[Asia Economy Yeongnam Reporting Headquarters, Reporter Jucheol In] Changwon City in Gyeongnam has started a project to share the profits from energy transition with its citizens.
On the 6th, Changwon City signed a business agreement for the "Citizen Profit-Sharing Solar Power Generation" project with the local energy company Gyeongnam Energy and the Preparatory Committee of the Changwon Citizen Energy Cooperative.
This project aims to reduce carbon, the cause of global warming, through energy transition while sharing the profits from power generation with citizens.
Changwon City provides administrative support by finding sites suitable for solar power generation such as town and township offices and sewage treatment plants under its jurisdiction and leasing them to Gyeongnam Energy and the Changwon Citizen Energy Cooperative.
The Changwon Citizen Energy Cooperative creates a fund to install solar power generation facilities and returns profits to participating cooperative members from the revenue generated by selling the electricity produced.
Gyeongnam Energy, separately from the Changwon Citizen Energy Cooperative, installs and operates solar power generation facilities at its own expense and donates a portion of the profits to a climate fund.
The three organizations will complete 10 solar power generation facilities with a total capacity of 2 MW in the first phase by the first half of next year, and 7 solar power generation facilities with a total capacity of 3 MW in the second phase by the second half of next year, following procedures such as obtaining power generation business permits, recruiting cooperative members, and forming funds.
The Changwon Citizen Energy Cooperative aims to provide its members with a 5% dividend, which is higher than bank interest rates.
Heo Seong-moo, Mayor of Changwon, said, "The power of citizens is important in responding to the climate crisis and achieving energy independence, and we will strive to continuously expand and implement this citizen profit-sharing solar power generation project for the transition to a carbon-neutral society."
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