Korea East-West Power announced on the 19th that it would expand and promote the ‘Citizen’s Virtual Power Plant’ project, in which local residents become the main agent of energy conversion, throughout Ulsan.
The Citizen Virtual Power Plant is a business model in which residents discover idle sites in the region, build solar power facilities, and share power generation profits. Residents can receive dividends and fund interest by investing in cooperatives or participating in citizen funds.
East-West Power held a briefing session for Ulsan citizens at the Ulsan Lotte Hotel on the same day, ‘Ulsan Shared Rooftop Citizen’s Solar Power Construction Project’, the second project of the citizen virtual power plant.
This briefing session was prepared for East-West Power to collaborate with Ulsan Smart Energy Cooperative to share the results of operation of the citizen virtual power plant and to promote follow-up projects.
East-West Power is promoting the second project with the goal of constructing a citizen virtual power plant with a total capacity of 3MW in 40 idle sites in Ulsan at an investment of about 5 billion won. Following this briefing, the company plans to recruit members from next month and start excavating a shared roof.
Reporter Kim Ji-eun
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