South Korea’s Ministry of Trade, Industry and Energy (MOTIE) has announced it will allow domestic electricity consumers to buy power from renewable energy power producers through power purchase agreements (PPAs).
“Both industrial and general consumers of electricity can participate in the K-RE100 system through registration at the state-run Korea Energy Agency. Electricity from renewable sources will be procured through the green premium system … third-party power purchase agreement[s] (PPA), the purchase of renewable energy certificates (REC), or self-generation,” MOTIE said in a statement.
The K-RE100 initiative is aimed at making South Korea fully powered by renewable energy by 2050. The new rules are expected to be defined in the upcoming weeks and should enter into force “early this year,” the government said.
Currently, Korean consumers can buy electricity exclusively from state-owned utility Korea Electric Power Corp (Kepco), which collects all power produced in the country from energy providers and independent power producers. According to local media outlet The Korea Times, however, Kepco is expected to act as an intermediary between the seller and the buyer. “The revision allows renewable power companies whose generation capacity exceeds 1 MW to sign a trilateral supply agreement with Kepco and the consumer, so Kepco can relay the power transaction,” the newspaper reported.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
3 comments
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.