Renewable Energy Facilities Surge... Power Generation Still 'Minimal'

[Asia Economy Reporter Jang Hyowon] Although renewable energy generation facilities have surged due to the government's policy to expand the supply of renewable energy, the amount of power generated remains insignificant, according to a recent investigation.

According to the Korea Energy Agency's 'New and Renewable Energy Supply Statistics' on the 24th, the newly installed capacity of renewable energy in South Korea in 2019 was 4,485 MW, an increase of about 27% compared to the previous year.

By energy source, new solar power installations accounted for 3,789 MW, or 84.5%, followed by bioenergy at 290 MW (6.5%) and wind power at 191 MW (4.3%).

As of 2019, the total accumulated renewable energy capacity in South Korea was 23,171 MW, nearly a 50% increase from 2017 (15,703 MW), when the 'Renewable Energy 2030 Implementation Plan' was established. The share of new and renewable energy in total power generation capacity also rose from 12.9% in 2017 to 17.7% in just two years.

However, the proportion of renewable energy in total power generation remains minimal.

According to KEPCO's electricity statistics bulletin, the amount of electricity generated from new and renewable energy in 2019 was 36,692 GWh, accounting for only 6.5% of total electricity production. This was a slight increase from 6.2% the previous year. The share was 6.9% based on data from January to November last year.

The industry attributes this phenomenon mainly to the fact that the expansion speed of power grid facilities cannot keep up with the pace of renewable energy supply. In response, the Ministry of Trade, Industry and Energy is preparing to strengthen and expand infrastructure in anticipation of renewable energy expansion.

According to the 9th Basic Plan for Electricity Supply and Demand finalized at the end of last year, the Ministry announced that it will actively implement customized measures for regions densely populated with renewable energy, such as reinforcing transmission lines in concentrated renewable energy areas.