6.4 Trillion Won to be Invested in Renewable Energy Sector This Year

The Ministry of Trade, Industry & Energy announced on January 27 that Korean public corporations in the power generation sector invest 6.4 trillion won in the renewable energy industry this year while the Korean governments organizes a consultative body for deregulation and investment promotion in the industry.

The Korea Electric Power Corporation (KEPCO) raises a fund of two trillion won in 2016 and 2017. This fund is scheduled to be spent on the promotion of the growth of firms with innovative technology, technological development for climate change response, collaboration projects abroad, etc.

In another project, 400 billion won will be input for the installation of solar power generation equipment on the rooftops of 1,000 schools. Some of the profits generated by the equipment are to be spent for school management purposes.

250 billion won has been earmarked for the distribution of advanced metering systems. Two million households are slated to be equipped with the systems this year to become capable of remote metering and leakage detection. 180 billion won and 445 billion won are invested in energy storage systems in 2016 and 2017, respectively.

At the same time, the KEPCO builds 20 electric vehicle charging stations with 500 chargers in cooperation with firms in the private sector by making an investment of 200 billion won. An electric power big data center is scheduled to be opened as well so that various relevant information and data can be utilized by enterprises. 300 billion won is to be spent for the purpose of energy efficiency improvement, including LED replacement.