Minister Joo Hyung-hwan announced this plan under the Ministry of Trade, Industry, and Energy on Tuesday. The country plans on building new renewable power stations to produce 13 million kilowatts of electricity annually. The strategy is to invest in the development of the renewable energy sources within the next five years, along with development of energy storage systems.
Along with the development plans, the government is raising the required ratio of renewable energy generation to 7.0 percent by 2020.
Individuals who own their own solar panels or wind turbines will be able to sell excess electricity. As well, building will be equipped with their own solar power generators to help cut back on the utility bills.
According to the deputy trade minister for energy and resource policies, Chae Hee-bong, “The government will lift unnecessary regulations and increase government support to foster the renewable energy sector.”
These improvements of the South Korean energy sector will help to cut down on their mostly nonrenewable energy production, with 33% of their energy from liquefied natural gas, with coal and nuclear trailing close behind. The country also is considering closing coal fired power plants that may not be as efficient or as well working as newer ones to cut fine dust emissions.