The Ministry of Trade, Industry and Energy (MOTIE) of Korea officializes its 2020 renewable energy strategy, which was partially briefed in the recent Annual Briefing to the President.
The plan, named as ‘Action Plan for the Development, Use and Diffusion of Renewable Energy (신․재생에너지 기술개발 및 이용․보급 실행계획)’ was released on February 27. It is the latest one of a series of action plans, which should be enacted yearly according to the ‘Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy.’
Besides numbers and plans we had reported on February 21, the new statement revealed the government’s intention to complete 28 PV farms (1,130MW, including Yeongam-located plant) and 9 wind farms (220MW, including Jangheung-located plant) within this year.
MOTIE also said that it will integrate the existing complicated REC market into a competitive bidding market while linking REC supply with a yearly goal.
On the pure R&D side, the government is to invest KRW 20.3 billion in solar and wind power and KRW 43.1 billion in hydrogen in 2020. The goals are also hefty: develop solar cell with 35% efficiency by 2025; floating wind turbine up to 8MW; other key components for hydrogen chain.
Along with all these visions, the statement provided a review of the year 2019, which seems quite positive: Korea diffused 3.5GW of capacity, exceeding the target of 2.4GW.
The full statement can be obtained here.