Page 6 - AsiaElec Week 07 2021

AsiaElec POLICY AsiaElec

South Korea’s power output

falls again in 2020

SOUTH KOREA SOUTH Korea’s electricity generation fell for low-carbon energy source – from 24 to 17 by
the second consecutive year in 2020 as demand 2034, reducing the sector’s energy output by
dipped amid the coronavirus (COVID-19) nearly half.
pandemic. In October, South Korean President Moon
The country’s power plants generated 552,165 Jae-in said that the country aimed to achieve
GWh in 2020, 1.9% less than in 2019, data from carbon neutrality by 2050 in a bid to respond to
state-run Korea Electric Power Corp. (KEPCO) the climate emergency.
showed. The drop followed a 1.5% decrease in He said that the country’s existing Green
2019. New Deal policy would spearhead efforts to end
The last time demand fell in two consecutive dependence on coal and to promote renewables
years was in 1998, when it contracted by 4.1% energy instead.
during the country’s foreign exchange crisis. The New Deal policy would invest $61.9bn
Nuclear power output grew by 9.8% last year, green infrastructure, clean energy and electric
while power generated from renewable energy vehicles (EVs). It also calls for a new carbon tax,
sources rose 3.9%. increased recycling, new low-carbon industrial
Electricity generated by coal-powered plants complexes and a state investment vehicle to ring-
dipped 13.6% as government policies to reduce fence spending on new and renewable energy.
fine dust air pollution made an impact. Since then, the South Korean government has
Nuclear power plants (NPPs) accounted for committed to taking coal offline by 2040, but at
29% of total electricity generation last year, com- present, it relies on coal for about 40% of its elec-
pared with 25.9% in 2019. tricity generation.
South Korea plans to gradually diversify its Furthermore, Seoul’s plans for phasing out
energy mix by using more sustainable sources, coal rely more on gas than on renewables in the
such as solar power, and scale back the use of coal short term.
and nuclear power, in line with the nation’s goal However, South Korea has few energy
to achieve zero carbon emissions by 2050. resources of its own and relies on imported coal
Under the plan, which will run until 2034, for 40% of its electricity.
sustainable energy sources will take up 8.6% of On the other hand, the country is developing
the country’s energy mix. its offshore wind sector fast, and earlier in Febru-
The portion of coal power will fall from 31.9% ary signed a $43bn deal to build what the South
to 22.7% over the period, and that of nuclear Korean government said would be the world’s
energy will also decrease from 21% to 15.5%, the biggest offshore wind power complex.
blueprint showed. The 8,200-MW complex aims to play a major
To meet the goal, the country plans to shut part in the country’s efforts to achieve carbon
down 30 coal power plants by 2034 and renovate neutrality by 2050.
24 of them to run on liquefied natural gas (LNG). Seoul aims to be one of the world’s top five
South Korea also plans to cut its existing offshore wind energy powerhouses by 2030.™
NPPs – currently the country’s only significant

P6 www. NEWSBASE .com Week 07 17•February•2021