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Solar power generators, set up in Seoul.
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Energy will be sold to national power grid
A solar power generation facility is being built by a group of individuals concerned about energy and the environment. The facility is being constructed in the Gyeonggi province city of Gunpo, and local citizens have been invited to buy into the enterprise at 10,000 won (10 USD) a share. The "Gyeonggi Citizens Power Generation Committee" plans to build a solar panel grid on the roof of the city’s Dongyeong Century Tower by the end of the year. It began seeking potential shareholders on Wednesday. Once the facility is constructed, it is expected to produce 12,775 kilowatt hours yearly. Construction is expected to cost 100 million won, with 20 million coming from the environmental group "Green Gyeonggi 21" and the rest from local investors.Thanks to a law aimed at promoting renewable energy, power produced by the panels will be sold to the national power company at 716.4 won per kilowatt hour, far more than the 65 won rate for traditional power, with investors receiving profit earnings in addition to their principle investment. Gyeonggi Citizens Power Generation Committee plans on building an additional 18 facilities by 2010 and continue to seek local investors for funding. "The world is going to run out of oil and natural gas between 60 and 200 years from now, and the overuse of fossil fuels is causing the greenhouse effect and threatening the ecosystem," said Park Eun-ho, general secretary of the Gunpo YMCA and a member of the committee. "The citizens’ power generation committee will be a way for citizens to participate in the prevention of global warming and the development and spread of sustainable energy."
