Monday, March 24th, 2014
SEOUL, KOREA - Korea Electric Power Co., jointly with six power generation companies, will invest a total of 42.5 trillion won by 2020 to build renewable energy generation capacity up to 11.5 gigawatts, which is equivalent to building 11.5 1-million-kilowatt nuclear power plants.
The state-run electricity utility said on March 23 that it has prepared for a long-term renewable energy business plan including increasing the share of renewable power generation to 61.2 percent by 2020 from the current 19.0 percent.
The energy produced by the seven companies by 2020 will be 72 percent of the total renewable energy volume of 15.9 gigawatts. According to Korea Electric Power, wind power will account for 58 percent (6.7 GW), followed by tidal power generation and other new energy sources (2.0 GW), solar power (1.3 GW), and energy storage systems (0.8 GW). In addition to the large-scale offshore wind farm project current under way in the southwestern coast, the company will build another in the South Sea capable of generating up to 1 gigawatts a year.
In order to mitigate disputes with local residents when building power plants and power generation facilities, the company will seek a revenue-sharing business. For example, Korea Electric Power will pay out more than 5-percent dividends a year or land lease fees to the residents of Miryang, South Gyeongsang Province, where it is undertaking a solar power project. The company estimated that renewable energy projects will create 267,000 jobs and earn 2.8 trillion won from domestic and international orders by 2020.