Government to Invest 12.3 Trillion Won in Renewable Energy Grid Construction... Innovation Plan to Be Announced Within the Year

Last Month's Confirmation of the '9th Long-term Transmission and Substation Equipment Plan'

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government will invest 12.3 trillion won by 2034 in the construction of new transmission lines and substations to strengthen renewable energy power systems such as solar and wind power. Although the distribution of renewable energy production facilities is increasing, the number of power generation facilities that cannot operate due to the lack of grid connection to deliver the generated power to consumers is also rising. The government plans to prepare and announce power grid innovation measures to achieve carbon neutrality.

On the 23rd, Park Ki-young, Vice Minister of Energy at the Ministry of Industry, held an on-site meeting on power grid for carbon neutrality at the Gimje Substation with Korea Electric Power Corporation, Korea Energy Agency, Renewable Energy Association, and others, and announced that the "9th Long-term Transmission and Substation Facility Plan" was recently finalized after review by the Electricity Committee. This meeting was held to review the achievements of the "Special Inspection Team for Renewable Energy Grid Connection," which has been operating since early this year, and to discuss ways to smoothly connect the rapidly increasing renewable energy power generation facilities to the grid in the future.

Vice Minister Park said, "The Ministry of Industry spares no effort in institutional improvements and policy support to assist KEPCO in expanding grid connection capacity, constructing and reinforcing distribution lines, and early construction of substations," adding, "We will continue to actively cooperate with related organizations and industries to ensure that the significantly expanded renewable energy facilities in the future can be smoothly connected to the power grid."

Before the meeting, Vice Minister Park toured the Gimje Substation facilities and urged measures such as line reinforcement to ensure that renewable energy facilities currently waiting for connection can be linked to the grid as soon as possible. He also requested reinforcement of energy storage system (ESS) related facilities to secure grid flexibility in response to the high variability of renewable energy. The Ministry of Industry plans to add ESS facilities with a capacity of 1.4GW by 2023 in consultation with budget authorities.

The government also plans to announce the "Power Grid Innovation Measures for Achieving Carbon Neutrality" by the end of this year. Since this month, a "Power Grid Stabilization Task Force (TF)" composed of KEPCO, Korea Power Exchange, Korea Energy Agency, industry, and academic experts has been operating to continuously collect opinions. The innovation measures will include detailed policy tasks aimed at ▲ implementing stable grid operation through proactive facility construction ▲ establishing a smart and flexible power grid infrastructure including ESS ▲ and building systems and governance for grid operation innovation.