South Korea plans to meet 20 percent of its total electricity consumption with renewables by 2030, the energy ministry said the plan called for adding 30.8 GW of solar power generating capacity and 16.5 GW of wind power capacity.[1]
South Korea installed approximately 1.2 GW of new solar during the first half of the year, the Korea Energy Agency has told pv magazine. Estimates suggest between 2.7 GW and 2.8 GW will be added throughout all of 2024.
The figures point toward a continued slowing down of South Korea''s solar market. In the “IEA-PVPS Annual Report 2023,” released earlier this year, contributing author Donggun Lim said that after peaking at 4.66 GW in 2020, annual installations have declined, with 3.92 GW in 2021, 3.28 GW in 2022, and an estimated 3.31 GW in 2023.
If the Korea Energy Agency''s full-year estimate for 2024 materializes, it would be the lowest figure for annual deployment since 2018, when 2.59 GW were installed.
"This decline is related to the government''s nuclear-centric energy policy, tightening regulations, and shrinking budgets for solar power, and is expected to continue in the coming years," said the IEA-PVPS report.
It called the outlook for renewable energy "negative" in South Korea, with the current government lowering renewable portfolio standard targets and increasing targets for nuclear power generation.
"The current government has drastically cut the 2024 budget for renewable energy," it said. "The budget for renewable energy support items from the power industry infrastructure fund was reduced by 42.3%, the budget for support for renewable energy deployment was reduced by 35.4%, the budget for feed-in tariff was reduced by 65.1%, and the budget for financial support for renewable energy was reduced by 27.5%."
Despite an apparent deprioritization, solar auctions continue to take place in South Korea. The country has operated a solar tender system annually since 2011, which has taken the shape of competitive bidding for fixed-price contracts since 2017. In 2023, auctions procured 272 MW in the first half and 60 MW in the second half of the year, totaling 332 MW of capacity.
Jiyhe Gwak, principal researcher at the Korea Institute of Energy Research, told pv magazine that a tender is planned later this month, with the announced capacity yet to be determined.
Gwak added that PV deployment in South Korea is led by utility-scale installations, with solar projects "notably driven by private sector participation, with a focus on medium- to large-scale installations considering capital requirements and site availability.”
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Their excellence in the field extends to renewable energy, which shows no slowing down despite the ongoing COVID-19 pandemic. They also plan to boost their renewable energy mix to 20% by 2030 and 42% in 2034. Are these numbers significant? For a country still incorporating renewable energy use, that''s pretty impressive.
Part of that renewable energy shift is solar power. We''ll discuss how South Korea''s been doing in that department by showing some relevant statistics. This article will also share some issues that challenge their solar energy efforts.
Even on the solar energy front, the pandemic hasn''t made a dent in South Korea''s renewable energy efforts. The country did not enforce a total lockdown, letting economic activities continue. This move helped increase their renewable capacity while battling the virus.
According to Korean Energy Agency statistics, South Korea launched solar power plants amassing up to 2.82 GW until Q3 of 2021. The government aims to reach 30.8 GW by 2030, which will meet their 20% target of total energy generation through renewables.
About South korea solar power
As the photovoltaic (PV) industry continues to evolve, advancements in South korea solar power have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient South korea solar power for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various South korea solar power featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
Related Contents
