South Korea to invest $46bn in renewable energy by 2030
South Korea currently relies on coal and gas for two-thirds of its power. However, its gas industry is already facing genuine competition from new wind and solar projects. It is expected that these projects will be in a position to compete with coal in the next five years.
The planned investments into renewable energy companies will be used to create 0.8GW of new solar power capapcity and 16.5GW of additional wind power capacity.
Alex Whitworth, Wood Mackenzie's research director, commented on these targets: “South Korea has lagged behind other countries in renewable deployments to date but declining costs and the ‘New Green Deal’ initiative will help the country to catch up in the next decade.
“Over $46 billion will be invested in South Korea’s renewables sector by 2030, quadrupling the share of wind and solar in generation to 13%. Another 6% will be sourced from biomass and other renewables taking South Korea to 19%, just shy of its 20% target.
“By 2030 new utility-scale solar and onshore wind will be 20% cheaper than coal-fired power, while offshore wind and distributed solar will both be cheaper than gas-fired power. Lower renewables costs will help South Korea displace fossil fuels with cleaner power, while still maintaining stable end-user power prices.
In the longer term, the South Korean government had announced in 2019 a target for 35% of the nation’s energy to come from renewable sources by 2040. This figure would see Asia’s fourth-largest economy move closer in line with western Europe and the United Sta
W3 Energy signs technical operations contract with Luxcara
The wind farm, located outside of Piteå in northern Sweden, plans to have 137 wind turbines on full installation, with an expected capacity of more than 750 MW.
W3 Energy will be responsible for onsite technical operations management and local accounting services as well as operation and maintenance of the electrical infrastructure and transformer stations.
"This contract strengthens our position as a key player in onsite technical operations management. The Önusberget wind farm is the largest single-site wind power project in Europe and we are proud that Luxcara gives us the trust to support with the operational management of their investment", says W3 Energy's COO André Sjöström.
"The contract with Luxcara is extremely important to us and means that we take a firm grip on our home region. This contract allows us to continue to grow and we plan to continue to recruit in Piteå, Umeå, and Skellefteå."
The new contract with Luxcara means that W3 Energy manages approximately 15% of the renewable energy produced in Sweden and lays the foundation for continuing to build growth in other regions.
"Luxcara is an internationally respected asset manager in renewable energy, with high-quality investment criteria and a strong focus on diversity and sustainability. We share their view on sustainability, with a strong focus on environmental as well as social and ethical aspects", stated W3 Energy's CEO Pär Dunder.
Its past engagement with W3 combined with their track record from other large projects and their local experience were decisive factors for choosing W3 Energy, according to Philip Sander, Managing Director of Luxcara.
Global Wind Day will be held tomorrow (June 15), to promote wind's potential to reshape our energy systems, decarbonise economies and boost jobs and economic growth.
Onshore wind is now the cheapest form of new power generation in most of Europe, and offshore wind is not far behind with costs having fallen over 60% in three years, according to WindEurope.
Adrian Timbus, ETIPWind Chairman, said: “Wind energy can help electrify 75% of Europe’s energy demand and thereby deliver climate neutrality by 2050. But we must prioritise the development of the necessary technologies: next generation onshore and offshore turbines, electrification solutions for transport and for industry, and electrolysers for renewable hydrogen.”
Poland leads Europe's wind growth
Poland saw Europe's biggest increase in wind turbine energy production between 2000 and 2018, according to a Save on Energy study, and produced the fourteenth highest percentage of electricity by wind power overall in 2018.
Czechia has seen second highest percentage increase in electricity production generated by wind power. Despite having the second lowest proportion of electricity generated by wind power in 2018, the country previously produced the lowest percentage overall in 2000, so it has still seen a significant increase in wind turbine energy production over the years.
France has the third largest increase in wind turbine energy production throughout the period studied, with electricity production generated by wind power increasing from 0.009% in 2000, to 4.9% in 2018, while neighbouring Belgium experienced the fourth highest increase in wind energy production, with almost 10% of electricity produced being generated by wind power in 2018, compared to 0.02% in 2000.
Although Ukraine boasted the lowest percentage of electricity produced by wind turbines in 2018 (0.7%), the country had the fifth largest percentage increase since 2000, since only 0.003% of electricity production was generated by wind turbines.
By comparison, Denmark, Luxembourg and Spain each ranked as having the lowest percentage increases when it came to the percentage of electricity production generated by wind turbines between 2000 and 2018, and they lag considerably behind other European nations.
The EU wants wind to account for 50% of the continent's electricity by 2050. The Romanian Wind Energy Association recently launched a Code of Good Practice for renewable energy.
Top 10 countries in Europe for wind growth