Invest KOREA

(SEOUL=Yonhap News) This year, Korea's new energy industry that covers electric vehicles (EVs) and energy storage systems (ESSs), is showing a significant increase in exports from 2016.

The Ministry of Trade, Industry and Energy revealed May 3 that from January to April, 2017, Korea exported ESSs worth USD 148 million, up 32 percent from the same period the previous year.

With Hyundai's Ioniq and the Kia Soul rising in popularity in markets around the world, EV exports in Q1 2017 reached USD 110 million (4,367 cars), a 9 percent increase from Q1 2016.

New energy has also witnessed a significant increase in domestic supply in Q1 2017.

The supply of new and renewable forms of energy such as solar and wind for the months of January to April recorded 651 megawatts this year, amounting to over 40% of last year's entire supply (1,616 megawatts). And with improvements made to the discount system for special cases going into effect in May, new energy supply is expected to grow at an even faster pace in the remaining months ahead.

The new version of the discount system for special cases provides a 50 percent discount for electricity saved by generating one's own new or renewable energy, and has lowered the application requirements to owners of new or renewable energy generation facilities of a minimum scale of 1,000 kilowatts.

A total of 1,806 EVs were supplied domestically in Q1 2017, over eight times the 223 supplied in Q1 2016.

Launched earlier this year, 121 clean-energy smart factories have been built, with plans to complete 500 by the end of the year. Clean-energy smart factories refer to factories that apply ICT and new energy technologies to the manufacturing process.

The ministry is hopeful that the country will see an increase in success cases that simultaneously achieve enhanced productivity, energy efficiency, and lower costs, ultimately expanding private investment in clean-energy smart factories.

eun@yna.co.kr

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Source: Yonhap News (May. 3, 2017)