Meteorological Administration and Korea Power Exchange to boost renewable energy weather data
The Korea Meteorological Administration and the Korea Power Exchange held a meeting to discuss strengthening cooperation in the weather and energy sectors, particularly for renewable energy.
Our take
Will Korea's weather data cooperation with the power exchange improve renewable forecasting revenue?
Not on its own, because the Korean weather agency and the power exchange announced no new data product, schedule or settlement change, so renewable forecasting revenue is unchanged until a concrete service follows.
Forecasting is paid on the mainland at 3 to 4 KRW/kWh in hours with forecast error within 6%, so better inputs have cash value. That payment ends where renewable bidding is introduced, so the value depends on whether a usable service arrives before bidding reaches the mainland.
For investors — VPP operators and aggregators should test any weather service released to market participants against their own forecast error at the 4% and 6% payment thresholds.
Solar and wind developers should keep underwriting curtailment and forecasting revenue on existing performance, since this meeting changes neither.
Watch: Increased collaboration between the Korea Meteorological Administration and the Korea Power Exchange on renewable energy weather information.
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