Hanwha Q Cells jumps into distributed energy biz with forecast service

Hanwha Q Cells, the Q Cells division of Hanwha Solutions Corp., said on Wednesday that it had started a renewable energy generation forecast service on Mar. 1 and entered the domestic distributed energy business.

This new renewable energy generation prediction system will accurately forecast the amount of renewable energy generation, which is known for its high volatility, and pay settlements based on the accuracy of the forecast. The power exchange will implement this system to efficiently operate the power system linked to distributed energy.

Hanwha Q Cells is signing up renewable energy generation operators to participate in the prediction project and provide them with precise prediction services. The power generated by the enlisted power plants will be predicted a day in advance and submitted to the Korea Power Exchange. Settlement fees will be received based on the accuracy of the prediction and distributed to power generation operators.

Participating in this prediction project can secure additional profits for power generation businesses, apart from profits from power sales, and power exchanges can enhance the stability of their power system. The more accurate the prediction, the higher the settlement amount received, as it helps stabilize the operation of the power system.

To accelerate the signing up of power plants, Hanwha Q Cells is leveraging its existing renewable energy business expertise and sales network. It met the Korea Power Exchange's business participation standards at the end of last year, a month after beginning to recruit power plants.

In the mid- to long-term, Hanwha Q Cells plans to create synergies by linking energy system solutions and electric vehicle charging businesses and secure a wide range of distributed energy data. Moreover, the company is planning to upgrade its power generation prediction technology and expand resources for enlistment to proactively prepare for the future introduction of the renewable energy bidding system.

Write to Seo-Woo Jang at suwu@hankyung.com