Strategy and National Targets
The Strategic Plan for ocean energy development in Korea is divided into 3 phases. In the first phase until 2012, ocean energy RD&D (Research, Development and Demonstration) is mainly funded by the Government and it focuses on the development of core technologies that are suitable to coastal areas.

In the second phase, from 2013 to 2020, the role of industries will gradually increase in both funding and RD&D and the technologies that are applicable in open sea will be exploited. In the third phase, from 2021 to 2030, the industries will lead commercial development for ocean energy resources and the hybrid utilization of technologies combining multiple ocean energy resources will be activated. Korea targets to supply 11% of the national energy demand from new and renewable energy by 2030, of which ocean energy will contribute 4.7% to total new and renewable energy supply, which amounts to 1,540 kTOE. 

Support Initiatives and Market Stimulation Incentives
The original FIT policy was initiated in 2002. The FIT for ocean energy promotion is currently applied only to tidal barrage power. The first FIT for ocean energy was applied at the Sihwa TBPP, which is allocated to a category of tidal barrage power plant in capacity more than 50MW without a tide embankment. 

The FIT standard price is 62.81 Korean Won. The Government has announced that the RPS policy will be enforced to utility companies from 2012. The RPS policy requires the supply of 2% of the total electricity by renewable energy in 2012 and to increase its portion to 10% in 2022.

Main Public Funding Mechanisms
The public funding for renewable ocean energy is limited to RD&D since its technologies are not mature enough for commercial use yet. The two ministries MLTM (Ministry of Land, Transport and Maritime Affairs) and MKE (Ministry of Knowledge Economy) lead the national promotion of ocean energy RD&D. MLTM supports mainly demonstration projects under the “Practical Ocean Energy Technology Development Programme”. MKE funds mostly fundamental R&D projects under the “New and Renewable Technology Development Programme”.

Though the Government funding supports both fundamental researches and demonstration projects, the latter usually requires industrial matching fund, which amounts at least 25% of the total budget for small and medium companies and 50% for large companies. 

Relevant Documents Released
There are two extensive documents concerning the strategy and roadmap for renewable ocean energy development. The MKE released “RD&D Strategy 2030 for New and Renewable Energy – Ocean” in 2008 and the MLTM published “Development of Activity Plan on Ocean Energy R&D Programme” in 2009.

Also, MKE issued the “White Paper on New and Renewable Energy”, which includes national policy and statistics on new and renewable energy. 

Tidal Energy R&D Projects 

 Notes: KORDI: Korea Ocean Research and Development Institute | KMU: Korea Maritime University |
HHI: Hyundai Heavy Industries Co., Ltd. 

Wave Energy R&D Projects 

 Note: KEPRI - Korea Electric Power Research Institute 

Ocean Thermal Energy and Salinity Gradient Energy R&D Projects
Three OTEC (ocean thermal energy conversion) projects have recently been launched in Korea as follows:

1. The project charged by KORDI and supported by MLTM is to utilize the deep ocean water for air cooling and heating as well as power generation
    
2. A project carried out by KEPRI and funded by MKE, which uses the cooling water discharged from power plant
    
3. A fundamental research project on working fluids used for OTEC.

There is one on-going project on the salinity gradient energy, which is conducted by Hongik University and supported by MKE. It develops key technologies that utilise the large salinity difference between sea and fresh waters at estuaries. 

Operational Ocean Energy Projects
The construction of the 254 MW Sihwa tidal barrage power plant was completed and it began operations in August 2011. The plant is expected to produce 552 GWh/year, once it begins to operate fully. Sihwa TBPP operates only on flood tide generation, which produces electrical power during the flood tide; the water is discharged back from basin to sea during ebb tide. Sihwa Lake was originally planned to be a fresh water lake. However, it was changed into a seawater reservoir to improve the water quality by allowing sea water exchange. Since the operation of tidal barrage power plant facilitates water exchange between the sea and Sihwa Lake, dramatic improvement of water quality is expected. 

                                     254 MW Sihwa tidal barrage power plant

New Developments The 500 kW Yongsoo wave power plant, of the OWC (oscillating water column) type, which has been developed by KORDI and funded by MLTM, is going to be constructed at Yongsoo, Jeju of Korea in 2012. A couple of turbines and generators with a capacity of 250kW were manufactured in 2010 and an integrated system of generator and power control module was extensively tested in the laboratory of Korea Electrotechnology Research Institute in 2011. A caisson structure of 15,000 ton is being constructed at a test site, which is 1km off the coastline of Yongsoo. An underwater cable line between the caisson structure and a powerhouse on land will be installed for grid connection. It was expected to start test operation in October of 2011.

500 kW Yongsoo wave power plant