More Solar Power Generation
According to the Korea Energy Agency, the total capacity of the solar power generation facilities newly put into operation in South Korea last year is estimated to have hit a record high of 1,011 MW, which is equivalent to 330,000 households’ consumption. The amount is expected to exceed 2 GW this year as the domestic solar power market is continuing to grow at a rapid pace.
The rapid growth of the South Korean solar power market started in 2012 based on the implementation of the Renewable Portfolio Standard (RPS).
The growth is likely to be accelerated this year because the Renewable Energy Certificates (RECs) in the solar and non-solar power markets were integrated with each other in March. The REC is to acknowledge the production of electricity using renewable energy resources such as solar power, and power generation companies subject to the RPS can meet their quotas by purchasing the REC. Power producers can make profits by means of the REC as well as the sale of electricity.
“Photovoltaic power is characterized by the ease of facility installation and popularization compared to the other renewable energy resources, and thus the REC market integration is likely to lead to a larger installation capacity,” said Kang Jeong-hwa, researcher at the Export-Import Bank of Korea, adding, “This year, South Korea is expected to rank seventh in the global market by recording a facility installation of 1 GW to 2 GW.”