President Shin Jeong-shik of Korea Southern Power Co. (KOSPO)

Korea Southern Power Co. (KOSPO) has been highly rated for contributing to improving public convenience with blockchain-based renewable energy certificate transaction service.

KOSPO’s blockchain-based REC transaction service was selected as one of grand prize-winning tasks in the innovation category by the Ministry of Economy and Finance (MOEF)’s evaluation of public entities’ innovation, collaboration and public participation tasks, whose outcomes were announced on March 11.

The evaluation meeting was held recently on public entities’ 2019 performance of innovation, collaboration and public participation tasks.

The MOEF selected 25 entries through a public contest, and 13 prominent tasks, including three grand prize winning tasks, were chosen at a recent evaluation meeting held at the Seoul Regional Office of the Public Procurement Service.

KOSPO was highly rated for handling complaints and grievances for renewable energy certificate traders experience over the complicated REC transaction process by utilizing a blockchain-based technology.

An REC transaction system was introduced by the government’s stop to spur photovoltaic power business. Photovoltaic power producers generate power and receive RECs before selling it to power companies. But photovoltaic power products, mostly farmers and the elderly, do not find it easy to gain information.

Complaints are rising about a string of inconveniences such as duplicated work involving many organizations.

KOSPO has built a blockchain-based REC trading regime in cooperation with Korea Power Exchange and Korea Energy Agency in which REC trading procedure is reduced to three stages and off-line face-to-face contact procedure and work via mobile non-contact electronic contract is overhauled.

The power company realized a verification model on REC transaction services in l2019, and it plans to improve it to cover more participating organizations.

KOSPO President Shin Jeong-shik said, “(We at KOSPO) will continue innovation of public service in the perspective of people and end-users by proactively introducing technologies of the 4th Industrial Revolution.”

KOSPO 1st Power Company to Build Whole- Cloud Work Environment

KOSPO has ramped up efforts to secure future competitiveness by introducing the Industry 4.0-based latest ICT technologies in succession.

The power company lately reorganized a nationwide work server connected with an energy resources program (ERP) into a cloud environment and converted the outdated hard disc-based ERP system into a memory-based next-generation system, dubbed “S/4HAVA.”

In the past, it took several months to procure equipment physically to build the conventional new server, but it is possible to build a virtuous server by composing software within hours.

With the completion of the project, resources will be retrieved, and they will be displayed to offer other services for efficiency use of resources.

The latest ERP system (S/4HANA), beefed-up with a big data analysis function, supports fast and precise work thanks to data-based decision-making not only in the business management sector but also power plant operation and maintenance.

A view of KOSPO headquarters in Busan. (Photos: KOSPO)