South Korea: New Incentives Will Help Double Renewable Energy Output by 2025

S.Korea unveils new tariffs, incentives to boost renewable energy (Reuters)

(Courtesy CIA.gov)

South Korea plans to provide new incentives for renewable producers and consumers as its seeks to double power from green sources to 11 percent of the country's electricity supply by 2025 from 4.5 percent last year.

Seoul will implement a competitive market auction system for power producers as early as the first quarter of 2017, shifting away from the current feed-in-tariff system, the country's energy ministry said in a statement on Wednesday.

The new system means utilities can buy electricity from renewable power producers via tenders and fixed-price deals for up to 20 years - helping green energy producers ensure stable profits.

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