S. Korea to Change Renewable Subsidy Methods to Boost Efficiency
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South Korea’s government, which has spent $2.6 billion to foster a domestic market for clean energy, plans to change the way it subsidizes renewables to encourage private energy providers to take more initiatives on their own.
Under the plan, a certain amount of subsidies will be paid depending on the renewable source and its energy yield rather than a set ratio of subsidies in excess of base tariffs, the Ministry of Knowledge Economy said in an e-mail today.