21 March, 2002 – ABB announced Wednesday that it has won a $22m contract from the Korea Power Exchange to provide the IT systems and software infrastructure to operate South Korea’s deregulated energy market.
The power and automation multinational said it won the project as part of an international consortium with local company Korea Electric Power Data Network, and will supply the systems and software for market participants to submit bids,
receive awards and interact with the central exchange.
The IT system also executes the mathematical models used to determine market prices, create power generation schedules and ensure the security of the electricity supply for the entire country.
Richard Siudek, executive vice-president and head of ABB Utilities division spoke of the move towards deregulation in Southeast Asia, “We are very excited to be able to play a role in that process. This important project will set the standard for deregulated power markets for the whole of Southeast Asia, and will help the South Korean energy market to meet the demands of a robust economy, as well as provide for future growth.”
ABB sub-contractor OM Technology Energy Systems will provide the financial settlement systems. Korea Electric Power Data Network will provide part of the system hardware and local implementation and support, while its subcontractor Samsung SDS will supply more of the hardware and the metering systems. The
total value of the project is more than $37m (KW 50bn).
The IT systems are planned for delivery in July of 2002, ABB said in a statement. The deregulated power market in South Korea is scheduled to open on January 1, 2003.