RE: FTI Consulting16 Aug 2018 19:06
In economic terms, South Korea is a country quite unlike any other.
A largely agrarian economy until the middle of last century, the rise of its trillion dollar economy has been described as a miracle. Korea has become an economic superpower, propelled forward and upward by its leadership in electronics and semiconductors.
Now South Korea can claim another distinction: it is the new world champion in deployments of fuel cells for utility-scale power generation.
By latest estimates, its six generating companies have deployed almost 300 MW of fuel cell power to date, including the world’s tallest, most energy-dense, and largest fuel cell parks.
The national fuel cell boom has its origins in Korea’s Renewable Portfolio Standard. The RPS required all GenCos and Independent Power Producers with more than 500 MW of generating capacity to increase the proportion of power derived from renewable and ‘new’ technologies (including fuel cells and batteries) from 2 per cent at the start of this decade, to 10 per cent by 2023.
Responsibility for implementing the RPS has fallen to Korea’s six generation companies, and the race between them to claim credits and avoid penalties, has given rise to some highly creative power projects.
For example, KOEN (formally known as Korea Southeast Power Company) recently built a triple-decker fuel cell park in Bundang, 25km to the southeast of Seoul. The park claims to be the world’s most energy-dense power plant.
Colloquially known as the Bundang ‘Power Tower’, the design of the fuel cell park pays homage to neighboring high-rise residential apartments in what has become one of Seoul’s most desirable exurbs.
The installation also claims another first: it is the first deployment of Solid Oxide Fuel Cell (SOFC) systems in the country, featuring 8.35 MW of SOFC-based Bloom Energy Servers.
The ambitious project is not out of character for KOEN, which is regarded as one of Korea’s most progressive GenCos. KOEN has led in the adoption of robotics, artificial intelligence and other emerging technologies, which Korea refers to as the ‘Fourth Industrial Revolution’.
While the country’s love of technology has certainly inspired its leadership in the fuel cell domain, Korea’s unique economy, topology, connectedness, and energy sector structure have also all contributed greatly.
Korea is the most densely populated of the world’s major economies, with more than fifty million people inhabiting just 100,000 square kilometers, an area about the size of Kentucky or Iceland.
Its electricity consumption in kWh per capita is the highest in Asia, rivaling the US, and far exceeding that of France and Germany.
The day-to-day lives of Koreans are digital and power-hungry. Its population is one of the most connected: 85 per cent are online, and 88 per cent have a smart phone R