South Korea will invest 6.4 trillion won (5.94 billion U.S. dollars) by 2020 in developing energy storage industry, the economy ministry said Tuesday. The government will spend 2 trillion won in research and development (R&D) and invest 4.4 trillion won in building up infrastructure each in the next 10 years along with private companies, the Ministry of Knowledge Economy said in a statement. The plan is aimed at nurturing an indigenous market for energy storage system (ESS), according to the statement.
Energy storage facilities will be of greater significance down the road as renewable energies are expected to have more portion of total power demand. Green energies such as solar and wind power have much volatility in generating electricity depending on weather conditions. The ministry said energy storage is a key factor to stabilize supply and demand of renewable energies when the rate of their use tops 10 percent of total electricity use, adding better storage of power will optimize energy efficiency.
