(MENAFN- Qatar News Agency) Oul june 09 (qna) - south korea's government said monday it has decided to push back the target year for mandatory use of renewable energy by two years a move aimed at easing requirements for the country's power companies.
"considering the realistic conditions for the power companies in fulfilling their requirements the government has decided to extend the target year for the 10% rps requirement by two years from 2022 to 2024" south korea's ministry of trade industry and energy said in a press release.
the majority of the country's eight power companies have failed to meet their annual requirements since the so-called renewable portfolio standards (rps) were introduced in 2011 according to south korea's (yonhap) news agency.
to help further ease the burdens for power companies the government also decided to recognize waste heat from the power companies as renewable energy.
currently the eight power companies annually create some 240 million gigacalories of waste heat equivalent to 160 million barrels of oil but only 0.48% of the waste heat is put to any use.
power companies with generation capacity of more than 500000 kilowatts were required to produce at least 2% of all their power output from renewable sources.
under the current rps system the power companies must gradually increase the portion of power generated from renewable sources to 10% by 2022. (qna)
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