VZEN Co., Ltd. Achieves 500 Million KRW in Predictive Settlement for Renewable Energy Virtual Power Plant Electricity Brokerage Business

[Photo by VGEN Co., Ltd.]

VGEN Co., Ltd. (CEO Baek Seung-yeop), a specialized company in renewable energy virtual power plant (VPP) solutions, has achieved a cumulative total of 500 million KRW in power brokerage forecast settlement payments based on the Korea Power Exchange standards to date.

The renewable energy generation forecast system is a scheme introduced by the Korea Power Exchange in October 2021 to improve the accuracy of generation forecasts for renewable energy, which has highly variable output, in order to resolve instability in the power grid and enhance grid operation efficiency. Brokerage traders form aggregated resources by grouping small-scale renewable energy power plants such as solar and wind, and submit the next-day generation forecast values of these aggregated resources to the Korea Power Exchange, receiving incentives based on the accuracy of their forecasts.

The renewable energy generation forecast system is a scheme introduced by the Korea Power Exchange in October 2021 to improve the accuracy of generation forecasts for renewable energy with highly variable output, thereby resolving instability in the power grid and enhancing grid operation efficiency.

Brokerage traders aggregate small-scale renewable energy power plants such as solar and wind into aggregated resources, and submit the next-day generation forecast of these aggregated resources to the Korea Power Exchange’s small-scale power brokerage market, receiving incentives based on the accuracy of their forecasts.

Since 2018, VGEN Co., Ltd. has accumulated years of demonstration experience with public power generation companies and holds various technology patents necessary for power brokerage, including forecasting, diagnosis, and optimization. Additionally, its virtual power plant solution has been designated as an innovative product recognized for innovation and public value by the Energy Technology Market’s recommendation and the Public Procurement Service, serving as a power monitoring and convergence platform for renewable power plants. This recognition has led to positive evaluations as a partner for renewable energy power brokerage projects with power brokerage operators and public institutions in the future.

VGEN has developed and launched the “OPEN Platform,” a virtual power plant subscription platform service that allows anyone to easily participate in Korea’s first renewable energy power brokerage business and the upcoming real-time renewable energy bidding system. The service is scheduled to be supplied to the power brokerage business of a major corporation, 'H', in early 2023.

Baek Seung-yeop, CEO of VGEN Co., Ltd., stated, “VGEN plans to support the entry of solar EPC and O&M operators into the power brokerage business and promote collaboration through an energy convergence platform service capable of integrated management throughout the entire operation and maintenance cycle. Furthermore, through demonstration and development for proactive response to the upcoming real-time renewable energy bidding system, we will contribute to stabilizing the power grid in the electricity market.”