Policy trends of renewable energy in Korea

Abstract

Although the ever-increasing need and demand for new and renewable energy has been recognized, there remain unresolved issues related to unstable supply of power and relatively low efficiency of such energy sources, prompting efforts at the national level. By observing the policy trends and analyzing the cases related to renewable energy in Korea, this study examines a potential business model that can be applied to overcome the aforementioned issues. It is important to note that the promotion of the renewable energy industry is dependent on the development of a convergent power system integrated with information and communications technology rather than simply supporting the development of each renewable energy source. Furthermore, there is a need to further emphasize the importance of efficient energy use through the expansion of the energy storage system (ESS), energy management system (EMS) as well as the demand response (DR) system.