The project is expected to cost about $725 million (1 trillion won) and will be awarded based on both pricing and non-price factors, such as contributions to domestic industry and battery recycling capabilities. The South Korean government is launching a multi-billion-won initiative to deploy large-scale energy storage systems (ESS) across the country, in a bid to alleviate mounting pressure on its transmission and distribution infrastructure. The project aims to help reduce electricity waste from renewable. SEOUL, May 26 (AJP) - South Korea has launched its most ambitious energy storage initiative yet, opening the door to what officials estimate could become a $29 billion market by 2038 — offering a much-needed boost to domestic battery manufacturers grappling with a global slowdown in electric. South Korea launched the 2025 1st ESS Central Contract Market auction, offering 540 MW of capacity for energy storage projects across the mainland and Jeju. This round expands coverage beyond Jeju, introducing refined procedures and stricter technical and operational standards based on lessons from. In 2024, South Korea's first central market energy storage awarded 65 MW/260 MWh of four-hour duration capacity under 15-to-20-year term contracts. This second auction marks a new period of development in the country's renewables buildout. South Korea had 6,848MW of capacity in 2022 and this is expected to rise to 36,454MW by 2030.