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Korea Electric Power Corp. (KEPCO) is expected to invest 54 trillion won ($47.9 billion) to bolster its renewable energy power generation in an attempt to comply with the new government’s goal to up the country’s renewable energy supply to 20 percent in total power generation by 2030.
According to the KEPCO’s proposal for the renewable energy business obtained by opposition lawmaker Lee Chae-ik on Tuesday, the state-run utility company is reviewing an injection of 54 trillion won to bolster its renewable energy generation capacity to 13.5 gigawatts (GW) by 2030. This means KEPCO would be responsible for nearly 20 percent of total 67.7 GW renewable energy power supply that the government aims to achieve by 2030 as part of its nuclear phase-out policy, which has faced criticism from some energy professionals at home and abroad.
The Korea’s new government under liberal President Moon Jae-in set a goal to expand the total green energy generation from 15.3 GW of 2016 to 24.0 GW in 2020 and 43.4 GW in 2025. To meet the goal, KEPCO would have to boost its renewable energy supply, which was mere 0.1 GW that cost the company 200 billion won last year, to 0.7 GW in 2020 and further to 5.2 GW in 2025. By 2030, KEPCO would supply 13.5 GW in renewable energy, a whopping 135 times higher than last year’s.
By sector, solar power would generate 5.0 GW, wind power 8.1 GW and fuel cell 0.4 GW. For solar power generation, the company plans to build large-size regional solar energy farms, use government-funded businesses such as solar panel installation on schools’ rooftop, and develop new plant models using salt pits and sea. It is also mulling running wind power plants in the southwestern sea and Jeju.
The company projects its latest renewable energy business project would increase hiring to 319,000 in 2030 from 1,000 in 2016.
Shares of KEPCO Tuesday closed 1.13 percent down at 43,850 won.
KEPCO's headquarter building in Naju, South Jeolla Province
By Ko Jae-man
Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.
Source: Pulse by Maeil Business News Korea (Aug. 29, 2017)