South Korea give boost to energy storage as part of renewables spending spree

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South Korea to provide incentives for utility-scale solar operators to install energy storage units as it outlines plans to invest $US27 billion in renewable energies over next five years.

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With this incentive, the government expects there will be 440 billion won (USD391.6 million) of new demand for energy storage by 2020. Toshiba Read more: http://www.pv-magazine.com/news/details/beitrag/south-korea-to-give-incentives-for-energy-storage-as-part-of-renewables-spending-spree_100026184/#ixzz4KqxZM5zN
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PV Magazine

With this incentive, the government expects there will be 440 billion won (USD391.6 million) of new demand for energy storage by 2020. Toshiba Read more: http://www.pv-magazine.com/news/details/beitrag/south-korea-to-give-incentives-for-energy-storage-as-part-of-renewables-spending-spree_100026184/#ixzz4KqxZM5zN
With this incentive, the government expects there will be 440 billion won (USD391.6 million) of new demand for energy storage by 2020.
Toshiba

The South Korean government announced an initiative that provides incentives for utility-scale solar operators to install energy storage units alongside the PV plants, while also outlining plans to invest $US27 billion in renewable energies over the next five years.

With Asia now leading the way in solar manufacturing and development it seems that South Korea does not want to be left behind, as it outlines fresh incentives for solar plus storage and commits to large-scale renewable spending over the coming years. The Ministry of Trade, Industry and Energy made the announcements amidst Asia Power Week, which is currently taking place in South Korea’s capital Seoul.

The new storage scheme looks to encourage solar developers and large-scale operators to install storage systems alongside utility-scale solar plants by offering additional points on assessment of their renewable energy certificates. The program, which will begin in 2017, is part of the government’s efforts to support and enhance the country’s renewable energy market, specifically by developing the necessary infrastructure and support for renewable energy deployment.

The large-scale energy storage market in South Korea is currently experiencing a dramatic incline with 240 MWh installed by the end of 2015, and the Korean Electric Power Corporation (KEPCO) working with Korean battery provider Kokam for more large-scale storage projects. With this incentive, the government expects there will be 440 billion won (USD391.6 million) of new demand for energy storage by 2020.

In addition to the incentives for energy storage, the Energy Ministry also announced that the country had committed to invest USD 27 billion in renewables energy over the next five years. This is to help the country achieve its target of having 6% of its energy mix carbon-free by 2020, and to reduce its carbon emissions by 37% by 2030.

Source: PV Magazine. Reproduced with permission.

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1 Comment
  1. Kenshō 2 years ago

    This puts South Korea ahead of Australia in terms of an explicit commitment to the most effective paradigm, that of RE/storage. This clearly indicates they see that RE/storage can form the backbone of a grid whereas in Australia, renewable energy is mainly an add on to the fossil fuel paradigm of centralised generation. It appears their distributed generation will move ahead quickly, with them more likely to have the frequency stability to stage a shutdown of fossil fuel generators. In Australia, ARENA appears tied in knots by conservative political influences and has not been committed to RE/storage. Well done South Korea, the RE/storage paradigm is set to flow throughout every level of their economy and community. This will lead to social justice and a better country for their citizens.

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