Annual Report 2017
Country Reports


Keyyong Hong Korea Research Institute of Ships and Ocean Engineering


The national strategy for the development of ocean energy systems in Korea, approved by the National Science and Technology Council in 2015, was established based on the “Mid-term and Long-term Clean Ocean Energy Development plan 2015-2025”, which was written by both MOF (Ministry of Oceans and Fisheries) and MOTIE (Ministry of Trade, Industry and Energy). It emphasized the key action plan to stimulate R&D and to commercialize technologies related to the ocean energy systems.

Last year, the Korean Government announced the new “Action Plan for Renewable Energy Policy 3020” for reducing the footprint of fossil fuel by sharing up to 20% of a total national electricity demand from renewable energies, such as wind and solar, by 2030. The MOF has also clarified the goal by confirming a new plan for developing and disseminating the ocean energy systems in “2030 Ocean Energy Development Plan” to meet the Government’s new energy policy. This new plan includes a construction of 1.5 GW ocean energy infrastructures and promotion of new industries in the ocean energy systems by cultivating specialized companies and establishing supply chains. In order to construct a 1.5 GW ocean energy infrastructure additionally by 2030, it plans to build new infrastructures including wave energy systems of 220 MW, hybrid power generation systems of 300 MW, and tidal energy systems of 700 MW on the existing Sihwa Lake tidal power plant of 254 MW.

The renewable portfolio standard (RPS) was established in 2012 to enforce utility companies with the capacity of over 500 MW to provide an obligatory portion of the total electricity production with renewable energy, which was 4.0% in 2016. The market incentive plan, known as tradable Renewable Energy Certificate (REC), supplements the RPS policy.

The values of REC are currently given as 2.0 for tidal current, 1.0 for tidal barrage with embankment and 2.0 for tidal barrage without embankment, whereas the value of REC for the wave and thermal ocean energy is yet to be determined. MOF is currently conducting research to adjust the value of REC for the tidal energy systems and to decide the new REC values for WEC and OTEC in order to promote the active participation in the ocean energy development from major companies.

MOF and MOTIE provide public funding for ocean energy R&D, as well as demonstration projects. They invested a total of USD 200 million for ocean energy technology development projects from 2000 to 2017. MOF funding focuses mainly on open sea demonstrations under the “Practical Ocean Energy Technology Development Programme”, while the MOTIE primarily supports the fundamental R&D projects under the “New and Renewable Technology Development Programme”.