South Korea to replace 15-year-old renewable support scheme with auctions

South Korea has revealed plans to scrap its certificate-based RPS system, which has underpinned renewable energy support since 2012, in favor of competitive auctions and long-term fixed-price power purchase agreements starting Jan. 1, 2027. South Korea's National Assembly passed an amended renewable energy law on Aug. 20 that replaces the country's 15-year-old RPS with a new auction-based "contract market" system, the Ministry of Climate, Energy and Environment (MCEE) said. The ministry promulgated the revised law on Sept. 15, with the new framework taking effect Jan. 1, 2027. Under the outgoing ...

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