South Korea will remain dependent on coal and nuclear for its power generation over our 10-year forecast period, despite small gains made with its renewable energy expansion. The prevalence of cheaper fuels will undermine investment into the renewables sector, but we note that the project pipeline for wind power has strengthened over the last six months. We expect 3.3GW of installed wind capacity by 2024.
Latest Updates And Structural Trends
- In July 2015, European offshore wind consultancy Wind Minds signed a memorandum of understanding with Korean firm Doarm Engineering to develop two offshore wind projects of 100MW each in South Korea. The wind farms will be built near South Korea's Jeju Island.
- South Korean chemical company LG Chem signed an agreement in November with local power producer GS E&R to reportedly develop the world's largest wind energy storage project in South Korea.
Under the deal, LG Chem will install a 50MWh storage system at a wind farm in Yeongyang, North Gyeongsang province.
Table: Renewables Headline Forecasts (South Korea 2014-2020)
South Korea Renewables Forecast Scenario
Table: South Korea Non-Hydro Renewables Generation Forecasts, 2013-2018
Table: South Korea Non-Hydro Renewables Generation Forecasts, 2019-2024
Table: South Korea Non-Hydro Renewables Capacity, 2013-2018
Table: South Korea Non-Hydro Renewables Capacity, 2019-2024
South Korea Renewables Projects Database
Table: Key Renewables Projects
Industry Risk Reward Index
South Korea Renewables Risk/Reward Index
Sustainable Energy Policy and Infrastructure
Table: Supply Targets For New And Renewable Energies
Korea District Heating Corporation (KDHC)
Korea Hydro & Nuclear Power (KHNP)
Table: Glossary Of Terms
Methodology And Sources
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Renewables Risk/Reward Index Indicators
Table: Weighting Indicators