This photo, provided by Korea Forest Service on Aug. 7, 2020, shows solar panel facilities set up at a mountain.
SEOUL, Nov. 4 (Korea Bizwire) — The government plans to readjust the renewable energy distribution goals and renewable portfolio standards (RPS) with the aim to make the policy more realistic.
The Ministry of Trade, Industry and Energy on Thursday announced plans to improve policies on renewable energy in response to the changing energy environment.
First, the ministry reset the renewable energy distribution goal to 21.6 percent, down by 8.4 percentage points from the nationally determined contribution (NDC) plans announced in October last year.
The RPS rule that requires businesses in possession of power generators of 500 megawatts or more to set up solar panels and wind turbines to generate a certain proportion of electricity through renewable means will also be retracted.
The solar and wind power ratio, currently standing at 87:13, will be readjusted to 60:40 by 2030.
The ministry will also readjust the renewable energy certificate (REC) and the bidding system to come up with renewable energy development and supply methods that are better suited for small to medium-sized power-generating businesses.
The government will expand upon the bidding market to promote competition among wind power businesses while aiming for a transition into an auction system in the long run.
H. M. Kang (hmkang@koreabizwire.com)
