South Korea has finalised its 11th Basic Plan for Long-Term Electricity Supply and Demand, which outlines energy supply and generation strategies through 2038. Under the new plan, South Korea will build three additional nuclear reactors by 2038, raising nuclear power’s share of the energy mix to 35.2%.
This includes two large-scale reactors (Shin-Hanul 3 and 4, combined capacity of 2.8 GW, expected by the end of 2038 but likely delayed to 2039) and one small modular reactor (SMR, 700 MW), set to begin operation in 2036. The new plan would thus see the addition of 3.5 GW of nuclear capacity by 2038, down from the proposed 4.9 GW in the country’s previous plan.
The South Korean government also plans to reach a solar capacity of 77.2 GW in 2038, up from an initial target of 74.8 GW in the previous plan and up from the 27 GW in operation at the end of 2023. This would increase the country’s renewable energy share to 29.2%.
The country’s industry ministry announced that carbon-free energy sources, including nuclear power and renewable energies, will thus account for 70.7% of South Korea's annual power generation by 2038 under the new energy plan, up from 39.1% in 2023. Demand for electricity in South Korea is expected to grow 1.8%/year on average, to reach 129.3 GW in 2038, according to the ministry.
The plan also calls for expanding energy storage system (ESS) capacity by an additional 9 GWh compared to the previous plan, raising the total to 138 GWh in 2038.
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