GANGWON-DO < invest Korea

Gangreung City, the only pilot city for low carbon and green growth in Korea, is seeing annual earnings of KRW 700 million from its solar power and small hydropower plants.

The city has solar power and small hydropower plants for the first time as a local government, and is seeing additional profits from sales of electricity and renewable energy certificates, according to its announcement Tuesday.

Its small hydropower plant, build in 2011 with an investment of KRW 1.5 billion, produces electricity of 1.882119 kW annually to earn annual profit of KRW 399 million.

The amount is enough to supply electricity to 500 households for a year, and is also equivalent to reducing 810 tons of CO2 gas a year and planting 114,460 30-year-old pine trees (97ha).

The city’s solar power plant, built in March with KRW 4.8 billion, produces electricity of 1.076166 million kW annually, generating profit of KRW 333 million in a year.

From last March to August, Gangreung has seen a profit of KRW 199 million.

It is sufficient to supply electricity to 300 households for a year, and equivalent to reducing 479 tons of CO2 gas and planting 67,260 30-year-old pine trees (57 ha).

However, total new and renewable energy production of Gangreung City only supplies for 1.14 percent of total city’s electricity consumption with solar power of 7,993 kW, hydropower plant of 870 kW and wind power of 2,750 kW.

The city plans to increase the proportion of the new and renewable energy to 25 percent by attracting private plants of new and renewable energy.

It also aims to build a low carbon green city and lay a foundation for successful Winter Olympics.

Source: Yonhap News (Oct. 15, 2013)

** This article was translated from the Korean.