KPX Sees Peak Power Demand Renew Highest-Ever Level

KPX Chairman Jung Dong-hee, and Labor and management representatives from Korea Power Exchange (KPX) pose after purchasing items from a shop in a traditional market, which were donated to help marginalized neighbors.

Korea Power Exchange (KPX) said on Dec. 23 that the peak power demand had reached the highest-ever level, recorded on Nov. 22. It was the fourth time that peak power demand had reached a new record recently.

The peak demand hit 94,509MW as of 11 a.m. on Dec. 23. The figure was 1,510MW more than 92,999MW, reached at 5 p.m. on Dec. 22.

The highest-ever level in the peak power demand for this year represents about a 4.21 percent rise over 90,708MW recorded in the previous winter.

KPX said the rising peak demand was attributable to a plunge in temperatures across the nation, including Seoul, which saw the temperature drop to minus 14 degrees C due to a cold wave from the Arctic.

The utilization rate for photovoltaic power farms had dropped due to heavy snow that hit the Jeolla provinces, including Chungcheong, and the western part of Gyeongsang provinces.

KPX predicted that high levels of power demand would be maintained for the time being due to the continuity of the cold wave.

Authorities forecast that the power supply grid would be operated in a stable fashion.

Shin Hanul Power Unit 1 went into commercial operation on Dec. 7 and Habit Nuclear Power Unit 4, which had remained stopped since May 2017, has been connected to the power grid.

KPX President Jung Dong-hee said, “As a cold weather is forecast for the time being, we at KPX, in cooperation with the government and related organizations, will be on the alert to manage power demand lest people experience inconveniences during this winter.”

Kim Hong-keun, a division chief of Korea Power Exchange (KPX) receives the top prize in the voluntary contract category at the 2022 Shared Growth Grand Awards at InterContinental Seoul on Dec. 2. (Photos: KPX)

KPX Takes Home Top Prize at 2022 Shared Growth Awards

Korea Power Exchange (KPX) won the top prize in the voluntary contract category at the 2022 Shared Growth Grand Awards at InterContinental Seoul on Dec. 22 in recognition of easing bipolarization through a voluntary contract among KPX, the Korea Commission for Corporate Partnership and cooperative companies, plus building a continuous shared growth model with SMEs in the power industry.

KPX has been credited with abiding by three principles, which includes giving payments to SMEs and offering a 12 billion won shared growth program for the next three years.

KPX has been recognized for having made aggressive efforts, such as supporting deposit of technology materials to protect SMEs’ intellectual properties, backing the nurturing of startups and supporting a shared growth fund.

RE100 Companies Favor Direct PPA Method Most

Korea Power Exchange (KPX) revealed outcomes of a survey of Korean RE100 companies to invigorate the direct power purchase agreement (PPA) system and overhaul it on Dec. 21.

The survey, commissioned to the Korea RE100 Consultative Body by KPX, was conducted via the RE100 information platform, and networks of member companies of K-RE100 Forum, between Nov. 15 and Dec. 14.

A total of 164 companies related to the RE100 initiative participated in the market survey. Eighty-three RE100 target companies and 40 renewable energy generation and supply companies replied.

By business, the manufacturing field topped the list of participating companies with a 43.4 percent share, followed by the service industry (30.1 percent) and the construction industry (8.4 percent).

As for the favored method for the implementation of the RE100 initiative, 27.4 percent of respondents cited the direct PPA method, followed by the purchasing of renewable energy certificates (22 percent) and construction on their own (17.1 percent.