South Korea plans to produce 70% emission-free energy by 2038, according to the project

Author: Joyce Lee

SEOUL (Reuters) – South Korea plans to generate 70% of its electricity from zero-emission energy sources such as renewables and nuclear power by 2038, up from less than 40% in 2023, according to its draft energy mix plan for the coming year 15 years passed on Friday.

The government has maintained its previous plan to add four nuclear plants by 2038, bringing the total to 30, but expects solar and wind generation to more than triple to 72 gigawatts by 2030 from 23 gigawatts in 2022.

President Yoon Suk Yeol vowed to achieve a balance of energy sources for Asia’s fourth-largest economy, emphasizing nuclear power while developing renewable energy and reducing South Korea’s dependence on imported fossil fuels, the industry ministry said in a statement.

The plan, developed by experts and awaiting finalization by the government, envisages increasing power generation capacity to 157.8 gigawatts in 2038 from 134.5 gigawatts at the end of 2022.

Energy consumption is expected to increase as data centers and large chip-making bases expand to meet demand for artificial intelligence, the ministry said.

Twelve coal-fired power plants, which will turn 30 years old in 2037 and 2038, will be replaced with emission-free energy sources, such as pumped storage and hydrogen power plants. However, South Korea will stick to its plan to replace other older coal-fired power plants with plants powered by liquefied natural gas.

The government has committed 0.7 gigawatts of capacity to small modular reactors by 2038 to support the development of this type of nuclear reactor in anticipation of increased global demand.

(Reporting by Joyce Lee; Editing by William Mallard)