[SMM PV Flash] South Korea Plans Auction Market to Replace Renewable Quota System

Published: Oct 14, 2026 09:52 (GMT+8)

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South Korea’s Ministry of Climate, Energy and Environment has released draft rules for a competitive renewable energy contract market, which is scheduled to replace the existing Renewable Portfolio Standard from January 2027. Under the proposal, Korea Electric Power Corporation (KEPCO) will sign long-term fixed-price contracts with successful projects on behalf of electricity buyers, with monthly settlements based on the difference between contract and wholesale power prices. Project evaluation will consider not only price but also community acceptance, domestic industry contribution and grid impact. Floating solar, agrivoltaics, rooftop PV and projects located in areas with available grid capacity may receive differentiated support. The reform marks a shift in South Korea’s renewable energy support framework from quotas and certificates toward long-term competitive contracts.

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