VZEN Selected for R&D to Establish Real-Time Bidding and Security-Enhanced Control System for Renewable Energy

VGEN Co., Ltd., a specialist company in Virtual Power Plant (VPP) solutions for renewable energy integration (CEO Baek Seung-yeop), announced that it was selected as the lead organization for the project titled “Development of a Security-Enhanced Renewable Energy Curtailment Control Infrastructure and System for Centralized Renewable Energy Dispatch” under the 2023 Korea South-East Power (KOEN) Field Research and Technology Development Program, and signed an agreement on the 13th.

Since 2017, VGEN Co., Ltd. has secured technology development and intellectual property rights based on VPP for various distributed resources such as renewable energy, ESS, electric vehicles, and demand response. In March 2024, it will advance the sophistication of VPP through real-time bidding and control system demonstration with Korea South-East Power, which is participating in the Jeju Island real-time bidding pilot project.

Through this agreement, VGEN Co., Ltd. will conduct an 18-month demonstration to optimize and enhance the bidding and control system targeting wind turbines over 20MW operated by Korea South-East Power participating in the Jeju pilot project.

The main development goals include △ advancement of a real-time monitoring system without time delay for distributed resources such as solar power, wind power, and ESS △ development of a security-enhanced output curtailment control system for centralized renewable energy dispatch △ development of bidding price services for the Jeju power market and demonstration of renewable energy power plants.

VGEN’s VPP platform ‘OPEN’ is already the first subscription service platform in Korea, selected through technical and competitive evaluations for the power brokerage business solution of HD Hyundai Energy Solutions, a leading domestic and international solar power company with over 1.7GW of solar power O&M service capacity.

In 2018, VGEN built Korea’s first commercial virtual power plant solution and, based on years of demonstration experience with power generation public enterprises, provides power producers with the industry’s lowest error rate and highest profits in renewable energy generation forecasting and settlement systems in the small-scale power brokerage market. Additionally, VGEN’s VPP platform ‘OPEN,’ designated as an innovative product by the Public Procurement Service last year for its innovation and public value, offers power brokerage operators full-cycle operation and management services including recruitment, forecasting, bidding, anomaly detection, and settlement of small distributed and individual resources, with options for customized deployment and subscription services according to customer requests.

Baek Seung-yeop, CEO of VGEN Co., Ltd., stated, “Recently, solar and renewable energy businesses in Southeast Asia have been growing rapidly. Recognized for our technology and experience, we have received PoC and strategic collaboration requests from major renewable energy companies in Southeast Asia.” He added, “Through this research project, we will proactively respond to the changing Jeju power market and optimize VPP technology that maximizes profits for various customers such as power brokerage operators, EPC contractors, and power producers, aiming to become a leading VPP specialist company recognized not only domestically but also internationally.”