Renewable energy drive makes little progress

The nation’s drive to increase electricity generation from renewable energy sources is facing rough sailing as a number of power and utility companies failed to meet their green energy production targets in 2012. The targets were set by the government under a regulation called the renewable portfolio standard, or RPS.

RPS, which was introduced in January last year, is an annual renewable energy development quota for state-run and private power and utilities companies with more than 500 megawatts of power generation capacity.

In 2012, 13 companies, including six units of the Korea Electric Power Corp. and POSCO Power and GS Power, were subject to the RPS, which was set below 2 percent of energy production. “Most state-run power generation companies failed to meet their 2012 RPS due to a variety of reasons,” said an official from Korea Midland Power, one of KEPCO’s subsidiaries.

The Korea Energy Management Corp. said that the 13 companies are expected to have achieved only 50 to 60 percent of their annual quota.

For full article, see Korea Herald.

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