LG Energy Solution to oversee bidding process at Korea’s largest wind farm

LG Energy Solution said Monday it was selected to operate renewable energy bidding services at an offshore wind farm in Jeju Island, as it seeks to diversify its business portfolio amid the electric vehicle market slowdown.

Under the state-run Korea Power Exchange’s renewable energy bidding system, the battery manufacturer will oversee the operations of the nation’s offshore wind power plant projects hosted at the Hallim Offshore Wind Farm.

With an annual capacity of 100 megawatts, the Jeju wind power facility operates 18 wind turbines across 5.5 square kilometers of ocean -- an area twice the size of Seoul’s Yeouido -- and produces an average of 234,913 megawatt-hours of clean energy annually.

LG Energy Solution is expected to forecast the power generation of the Hallim wind park and provide renewable energy bidding services for wind power plant operators both a day ahead and in real time. The company will then ensure that clean energy is efficiently delivered to consumers nationwide.

Since June last year, the battery maker has provided power brokerage services for Jeju Island’s first Tamra Offshore Wind Farm, a government pilot program, before implementing a bidding system for renewable energy. This system aims to enable renewable energy producers to engage in competitive bidding within the power market on equal footing with thermal power plant operators.

Leveraging its expertise in operating virtual power plants for energy storage systems, LG Energy Solution said it boasts a high level of renewable energy operations with a low error rate in power generation forecasts.

“We are leading the renewable energy bidding market and aim to provide unique customer value by establishing a stable business model that contributes to the energy cycle beyond battery manufacturing,” stated Hwang Won-pil, head of Energy as a Service business at LG Energy Solution.