South Korea Allocates Over 2 GW of Solar Projects in Latest Auction
The average tariff for these projects was KRW 136.129 (~$0.118)/kWh
July 22, 2021
The Korean New and Renewable Energy Center (KNERC), a division of Korea Energy Agency, has announced that it has allocated 2.05 GW of solar capacity in its latest auction.
In this auction, the agency selected 7,663 solar projects with an average tariff of KRW 136.129 (~$0.118)/kWh.
According to the agency, solar projects with a capacity between 100 kW and 500 kW secured the largest allocation of 639.05 MW, with an average tariff of KRW 138.21 (~$0.120)/kWh. This was followed by solar projects ranging from 500 kW to 1 MW capacity with a total allotment of 504.26 MW, with an average tariff of KRW 132.975 (~$0.115) quoted. With an average tariff of KRW 149.786 (~$0.130), solar projects with a capacity under 100 kW totaled 431.52 MW capacity.
In this auction, solar projects ranging between 1 MW and 2 MW secured 274.43 MW capacity, with an average tariff of KRW 134.882 (~$0.117)/kWh. While solar projects over 20 MW capacity accounted for the lowest share of 204 MW. The agency did not disclose the average tariff for the projects over 20 MW capacity.
The agency will supply the power generated from these projects to local power utilities. Of this, 500 MW will be supplied to Korea Hydro and Nuclear Power Corporation Limited. While Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power, and Korea East-West Power will be supplied 300 MW each. Korea District Heating Corporation and Korean Water Resource Corporation will receive 30 MW and 20 MW, respectively.
The agency is expected to auction 4 GW of solar projects by the end of this year. Currently, South Korea has over 15 GW of operational solar capacity and plans to install over 30 GW capacity by the end of this decade.
In October 2020, the President of South Korea, Moon Jae-in, declared that South Korea aims to become carbon-neutral by 2050. In his speech in the national assembly of South Korea, Moon Jae-in said that KRW8 trillion (~$7.06 billion) had been invested in the Green New Deal to tackle the climate change crisis.
Mercom had earlier reported that South Korea plans to boost the share of its energy output generated from renewable sources to as much as 35% by 2040.
Harsh Shukla
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