The South Korean Ministry of Trade, Industry and Energy is considering a restructure of its electricity rates to promote the inclusion of energy storage and demand management.
The intended plan would make energy storage systems mandatory for large private companies and public offices as a measure of managing energy demand. Financial support would be given for companies affected by the ruling to purchase energy storage systems.
To reduce power consumption during peak load hours, demand management
To encourage uptake of energy storage systems by small-scale electricity users, a revision of electricity rates is anticipated to make load shifting more attractive.
The proposals come after power-shortage warnings were announced. South Korea struggles to meet its high per capita demand for electricity, and has had to shut down two of its 23 nuclear facilities, which account for 5% of the country’s generation capacity, because they failed to meet safety regulation.