BUSINESS

Supply of renewable energy more than doubled in Q1 in Korea

By Shin Ji-hye
  • Published : May 17, 2018 - 16:55
  • Updated : May 17, 2018 - 16:55
The supply of renewable energy and energy storage systems more than doubled in Korea in the first quarter of this year compared to the same period last year due to the easing of regulations, according to the Ministry of Trade, Industry and Energy on Thursday. 


The supply of renewable energy rose 2.5 times to 1.18 gigawatts and the supply of energy storage systems increased 5.3 times to reach 301 megawatt-hour in the first quarter.

Renewable energy, which includes solar energy, wind power, tidal energy and geothermal heat, refers to energy that can be used in a sustainable way. Recycling waste is also classified as renewable energy.

“Due to the expansion of incentives for renewable energy investment and the easing of regulations with the aim of reaching the ‘Renewable Energy 3020’ goal, investment in renewable energy in the private sector has significantly increased,” said Lee Kyung-ho, chief of the Ministry of Trade, Industry and Energy’s new renewable energy policy division.

The “Renewable Energy 3020” goal was set during a strategy meeting presided over by President Moon Jae-in in November last year. It aims to increase the proportion of generation quantity made up of renewable energy to 20 percent by 2030 from the current 7 percent.

Private-sector projects utilizing renewable energy are also underway nationwide.

A 98-megawatt photovoltaic power station, which will be the nation’s largest, is being built in Yeongam, South Jeolla Province. A 41 megawatt-hour energy storage system linked with solar energy is also being constructed in Samcheonpo, South Gyeongsang Province.

The ministry said it is also pushing for a solar project in Cheorwon, Gangwon Province, with the area’s residents investing in a 20 percent stake ($6 million) of the 15 megawatt-hour solar power generation project that costs $34 million. Once the project is completed, the residents will be distributed the profits over the next 20 years.

“We will continue to encourage the expansion of investment from the private sector by improving regulations with the aim of reaching the goal of Renewable Energy 3020,” Lee said.

By Shin Ji-hye (shinjh@heraldcorp.com)