South Korea Renewables Report Q2 2015
We are maintaining our 2015 growth forecast for non-hydropower renewable energy in South Korea thisquarter as our assumptions for the sector remain relevant. Growth in 2015 will be driven primarily by windand biomass, and solar to a lesser extent. We have also maintained our long-term forecasts for renewableenergy, and expect non-hydropower generation to grow an average of 12.9% per annum between 2015 and2024.
Key Trends And Developments:
South Korea replaced its feed-in tariff system with a renewable portfolio standard (RPS). Initially thisrequired the 14 state-run and private power utilities with capacities greater than 500MW to generate 5.2%of energy from renewables (including hydro) by 2020, 7.5% by 2025 and 11% by 2035. However, due tothe unfavourable policy environment we estimate that by 2024 only 1.5% of the country's energy mixwill be generated by non-hydropower renewables. The policy environment is unfavourable due to lowelectricity rates, insufficient financial support and low public acceptance.
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