Ministry of Trade, Industry and Energy

EV battery pack rental service to become available in Jeju Island

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 27 that it held the inauguration and agreement signing ceremonies for the EV battery pack rental business on the same day at the Jeju Science Park Auditorium.     Through this project, a total of 119 electric buses and over 1,000 electric taxis and rental EV's will be supplied to Jeju Island over the next three years.     This year's goal is to operate 49 electric buses, 290 taxis and 227 rental EV's. The service company selected for this project is Begins Jeju, which will build charging stations and integrated control center by September this year before launching the services.     If this project becomes a success, MOTIE will expand the service area to include other provinces by re-investing the profit from this project.     Meanwhile, other cities are also working to launch similar services: Pohang, Gyeongsangbuk-do is looking for companies that are interested in the battery pack lease services for electric buses, while Seoul Metropolitan Government is trying to expand EV business by having mobile charger providers participate in mobile charging services.     * Short version date2015-05-27

Apartment residents to save money on power bills by replacing fluorescent lamps with LED lamps

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 30 that apartment residents can now save on power bills by replacing fluorescent lamps with LED lights in the form of installment payments, where the money saved on the power bill will be deducted from the amount charged on their credit card for the purchase of LED lamps.     So far a total of 21 apartment complexes use this program to replace the fluorescent lamps with LED lamps in the underground parking lots. The number is likely to increase to over 70 before the second half of this year is over.     If underground parking lot lights are replaced with LED lamps at an apartment complex with around 500 households, the residents can save up to 7.36 million won ($6,615) in power bills each year. Since it costs around 20 million won to have the LED lamps installed, it will take about 2 years and 7 months to break even.     Some of the advantages of this program are that it's easy to fund the project, no collateral is needed and an apartment management company can carry out the contract and provide after sales services.     For example, residents of "Seocho The Sharp" apartment have agreed to replace all the fluorescent lamps with LED lamps for their underground parking lots in January this year. Satisfied with the results, they have recently decided to replace all the hallway lights with LED lamps.     MOTIE plans to further promote this program so that gas stations, convenience stores and factories can also save on their power bills by using LED lamps.     * Short version date2015-04-30

Over 5,500 EV chargers to be installed in Jeju Island

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 10 that a total of 5,580 electric vehicle chargers will be installed in Jeju Island by 2017 by the Jeju Smart Grid Consortium of Korea Electric Power Corporation (Energy), Korea Telecom (Communication), Hyundai & Kia Motors (Vehicles), KDB Asset Management (Finance) and Begins (Service).     These companies will establish an SPC in May this year and invest a total of 32.2 billion won ($ 29 million) by 2017 in this project and gradually increase the number of EV charging stations to match that of gas stations in Jeju Island by 2017.     After the consortium set up call centers and integrated management system, MOTIE plans to install the charging stations first in Jeju Island and then in other parts of the country.     Jeju Island was chosen as a testbed for this project for numerous reasons: the provincial office is very interested in supplying EV's because a fully charged car can tour the entire island and environmental protection is one of the key issues for the island endowed with beautiful nature.     The Ministry of Environment will also join hands with the consortium to allocate 50 percent of the 3,000 EV's scheduled for production this year to the Jeju Island, and give the contract to a special purpose company to manage and operate the existing EV charging stations.     * Short version date2015-03-10

Korea and UAE sign MOU on joint nuclear power marketing

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 06 that the Minister of Trade, Industry and Energy and UAE Ministry of International Cooperation and Development signed an MOU on joint nuclear power marketing in third countries in the presence of General H.H. Sheikh Mohammed bin Rashid Al Maktoum and Korean President Park Geun-hye who's touring the four Middle Eastern countries.     One of the key issues covered in the MOU is the organization and operation of a consultative group composed of ministers of both countries for marketing in third countries including Egypt.     The two countries will join hands in the areas of project development and planning, support for feasibility study and joint research and development.     Since winning nuclear power plant projects in the UAE, Korean companies have been working on nuclear power projects without any foreign partners, but with the signing of MOU, they expect to have more opportunities to win more contracts in the global nuclear power market.     Korean Minister of Technology, Industry and Energy Yoon Sang-Jick said, "With this MOU, the UAE is now literally our strategic foothold and partner for entering third countries. We will try to dominate new markets in third countries in advance and create new jobs for young South Koreans with the help of the SWF (Sovereign Wealth Fund)."     * Short version date2015-03-06

