S Korea delays 10% renewable energy target to 2024

Jun 9, 2014 - South Korea has decided to delay by two years to 2024 the target for a 10% renewables share in power production, as power companies are already lagging behind interim goals, Korean news agency Yonhap said today citing a government press release.

The 10% goal is obligatory for all power companies with capacity exceeding 500 MW under the Renewable Portfolio Standards (RPS), introduced by the government in 2011. The delay is needed since most of the country's eight utilities have failed to achieve the current 2% renewables share goal, South Korea's Ministry of Trade, Industry and Energy said.

In order to make it easier for power suppliers to fulfill their renewables' quota, the government will also count waste heat as renewable energy. That move will also bring benefits to South Korean farmers, Yonhap added.

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