The Ministry of Energy (MOTIE) of South Korea has released its Third Energy Plan, in which it confirms plans to raise the share of renewable energies in the power mix to 30-35% by 2040, from less than 5% in 2018. Most South Korean power generation currently relies on coal (44%), gas (26%) and nuclear (23%) (2018).
Under the Plan, South Korea will refrain from building new conventional thermal power plants and will gradually reduce the number of coal-fired power plants. Existing coal-fired power plants will be renovated to run on LNG, while the lifespans of aging nuclear power plants will not be extended. The plan does not provide for construction of new nuclear power plants.
The Third Energy Plan also includes an 18.6% energy consumption reduction target between 2017 and 2040, compared to a business-as-usual scenario. South Korea will also promote the use of hydrogen for transport.
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