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S. Korea to require power firms to use more renewable sources from October
South Korea has revised the renewable portfolio standards (RPS) system to let power companies raise output from renewable sources from 10 to 25 percent beginning October, in line with the country's green energy drive.
South Korea initially set the mandatory quota at 2 percent, which gradually raised to 9 percent this year.
The country plans to announce its blueprint on the mandatory ratio later this year.
The RPS system requires power companies with a generation capacity of over 500 megawatts to have renewable sources, such as solar and wind, comprise a substantial percentage of their portfolio.
Companies that do meet the required quota are required to procure renewable energy certificates (RECs) from small and mid-sized renewable energy companies.
South Korea has cut down on coal and nuclear power and plans to increase clean sources