South Korea has unveiled new incentives for renewable producers and consumers as it looks to double clean energy power to 11 percent of the country’s electricity supply by 2025.
The newly implemented system will allow utilities to buy electricity from renewable power producers via tenders and fixed-price deals for up to 20 years.
"The penetration rate of renewable energy sources is expected to grow up to 11 percent by 2025, and we can meet this goal 10 years earlier than we have aimed," said Energy Minister, Joo Hyung-hwan.
At present Korea generates close to 40 percent of the country's electricity from coal, followed closely by nuclear power at 30 percent with the rest coming from oil, gas and renewable energy sources.
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