Solar panels at the Samcheonpo power plant in southeast South Korea. (image: Korea South-East Power Co.)
SEOUL, Jan. 6 (Korea Bizwire) — South Korea will roll out the K-RE100 system this year to enable domestic companies to procure renewable energy at home, the Ministry of Trade, Industry and Energy said Tuesday.
The K-RE100 system is designed to allow electricity consumers to purchase and use renewable energy on a selective basis.
RE100, meaning renewable energy 100 percent, is a global initiative that aims to bring together the world’s most influential businesses committed to 100 percent renewable electricity created through renewable energy sources like wind and solar power.
The renewable energy can be procured through various methods, including the green premium system, the third party power purchase agreement (PPA), the purchase of renewable energy certificates or self-power generation.
The green premium system refers to the method of buying renewable energy by giving premiums to the Korea Electric Power Corp. (KEPCO) through a bidding process.
Third party PPA refers to the signing of power transaction contracts between renewable energy providers and businesses, with KEPCO serving as an intermediary.
The state-run Korea Energy Agency is now engaged in the establishment of a renewable energy certificate (REC) transaction platform dedicated for the implementation of the RE100 initiative, while planning to launch the trial project within the first quarter of this year.
M. H. Lee (mhlee@koreabizwire.com)
