KEPCO unveils vehicle-grid integration system
By Kang Seung-woo
The state-run electricity distributor announced, Thursday, it has developed a system helping charge electric vehicles (EVs) cost-efficiently and return the excess electricity they generate to the power grid.
The Korea Electric Power Corp. (KEPCO) held a technical exchange gathering at its research institute in Daejeon to unveil the vehicle-grid integration (VGI) system, based on international standards.
The VGI system is a technology using electric cars for electricity storage much like an energy storage system (ESS), allowing EV owners to sell stored power to KEPCO.
KEPCO launched the development in 2012 together with 20 companies and universities including Hyundai Motor, Hyundai Mobis, Myongji University and KEPCO KDN. They completed demonstrating it last year.
According to the nation's largest electric utility, the VGI system will contribute to stabilizing electricity supply and demand by providing energy stored in times of abundant supply to fulfill demand at peak hours, reducing the cost of using renewable electricity.
Along with the efficient management of electricity, KEPCO believes that the VGI program will provide financial benefits to EV drivers who sell stored electricity to the utility, helping the expansion of “prosumers.”
“The VGI system will contribute to expanding chargers for electric cars in Korea,” said a KEPCO official.
The company, headquartered in Naju, South Jeolla Province, plans to take advantage of the VGI system in a variety of development projects regarding wireless EV charging, ESS and new renewable energy.
According to industry tracker Navigant Research, VIG technologies and services are estimated to achieve a market size of $700 million (747 billion won) by 2026.
While EVs and self-driving cars are gaining traction as future growth engines, the Korean government is also focusing on them.
In February, the Ministry of Trade, Industry and Energy announced its plan to set up 1,500 rapid battery charging stations every year at popular locations such as supermarkets, so that the number can reach 10,000 by 2022, which is close to the total number of gas stations in the country.
In addition, it is seeking to replace gasoline, diesel, and LNG powered buses, taxis and pickup trucks with electric powered vehicles by 2030, which will contribute to improving the environment.