KEPCO to enter renewable energy development

• 7 years ago (2017-08-22)
• David Flin

Asia 892 Renewables 776

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The South Korean Government has decided to allow Korea Electric Power Corporation (KEPCO) engage in new renewable energy business in an effort to increase the share of renewable energy in the country’s power production by 20 per cent by 2030. KEPCO can now participate in electricity generation 16 years after its power plants were split into Korea Hydro & Nuclear Power, Korea South-East Power, and four other subsidiaries in 2001.

According to energy-related government agencies, the Ministry of Trade, Industry, and Energy decided to allow KEPCO to allow KEPCO to conduct power generation activities for new renewable energy, and it began to review related laws and regulations for revision. Currently, KEPCO is in charge of electric purchase and transmission and distribution, and, under the Electric Utility Act, cannot produce and sell electricity directly. Hence the company purchases power generated by its subsidiaries and some IPPs.

President Moon promised during his election campaign to increase the share of new renewable energy in power generation in South Korea by 20 per cent by 2030. The Government has been encouraging KEPCO subsidiaries and private companies to engage in renewable energy projects, but this hasn’t achieved the desired results. The share of electricity from renewable energy sources was 3.6 per cent in 2016, an increase of just 1 per cent from 2.6 per cent in 2010.