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In 2030, South Korea's renewable energy target is 58.5GW, making it a potential market for solar energy.
Apr 15, 2018

South Korea's trade, industry and energy department recently announced the eighth long-term plan for power supply and demand, including environmental and safety factors, and the steady supply of electricity and economic benefits.

The biennial draft shows South Korea's efforts to increase renewable energy and natural gas production while reducing its reliance on coal and nuclear power.

The project is based on more than 15 years of projected power generation by 2031.

South Korea's government aims to generate 20% of its electricity from renewable sources by 2030. The target share of natural gas is 18.8%, coal is 36.1% and nuclear power is 23.9%.

Between 2017 and 2030, the number of renewable energy installations will rise from 11.3GW to 58.5GW, mostly from solar and wind power.

During this period, as five new reactors began operating, 11 reactors stopped generating electricity at the end of their lifetime, and nuclear power capacity would be reduced from 22.5GW to 20.4GW.

Renewable energy plans accounted for 33.7% of the total installed capacity by 2030. The proportion of nuclear reactors and coal-fired power plants will fall from 50.9 per cent to about a third.

In a plan to convert renewable energy into renewable energy by 2022, the price increase is modest. Growth is expected to be 10.9% by 2030, down from 13.9% in the past 13 years.

On 14 December, the eighth basic plan was submitted to the national assembly, South Korea's trade, industry and energy, small and medium enterprises association and launch committee. Public hearings will be held on December 26.

The latest plan says it will invest $1.55 billion to install 1GW of photovoltaic power stations in Seoul, South Korea, by 2022.


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