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Energy ministry to cut fossil fuel dependency, fortify overseas energy procurement
By Lee Kyung-min
Korea will increase the portion of nuclear energy to over 30 percent of the nation's total energy mix by 2030, the energy ministry said, Tuesday. This is a clear shift in policy under the Yoon Suk-yeol administration defined by the early and full scrapping of the nuclear phase-out initiative led by his predecessor, Moon Jae-in.
The ministry also said that a special law will be established to ensure private-oriented development and procurement of overseas energy resources, fortifying the country's energy security alongside measures to outline electricity price calculation methods tied to changes in global energy prices.
Dependence on fossil fuels will be lowered in stages to the 60 percent range by 2030, down from the current 81.8 percent.
Imports of coal for energy in the same period will be reduced by 40 million tons of oil equivalent (toe), a unit of energy released by burning one ton of crude oil. The number of energy innovation ventures will double to 5,000 by that time, up from 2,500 in 2020, creating 100,000 jobs. Policy specifics on renewables will be unveiled in the fourth quarter of this year.
This set of new energy policy directives announced by the Ministry of Trade, Industry and Energy was approved during a Cabinet meeting earlier in the day.
Feasible energy mix
The ministry said the overarching objective is to better respond to climate change, energy security risks and foster new energy businesses.
The goal will be met by what the ministry has termed a "feasible and reasonable energy mix," as identified chiefly by increasing the operation and accelerating construction of nuclear power plants, reversing the anti-nuclear drive under the Moon administration.
"Energy is increasingly posing a threat to national security," Second Vice Minister of Trade, Industry and Energy Park Il-jun said during a press briefing, Monday. "The government needs to establish new energy directives to achieve carbon neutrality."
The ministry plans to increase the number of nuclear power plants to 28 by 2030, up from 24 last year. Their combined capacity will be strengthened to 28.9 gigawatts (GW), up from 23.3 GW. The stalled construction of Shin Hanul reactors 3 and 4 will be resumed.
This is a clear change from the previous directives under Moon, whose goal was to lower the number of nuclear power plants to 18 by 2031, with the combined capacity limited to 20.4 GW. Nuclear power subsequently was to account for only 23.9 percent of the country's energy mix on the same timeline.
"The government is seeking to restore balance in the energy policy, long skewed to demonize nuclear power that is far more affordable and stable," said Lee In-ho, former chairman of the Korean Economic Association. "But the government should also keep in mind that a blind push seeking to rely exclusively on nuclear energy will backfire."
