Hanwha Q CELLS Launches Power Generation Forecasting Business... Accelerates Entry into Distributed Energy Sector

Power Generation Forecasting Project, Predict Renewable Energy Generation
Enable Revenue Beyond Electricity Sales

Solar power plants, representative distributed energy resources, installed at Hanwha Q CELLS Jincheon Plant parking lot (left) and Janggyo-dong Hanwha Building (right). Photo by Hanwha

Hanwha Solutions Q CELLS Division (Hanwha Q CELLS) officially entered the domestic distributed energy business by launching a renewable energy generation forecasting project on the 1st. The renewable energy generation forecasting system is a scheme that predicts the output of highly variable renewable energy and pays settlement amounts based on accuracy. It is implemented by the Korea Power Exchange to efficiently operate power systems linked with distributed energy. Distributed energy refers to producing and consuming energy near the area of use. Solar and wind energy are representative examples.

Hanwha Q CELLS is recruiting renewable energy power producers to participate in the forecasting project and provides them with highly accurate forecasting services. Hanwha Q CELLS predicts the power output of the recruited power plants one day in advance and submits it to the Korea Power Exchange, then receives settlement payments based on the accuracy of the forecasts and distributes them to the power producers. Power producers participating in the forecasting project can secure additional revenue beyond electricity sales, and the Korea Power Exchange and others can strengthen the stability of the power system.

The more accurate the forecast, the more it helps the stable operation of the power system, resulting in higher settlement payments. Hanwha Q CELLS passed the Korea Power Exchange’s forecasting test conducted in January.

As the largest solar company in Korea, Hanwha Q CELLS is accelerating the recruitment of power plants by utilizing its existing renewable energy business know-how and sales network. In fact, only about a month after officially starting recruitment, at the end of December last year, it succeeded in meeting the participation criteria of the Korea Power Exchange’s project. It is currently adding power plants at a faster pace compared to competitors.

Meanwhile, Hanwha Q CELLS plans to create synergy by linking distributed energy business with energy system solutions and electric vehicle charging business in the mid to long term, and to broadly secure distributed energy data.

Additionally, Hanwha Q CELLS plans to advance its generation forecasting technology and continuously expand recruited resources to proactively prepare for the renewable energy bidding system expected to be introduced in the future. The bidding system allows renewable energy to participate in the electricity bidding market through highly accurate renewable energy generation forecasts. Once implemented, renewable energy can be utilized as a main resource just like conventional general power sources.