[THE INVESTOR] The Korean government plans to announce a series of new plans this month to nurture the renewable energy segment, especially energy storage systems, according to news reports on Nov. 20.

The new plans are expected to include extending the period of a state-run incentive programs for ESS by one year until 2021 or granting additional value on renewable power certificates traded in the local renewable energy trading market.

“Solar and wind power generation will likely gain momentum with a new set of incentive programs that will improve the economic feasibility of renewable power generation,” a market watcher said.

The Moon Jae-in administration has pledged to switch the nation’s primary energy sources from nuclear energy and coal to renewable sources, such as solar and wind power.

According to the 2030 Renewable Energy Plan, the government seeks to increase the portion of renewable resources from the current 7 percent of entire power output to 20 percent. The generation by solar and wind power plants will account for 80 percent of the total energy output of renewable energy.

The government will also relax regulations, such as allowing solar and wind plants to be built on reservoirs, paddy fields and lands near coastal areas unsuitable for agricultural farming.

Other proposed rules to promote renewable energy include a so-called Green Pricing policy, through which the government buys back renewable energy at a higher price than power generated by the traditional resources, and an Energy Prosumer scheme which lets individuals to produce and trade renewable energy among themselves.

By Kim Young-won (wone0102@heraldcorp.com)