Picture: Minseong Kim, Wikimedia Commons
South Korea’s Ministry of Commerce, Business and Vitality (MOTIE) has mentioned that it’s going to absolutely implement provisions permitting home electrical energy customers to purchase energy from renewable vitality producers by means of energy buy agreements (PPAs).
The plan was first introduced in January 2021. The South Korean authorities mentioned that entry to the PPA market will now be given to initiatives exceeding 300 kW in dimension, with a view to encourage renewable vitality offers for buildings. Below the outdated guidelines, the dimensions threshold had been set at 1 MW.
Below the so-called Ok-RE100 scheme, state-owned Korea Electrical Energy Corp (Kepco) will act as an middleman between sellers and consumers. Previous to the introduction of this system, customers may completely purchase electrical energy from the nationwide utility.
SK E&S, a South Korean pure liquefied fuel (LNG) provider, secured the nation’s first PPA from Seoul-based Amorepacific in March. The electrical energy can be offered by a 5 MW renewable vitality plant operated by SK E&S at an unspecified location. Energy provides are set to start out from the fourth quarter of this 12 months. As of December 2021, SK E&S was working and creating 1.3 GW of photo voltaic capability.
In early August, SK Specialty agreed to purchase electrical energy from 50 MW of renewables belongings in South Korea’s South Chungcheong province all through the 2024-44 interval at an undisclosed value. The economic group described the deal as South Korea’s largest renewables PPA ever. It mentioned that different subsidiaries resembling SK Trichem and SK Supplies Efficiency could quickly observe with comparable offers.
Below the Ok-RE100 initiative, the South Korean authorities desires the nation to be absolutely powered by renewable vitality by 2050.
