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South Korea Intends To 2030 Renewable Energy Installed Capacity Of 58.5GW
- Jan 13, 2018 -

Recently, South Korea's Ministry of Trade, Industry and Energy announced the eighth long-term plan for electricity supply and demand, taking into account environmental and safety factors, a stable electricity supply and economic benefits.

       Biannual planning shows that South Korea intends to use natural gas to increase its production of renewable energy while reducing its reliance on coal and nuclear power.

The plan is based on power generation projections for the next 15 years up to 2031.

The government's goal is to 20% supply renewable energy by 2030. Natural gas share of 18.8%, coal is expected to account for 36.1%, nuclear power is 23.9%.

Between 2017 and 2030, the installed capacity of renewable energy will increase from 11.3 GW to 58.5 GW, mainly from solar and wind energy.

In the meantime, the five new reactors will be operational and 11 reactors will be demolished and the installed capacity of nuclear power will be reduced from 22.5 GW to 20.4 GW.

The plan for renewable energy is 33.7% of the installed capacity of energy by 2030. Nuclear reactors and coal-fired power plants will be reduced from 50.9% to about 1/3.

In the plan, by 2022, the price increase for renewable energy will not increase significantly. By 2030, tariffs are expected to rise by 10.9%, slower than the 13.9% increase over the past 13 years.

The Eighth Basic Plan was submitted to the Congress on Trade, Industry, Energy, SME and Entrepreneurship Commission on December 14 and will hold a public hearing on December 26.

Recently, South Korea plans to invest 1.55 billion U.S. dollars in Seoul, capital of the capital, and 1 GW of photovoltaic power generation capacity by 2022.