention Center in Gwangju on Nov. 18.

In his opening speech, KPX CEO and Chairman Yoo Sang-hee said, “Of late, environmental changes and technology innovation in the energy sector take place, and roles of the electricity market are significant to accept and boost these changes.” He expressed hope that diverse views from Korean and foreign experts participating in the conference would contribute to the development of new energy industries. 

Yoo went on to say that ICEM, which took place in Seoul for the past decade, changed its venue to Gwangju Metropolitan City this year, and the event is hoped to serve as an opportunity to develop Gwnagju and Jeollanam-do into a center of the Korean new energy industries.  

In a welcoming speech, 2nd Vice Minister Moon Jae-do of the MOTIE, said, “The energy industry has been experiencing unprecedented changes, including the emergence of brand-new technologies and innovative services and the ushering in of an era of ‘prosumer’ in which electricity consumers shift from a lukewarm consumption attitude from a positive one.” 

Vice Minister Moon said that in recognizing these changes as the future of the energy field, the government is implementing diverse policies designed to foster new energy industries. He added that the conference would be a chance to get a glimpse into what the new market embracing these changes looks like.

Under the topic “Roles of the Electricity Market to Develop New Energy Industries,” speakers in the first session included Professor Kim Hee-jip of Seoul National University, who concurrently serve as chairman of the Committee for Promoting New Energy Industries, President Jeffrey Renaud of Enernoc Asia, and President Choi Jong-woon of Encored. 

Professor Kim spoke on the overall future direction of new Korean energy industries. He noted that Korea will have to reduce greenhouse gas emissions by 37 percent by 2030 from business-as-usual (BAU) levels and at the same time explore new growth engines.   

To meet the target, he said a new energy industry utilizing ICT is being highlighted to differentiate itself from the conventional energy industry, and particularly, the spread of electric vehicles and new and renewable energies will get a boost thanks to a reduction in the installation costs of photovoltaic power and wind power plants, as well as declining battery prices. Kim added that Korea has been focusing on the spread and development of new and renewable energy, microgrids, energy storage system and electric vehicles since September 2014. 

President Renaud touched on the current situation of the global demand response market. The electricity markets in North America, Europe and Asia have introduced DR projects in such diverse segments as amounts, energy and auxiliary services, and companies which maintain partnerships with Enernoc top 50. 

DR projects are not just designed to improve stability, but also to have such effects as improving efficiency and economics. PJM, a utilities company in Northeastern United States, saw the 2014 implementation of DR projects lead to a reduction of $11.8 billion in the cost of expanding plant capacity, Renaud said. He added that Korea will likely see auxiliary services of the Korean power grid go diversified through a balanced supply of new and renewable energies and the evolution of intelligent energy management that leads to cost reductions. 

Notables, including 2nd Vice Minister Moon Jae-do of the MOTIE and KPX CEO and Chairman Yoo Sang-hee, are present at the International Conference on the Electricity Market 2015 at the Kim Dae-joong Convention Center in Gwangju on Nov. 18.(Photos:KPX)