ID :
185428
Tue, 05/31/2011 - 05:42
Auther :
Shortlink :
https://oananews.org//node/185428
The shortlink copeid
S. Korea to invest 6.4 tln won to develop energy storage industry
SEOUL, May 31 (Yonhap) -- South Korea plans to invest 6.4 trillion won (US$5.9 billion) in the next 10 years to build up its industry for an indigenous energy storage system (ESS) in an effort to improve its power production efficiency, the government said Tuesday.
The plan calls for 2 trillion won to be spent on research and development (R&D) and 4.4 trillion won to be set aside for infrastructure and facility building up till 2020, the Ministry of Knowledge Economy said.
"The money will be used to better store excess electricity within the power grid, so it can be used during demand peaks," the ministry said.
The ministry in charge of the country's industrial and energy policies said it plans to support R&D of high capacity lithium ion, sodium sulfur and flow batteries, as well as lead acid and flywheels that have the potential to efficiently store power.
"If all goes according to plan, three megawatt storage-capable ESS facilities will be built within three years, with others to be built within five years," it said.
A pilot ESS plant with 8-megawatt capacity will be built on the southernmost island of Jeju by 2014 to check overall capabilities. This will be followed by more storage plants connected to electricity substations throughout the country in the following years, with a 1,680-megawatt storage unit to be built in 2020.
Wider use of ESS facilities can also spur greater use of renewable energy resources such as solar and wind power. Such efforts are all tied to an ongoing program to build 1 million "green homes" in the country that will rely on clean energy for everyday electricity use.
The ministry, meanwhile, said that support is needed because advanced industrialized countries such as the United States and Japan have already made headway in storing power within the grid, with the global market likely to balloon to 47.4 trillion won in 2020 from just 2.0 trillion won last year.
By 2030, the ESS sector could become a 120 trillion won business globally that could translate into a sizable export market for local companies with the capability to meet demand.
The plan calls for 2 trillion won to be spent on research and development (R&D) and 4.4 trillion won to be set aside for infrastructure and facility building up till 2020, the Ministry of Knowledge Economy said.
"The money will be used to better store excess electricity within the power grid, so it can be used during demand peaks," the ministry said.
The ministry in charge of the country's industrial and energy policies said it plans to support R&D of high capacity lithium ion, sodium sulfur and flow batteries, as well as lead acid and flywheels that have the potential to efficiently store power.
"If all goes according to plan, three megawatt storage-capable ESS facilities will be built within three years, with others to be built within five years," it said.
A pilot ESS plant with 8-megawatt capacity will be built on the southernmost island of Jeju by 2014 to check overall capabilities. This will be followed by more storage plants connected to electricity substations throughout the country in the following years, with a 1,680-megawatt storage unit to be built in 2020.
Wider use of ESS facilities can also spur greater use of renewable energy resources such as solar and wind power. Such efforts are all tied to an ongoing program to build 1 million "green homes" in the country that will rely on clean energy for everyday electricity use.
The ministry, meanwhile, said that support is needed because advanced industrialized countries such as the United States and Japan have already made headway in storing power within the grid, with the global market likely to balloon to 47.4 trillion won in 2020 from just 2.0 trillion won last year.
By 2030, the ESS sector could become a 120 trillion won business globally that could translate into a sizable export market for local companies with the capability to meet demand.
