South Korea will be able to require big power generation companies to generate up to 25 percent of electricity from renewable energy sources, starting from October this year, raising the previous maximum threshold of 10 percent.
The change is in line with a revision of the renewable energy portfolio, or RPS scheme, introduced in 2012, that mandates 22 power distributors with capacity over 500 megawatts to generate a certain percentage of their electricity with renewables. The minimum quota, which stands at 9 percent this year, will be raised to 10 percent next year, but can’t go any higher because the limit is 10 percent.
However, the revision of the Renewable Energy Act pertaining to the RPS scheme, which passed on March 24, will raise the threshold to 25 percent. The revision will take effect starting Oct. 21.
“Since the launch of the RPS policy, this is the first time in nine years to raise the limit. Such move will allow the government reach its mid and long-term renewable energy targets,” said an official from the Ministry of Trade, Industry and Energy.
Korea aims to generate 84.4 gigawatts, or 25.8 percent of all electricity from renewables, by 2034, up from 19.3 gigawatts, or 5.6 percent, in 2019.
By Kim Byung-wook (email@example.com)