REPUBLIC OF KOREA: Feed-in Tariffs for New and Renewable Energy

Meta Data
Draft: 
No
Revision of previous policy?: 
No
Effective Start Year: 
2002
Effective End Year: 
2011
Scope: 
National
Document Type: 
Programme
Economic Sector: 
Power, Building
Energy Types: 
Power, Renewable, Solar, Wind
Issued by: 
Government of the Republic of Korea
Source: 
Korea Energy Agency
File: 
Feed-in Tariffs for New and Renewable Energy
Overall Summary: 
Through this Programme, the government compensates the difference between the base price of electricity notified by the Ministry of Industry, trade and Energy and traded power prices in order to encourage investment in the new and renewable energy sector. The program ended as of December 31, 2011 (no new participations from 2012) .
Renewable Energy
RE prioritization, portfolio standards: 
Obligatory renewable service supply ratio (Additional table no.3 of Enforcement Ordinance of the Act on the Promotion of the Deployment, Use and Diffusion of New and Renewable Energy ) --- Obligatory solar PV supply (Additional table no.4 of Enforcement Ordinance of the Act on the Promotion of the Deployment, Use and Diffusion of New and Renewable Energy).
RE feed-in tariffs: 
The government compensates the difference between the base price of electricity notified by the Ministry of Industry, trade and Energy and traded power prices in order to encourage investment in the new and renewable energy sector. --- Please see the document for Solar PV standard prices; Non-Solar PV standard prices.
Tradeable REC: 
Renewable Energy Certificate (REC): REC certifies that power generators produced and supplied power using new and renewable energy facilities. Power generators can meet their obligatory new and renewable energy supply target by purchasing REC. REC is issued based on the weighted new and renewable energy supply (MWh).
Pricing
Energy pricing: 
Please, see table "Standard Prices of Power Source" for details.
Governance
M&E of policy implementation: 
Penalties of maxim of 150% of trading prices of renewable energy supply certificate are imposed for non-compliance. The amount of penalties varies depending on causes and frequency of the non-compliance.