Renewable Energy Generation Capacity Rises To 20% In South Korea

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Renewable energy generation capacity rises to 20% in South Korea

Renewable Energy Generation Capacity Rises To 20% In South Korea

TUESDAY, SEPTEMBER 20, 2022

Capacity For Generation Of Renewable Energy For The First Time Is Exceeding 20 Per Cent Of Total Power Production In South Korea This Year, State Data Showed On Tuesday.

According to the Korea Power Exchange, renewable energy capacity totalled 27,103 megawatts as of September — 20.1 per cent of the total 134,719MW power generation facilities.

It is estimated that the portion surpassed the 20 per cent level for the first time in August, after posting 19.8 per cent in July. Renewable energy includes solar, hydro and wind power as well as bio-backed generation.

Data showed that liquefied natural gas accounted for the highest share of the total energy output with 30.8 per cent, followed by coal at 27.2 per cent, renewable energy with 20.1 per cent and nuclear power with 17.3 per cent.

Electricity generation capacity by renewables first outpaced nuclear power generation in September last year and has since been growing.

But nuclear power is likely to curb the growth of renewable energy in power generation again in the years to come as the incumbent Yoon Suk-yeol administration has made moves to nullify the previous government’s drive to phase out nuclear power.

According to the power generation policy unveiled by the Industry Ministry, the government has the goal of expanding the portion of nuclear power to 32.8 per cent of total output by 2030, setting the share of renewable energy at 21.5 per cent.

Compared to an earlier plan for 2030 suggested by the previous Moon Jae-in administration, the revised portion of nuclear power is higher by 8.9 percentage points and the latter is lower by 8.7 percentage points.

Further, there are predictions that solar power generation business will be scaled back as the industry ministry has decided to look into allegations about unauthorised loans worth 261 billion won (6.9 billion baht) for some solar energy projects during the Moon administration.

Market insiders have raised concerns that local enterprises would have difficulty fulfilling the RE100 target, under which they will use 100 per cent renewable energy without resorting to fossil fuels, by 2050.

Samsung Electronics and many others, including some public firms, have joined the RE100 scheme, which was initiated by developed countries.

“The government will continue to expand the portion of renewable energy for businesses’ to attain the goal of RE100,” an official said. “There will not be any particular problem in terms of supply of renewable energy as the portion will climb to 21.5 per cent in 2030.”

The Korea Herald

Asia News Network

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