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South Korea’s regenerated power use marks record high in 2017
By Kim Bo-gyungPublished : July 16, 2018 - 16:56
The trade amount of electricity from renewable sources in South Korea hit an all-time high of 2.4 trillion won ($2.13 billion) last year, backed by President Moon Jae-in’s plan to expand renewable energy, industry data showed Monday.
Regenerated power traded in 2017 jumped 20.1 percent on-year to 2.4 trillion won from 1.7 trillion won in 2016, according to data from the state-run Korea Power Exchange.
Last year’s figure is over 40 times the 50.4 billion won seen in 2011.
Out of the total 44.7 trillion won in electricity traded at the Korea Power Exchange, renewable source-based electricity accounted for 4.6 percent, data showed.
The Moon administration aims to increase the portion of clean energy to 20 percent of total energy produced here by 2030.
Regenerated power traded in 2017 jumped 20.1 percent on-year to 2.4 trillion won from 1.7 trillion won in 2016, according to data from the state-run Korea Power Exchange.
Last year’s figure is over 40 times the 50.4 billion won seen in 2011.
Out of the total 44.7 trillion won in electricity traded at the Korea Power Exchange, renewable source-based electricity accounted for 4.6 percent, data showed.
The Moon administration aims to increase the portion of clean energy to 20 percent of total energy produced here by 2030.
In terms of renewable energy type, that made from waste and by-product gas accounted for 47 percent. By-product gas is emitted while producing steel products.
Hydro energy followed at 12.7 percent, solar energy 10.1 percent, wind energy 9.6 percent and bio energy 9.2 percent.
Based on standards adopted by the International Energy Association, the Korean government is reviewing whether to exclude waste product-based power from its list of renewable sources.
“The IEA does not recognize energy produced from waste that is not renewable in nature as regenerated electricity. Moving in that direction, the Korean government is also reviewing whether to adopt stricter measures,” said the spokesperson of the Korea Energy Economics Institute.
Meanwhile, eyeing for a stake in the rising business, the number of artificial intelligence-related renewable energy patents came in at 47 in 2017 compared to 11-17 yearly in 2010-2012, according to the Korean Intelligence Property Office.
Samsung Electronics was the No. 1 patent holder with 20 patents, followed by the state-run Korean Electric Power Corporation with 15 patents.
AI is expected to improve demand forecast by controlling the volume of fossil energy generation and enabling more efficient energy transfer, according to KIPO.
Kim Bo-gyung (lisakim425@heraldcorp.com)
