Policy mix of renewable portfolio standards, feed-in tariffs, and auctions in South Korea: Are three better than one?

Abstract

This study examines the effects of policy mix supporting electricity from renewable energy sources (RES-E) in South Korea. South Korea relies on a renewable portfolio standard as the main support scheme along with a feed-in tariff and long-term supply contract auctions as complementary schemes to support RES-E. This study investigates whether there is synergy among RES-E support policies. It also investigates how the policy mix affects RES-E markets. Although this study only focuses on a particular case of Korea, a policy mix generally can be an effective way to overcome the drawbacks of a single policy instrument in supporting RES-E.