This briefing will provide the current status of carbon capture, utilization and sequestration technology R&D in South Korea. The presentation involves CCUS related R&D budget investments (in terms of scale, allocation and portfolio), main R&D projects, and international cooperation activities. Furthermore, the implementation status of carbon capture, storage, utilization and EOR projects which are operated by institutions and electric power companies will be provided.
The United States is endowed with extraordinary riches: our nation holds more than a quarter of the world's coal reserves. Regrettably, this wealth is severely undervalued. Although coal has catalyzed industrial development in the 19th and early 20th century as a ready source of energy, chemicals, and materials, over the past decades its crucial role has been forgotten, and the coal became essentially synonymous with production of low-cost electricity. The path to realization of coal's true value lies in the development of new technologies.
Greatly increased customer participation in power markets will have a significant impact on the businesses that operate in those markets. Extensive consumer participation will require modifications to the design and operation of power markets, and these modifications will result in major changes in the businesses that participate in or support those markets.
The valuation of Distributed Energy Resources (DER) is a complex, sometimes contentious, topic that generates a lot of trade press in the electric power industry. Utilities and regulators are seeking information about how to value the benefits and costs of DER to investigate whether DER can serve in place of traditional infrastructure investments and whether aligning incentives, payments, and rates with the cost and benefits of DER can send the appropriate market signals to yield results that guide DER deployment to places of highest value on the grid.
Efficiently and affordably capturing CO2 from utility scale power generation is a global challenge and a large potential market opportunity. Conventional carbon capture technologies use power and represent an expense. FuelCell Energy and ExxonMobil are advancing a novel application for installing carbonate fuel cells at combustion-based power plants to efficiently capture CO2 while simultaneously producing power from the fuel cells. Affordable and scalable, fuel cell carbon capture is a potential game-changer.
Distributed Energy Resources (DERs), which include solar, storage, energy efficiency, demand response, and CHP technologies, are disrupting the way electricity has traditionally been generated, transmitted and distributed for the last 100 plus years. Continuing technological innovation and cost declines, together with customer demand, regulatory initiatives, and increasingly sophisticated third party participants, are causing utilities and their regulators to fundamentally rethink traditional business models and regulatory and rate structures. However, how things may change, the rate of c