Nuclear power plant export

date2014-12-30

Energy-related new industries

* Examples include demand management programs, energy management services, electric vehicle services, energy independent islands, solar energy rental services, use of thermal effluent from power plants. * Electricity market mechanism: The Korean electricity market is operated by the Korea Power Exchange, and the Korea Electric Power Corporation (KEPCO) buys electricity in order of price from lowest to highest based on unit cost of production and supply potential information submitted by generators. * (before) Demand reduction through government spending → (after) Demand reduction through the participation of demand management companies in the electricity market ※ Total electricity savings are expected to reach 1.9 million kW by 2017, accounting for 2.5% of peak demand (76.52 million kW in 2013). * It is difficult for solar PV and wind power to provide consistent output due to changes in weather conditions and wind velocity. Even though ESS can provide society with such g date2014-12-30

Establishment of stable and efficient energy supply system

date2014-12-30

Promotion of new and renewable energy

"The Act on the Promotion of the Development, Use, and Diffusion of New and Renewable Energy" defines new and renewable energy as energy resources converted from existing fossil fuel resources or renewable energy sources, including the sun, water, geothermal heat, precipitation, and bio-organisms. The Act identifies 11 such resources, including solar energy, bioenergy, wind power, hydro power, fuel cells, liquefied or gasified coal, gasified heavy oil residue, tidal power, waste-to-energy, geothermal energy, and hydrogen energy. Despite its weak economic feasibility due to the lack of price competitiveness and the high initial investment costs, new and renewable energy is becoming increasingly important and necessary as a key solution to fossil fuel depletion and other environmental issues. As of 2012, the penetration rate of new and renewable energy was 3.18% that of primary energy. This rate rose by 10.9% annually on average from 2008 to 2012, almost three times faster than the 3.7% annual average growth of primary energy penetration during the same period. Waste-to-energy and bioenergy represented 80% of the entire new/renewable energy supply base, while solar energy and wind power accounted for just 5%. MOTIE will employ and spread revenue models that are backed by consumer participation (e.g. collaboration with residents, eco-friendly energy towns), which would increase the use of new/renewable energy through the participation of the general public and sharing of results. MOTIE will also implement unsubsidized rental projects in which private firms provide necessary servi date2014-12-30

Energy & Mineral Resources Development Symposium 2014

– The Ministry of Trade, Industry and Energy (MOTIE) announced today that the Energy & Mineral Resources Development Symposium 2014 was held on Dec. 4 in Seoul.   Approximately 600 people from Korea and abroad participated in the symposium, which was held under the theme of ‘Technology Innovation and Strategy to Cope with the Paradigm Shift in Energy & Mineral Resources Development.’   In his keynote speech, Sonn Yang-hoon, president of Korea Energy Economics Institute (KEEI), said that South Korea should make strategic investments in low-risk and capacity building projects in this new era of low oil prices caused by factors such as an increased oil supply from non-OPEC countries and reduced geopolitical uncertainties.   At the symposium, Michael Wang, Director of Research for IHS Herold stressed that the recent sudden drop in oil prices had affected investment strategies as well as mergers and acquisitions between global oil companies and Asian national oil companies, and South Korean companies should respond aggressively to the changes.   During the opening ceremony, Ali Khalifa Al Shamsi, Strategy and Coordination Director at ADNOC, was honored for his contribution to energy cooperation between South Korea and the United Arab Emirates. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

South Korea and Kuwait Hold Joint Committee on Energy Cooperation

November 25, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) announced today that South Korea and Kuwait held their third joint committee meeting on energy cooperation in Seoul yesterday. Lee Sang-jin, Deputy Director General for Trade Cooperation at MOTIE led the South Korean delegation, while Nawal Al-Fuzaia, Assistant Undersecretary for Economic Affairs at the Ministry of Oil led the Kuwaiti delegation for the meeting, the ministry said in a statement. Kuwait is South Korea’s second-largest supplier of crude oil and its third-largest exporter of LPG, while South Korea is the largest export destination for Kuwait. At the meeting, the two sides agreed to cooperate closely in oil development and research in order to secure a stable supply of energy, which is essential for the sustainable economic growth of the two countries. South Korea asked Kuwait to support the participation of South Korean companies in a new refinery project (worth US$14 billion, up for bid in January 2015) led by Kuwait National Petroleum Company. Assistant Undersecretary Nawal Al-Fuzaia mentioned that South Korea’s excellent plant technology had contributed to building the energy infrastructure in Kuwait, and stressed the importance of energy cooperation between the two countries. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24