South Korea has made public a long-term energy plan that stipulates a shift to more renewable energy at the expense of fossil fuels and nuclear power. The Korea Herald reports the plan envisages renewable power to rise to 40 percent of the country’s energy mix in 2034, up from 15.1 percent currently. In the meantime, the share of liquefied natural gas-fired power generation should decline from 32.3 percent to 31 percent. At the same time, all coal-fired power plants whose 30-year lifecycles expire by 2034 will be retired. This makes about 30 plants, out a total of 60 currently in operation. An earlier report in Korean media said that some 24 coal-fired plants will be converted to gas. The share of nuclear energy will also be reduced substantially by 2034.
Oil Price 26th May 2020 read more »