With this appointment, the company will now manage all offshore wind farms in the country that are operated under the renewable energy bidding system.
South Korea introduced its renewable energy bidding system last year, starting with Jeju Island, to enhance the efficiency of renewable power generation by operating it similarly to thermal power. Under this system, renewable energy is sold to the power exchange through volume and price bidding competitions, just like nuclear and fossil fuel power.
The Jeju Hanlim Offshore Wind Farm is the largest offshore wind farm in Korea, with a capacity of 100 megawatts. Operating 18 5.56-MW wind turbines on a 5.5-square-kilometer offshore area, it generates an average of 234,000 megawatt hours of renewable clean energy annually.
As the designated operator, LG Energy Solution will forecast the power generation of the wind farm and submit it to the power exchange, ensuring that renewable energy can be efficiently distributed to consumers across the country through power trading.
The company is currently the only provider in Korea to develop a standalone energy storage system and operate a virtual power plant. Leveraging this expertise, LG Energy Solution maintains low error rates in power generation forecasts and offers comprehensive management solutions for renewable energy bidding.
Previously, LG Energy Solution was recognized for its technological leadership in stable bid management and operation as the power broker for the Tamra Offshore Wind Farm, the first offshore wind project on Jeju Island.
