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South Korea sticking to its policy of phasing out nuclear power, switching to renewables

Seoul keeps to plan of weaning the country off nuclear fuel, expand renewables to 40%, Pulse,  By Oh Chan-jong and Lee Eun-joo   8 May 20,  South Korea on Friday kept its plan to phase out of nuclear fuel intact despite snowballing losses at state utility firms as the result, with a goal to replace energy sourcing with renewables to 40 percent by 2034 through retiring aged fossil and nuclear powered stations.

According to the ninth long-term plan announced by a working group under the Ministry of Trade Industry and Energy on Friday, the government plans to close all coal-fired power plants whose 30 years of operational years expire by 2034 and replace the fuel with liquefied natural gas (LNG). It will also reduce the number of nuclear power stations to 17 units by 2034 after a peak at 26 units in 2024.

Under the plan, the government will reduce dependence on nuclear and fossil fuel from current 46.3 percent to 24.8 percent by 2034 while expand dependence on renewables from 15.1 percent to 40 percent.

The plan was announced by a working group under the energy ministry that held 51 meetings since March to draw up the country’s basic energy supply plan. The latest announcement is a draft of the 2020-2034 plan that is established once every two years under the electricity enterprises act to stabilize energy supply. …….

Renewable energy will take up 40 percent of total power supply by 2034, up from 15.1 percent. In addition to the closing down of 10 coal-fired plants as announced during the previous roadmap, 14 additional units will shut down by 2030. The government expected to be able to reach its goal announced in July, 2018, to reduce domestic greenhouse gas emissions by 32.5 percent by 2030.

May 9, 2020 - Posted by | politics, South Korea

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