JEOLLABUK-DO < invest Korea

Korea’s chemical and green energy company OCI Co. said on Tuesday it will install massive energy storage systems at its polysilicon plant in the northwestern coast city of Gunsan for energy- and cost-saving means.

The 51MWh ESS will store electricity at night when it is cheaper and release it during peak use hours, a technique known as peak shaving.

The company will spend 20 billion won for the installation that will be finished by June and expects the investment will fully pay off within three years.

Utility costs are a growing burden for polysilicon producers as polysilicon prices tumbled from $80 per kilogram in 2012 to the $10 range last year. Power consumption takes up 30 percent of the production cost.

“Power saving is essential to maintain competitiveness as overseas competitors use electricity about 50 percent cheaper than Korean producers as they face spike in utility rate increases under the government’s new energy plan of phasing out of fossil- and nuclear-fueled power,” said a company official.


OCI Polysilicon plant in Gunsan

By Kang Doo-soon and Minu Kim

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Jan. 30, 2018)