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ARTICLE · 10 FEBRUARY 2022

South Korea Opens Door For Direct PPAs For Renewable Projects

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The amendments to the Electric Utility Act, which for the first time allow renewable energy generators in South Korea to sell electricity directly to end-users without having to go through the Korean Power Exchange...

South KoreaEnergy and Natural Resources
Ben Thompson
Ben Thompson
Kirsti Massie
Kirsti Massie
Matthew B. Chow
Matthew B. Chow
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The amendments to the Electric Utility Act, which for the first time allow renewable energy generators in South Korea to sell electricity directly to end-users without having to go through the Korean Power Exchange (KPX), are now in force. 

Under the pre-existing electricity market structure, direct Power Purchase Agreements (PPAs) between generators and end-users are prohibited under the Electric Utility Act. Instead, generators are required to sell into the KPX's hourly auction pool, with Korean Electric Power Corporation (KEPCO) as the sole off-taker (given that KEPCO is the only 'electric sale business' licenced under the Electric Utility Act).

These amendments to the Electric Utility Act are therefore a potential game changer for the renewables sector, effectively removing KEPCO's monopoly on the sale of renewable energy to end-users. Power sold under this direct PPA scheme will however not be eligible for the issuance of renewable energy

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