Korean renewable energy firms urge nationwide bidding system rollout

  • Four startups and major corporations including LG Energy Solution and KT delivered a joint implementation letter.
  • One startup invested 4 billion won, about $2.9 million, in meters, IT systems and servers last year.
  • Jeju’s renewable bidding pilot began in June 2024, but nationwide expansion remains without a specific timetable.

Four renewable energy trading platform startups—Haezoom, Encored, H Energy and VPPLab—delivered a joint letter on the 2nd to President Lee Jae-myung and Kim Sung-hwan, Minister of Climate, Energy and Environment, alongside the civic group Climate Solution, urging nationwide implementation of the renewable energy bidding system. Major corporations including LG Energy Solution and KT also participated. One startup invested 4 billion won, about $2.9 million, last year to replace customer electricity meters, develop IT systems and operate servers in anticipation of the market expansion, but now fears the spending could become a total loss. The system allows solar, wind and other renewable electricity to be bid and sold one day before generation, improving forecasting and grid operations. A pilot began in Jeju in June 2024, but nationwide implementation remains unresolved despite earlier plans for expansion by 2025 at the earliest or the first half of 2026 at the latest. The policy uncertainty is delaying business planning, discouraging investors and prompting companies to focus on more stable existing operations.

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