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Comparing feed-in tariff and renewable portfolio standard in South Korea: Cost reduction impact on non-photovoltaic renewable electricity

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  • Hong, Soonpa

Abstract

Renewable energy (RE) electricity plays a crucial role in addressing climate change but has limitations, such as intermittent production, high costs, and site constraints. South Korea transitioned its RE support system from a feed-in tariff (FIT) to a renewable portfolio standard (RPS) in 2012. This study evaluates the impact of the FIT-to-RPS transition on cost reduction for non-photovoltaic RE technologies (RETs), i.e., onshore wind power, bioenergy power, small hydropower, and fuel cell power, using a learning curve model. The results indicate that the FIT-to-RPS transition did not have a significant positive impact on cost reduction for onshore wind power, bioenergy power, or small hydropower, as the results show negative learning rates (LRs) during both FIT and RPS periods. The analysis suggests that the positive learning effect was hindered by the gradual depletion of sites favourable to RE power plants as more RE power plants were installed. However, fuel cell power, which is not affected by land availability, increased the LR from 1.4 % to 3.5 %.

Suggested Citation

  • Hong, Soonpa, 2024. "Comparing feed-in tariff and renewable portfolio standard in South Korea: Cost reduction impact on non-photovoltaic renewable electricity," Renewable Energy, Elsevier, vol. 234(C).
    • Handle: RePEc:eee:renene:v:234:y:2024:i:c:s0960148124012084
    DOI: 10.1016/j.renene.2024.121140
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