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White Paper: Make energy utilization Flexible and stable - Energy Storage in South Korea
Energy storage is regarded to enhance system ﬂexibility and enable rapid system balancing, as well as de-risking increasing intermitted assets and portfolios such as PV and wind plants. As the power sector evolves to accommodate new technologies and adapt to varying market trends, energy storage will play a central role in the transition and transformation of the power sector.
2018 saw a great leap in global energy storage market. According to latest news of Wood Mackenzie related to its 2019 Global Energy Storage Outlook Report , there was a newly-deployed capacity of 3.3GW/6GWh in the global energy storage sector with a year-over-year growth of 140%. It is said that half of the exciting capacity was front-of-the meter (FTM) application driven by accessible ancillary service revenues in key markets, like Germany, the U.K., the U.S., South Korea, etc. Also, solar-plus-storage projects providing semi-dispatchable renewable capacity shows a notable trend. In terms of residential storage, state incentives, reduction in solar export tariﬀs and the need for backup boost storage deployment, and non-residential segment is increasingly developing, which especially in South Korea overtook the residential one for the ﬁrst time in 2018 due to the national subsidy and growth.