The government has decided to increase the proportion of nuclear power generation in energy to more than 30% by 2030.
The appropriate proportion of renewable energy such as solar power will be determined through the '10th Basic Plan for Power Supply and Demand' in the 4th quarter.
In addition, by promoting the enactment of the 'Special Act on Resource Security', we plan to establish a comprehensive resource security system, support the private sector's overseas resource development, and establish the principle of 'costism' by linking fuel costs with electricity rates.
According to the Ministry of Trade, Industry and Energy, the government deliberated and decided on the 'New Government's energy policy direction' in collaboration with related ministries at a cabinet meeting today (5th).
The Ministry of Trade, Industry and Energy said, "The direction of the new government's energy policy is to internally and externally replace the policies of the previous government that specified phased reductions in nuclear power, such as the roadmap for energy transition (non-nuclear) and the 3rd Energy Basic Plan, and the enhancement of nuclear power utilization was formalized as a government policy. “, explained.
The government has decided to increase the proportion of nuclear power generation in the electricity mix (composition of energy sources) to more than 30% by 2030 by resuming the construction of Shin-Hanul Units 3 and 4 and promoting the continued operation of existing nuclear power plants on the premise of ensuring safety.
Last year, the share of nuclear power generation was 27.4%.
This calculation is based on the assumption that power generation in 2030 meets the current National Greenhouse Gas Reduction Target (NDC) standard and that the normal operation of nuclear power plants currently under construction and continuous operation of nuclear power plants in operation proceed without any setback.
The government is also planning to prepare a plan to manage high-level radioactive waste, such as preparing a special law for the disposal of high-level radioactive waste, and establishing a dedicated organization under the Prime Minister as a control tower to take charge of related tasks.
In addition, by reestablishing the target for renewable energy, we decided to derive an appropriate proportion for each energy source such as solar power and wind power (offshore) when establishing the 10th Basic Power Supply and Demand Plan in the 4th quarter.
In the case of coal power generation, we decided to induce reduction in consideration of the supply and demand situation and system, and to utilize carbon-free power in consideration of the technological conditions.
As for the power grid, we plan to come up with a system stabilization plan in line with the increase in renewable energy generation, and implement efficient redesign and high-tech grid construction.
The government also decided to promote the enactment of a special law on resource security to establish an energy resource security system.
Through this, we plan to build a national resource security control tower, expand the concept and scope of resource security, and establish and operate an early warning system.
In addition, to strengthen the energy supply chain, we are expanding strategic stockpiles, diversifying import sources through international cooperation, and promoting the recycling of core minerals such as manganese and cobalt.
The government also decided to actively support resource development.
Specifically, we redefine the resource securing function of public enterprises and support the private sector's overseas resource development.
The government decided to establish the principle of cost principle in the electricity market and electricity rates, and to promote the general cost compensation principle and cost-linked rate system.
At the same time, KEPCO plans to gradually dissolve KEPCO's power monopoly sales structure by expanding the allowable range of the Power Purchase Agreement (PPA).
The independence of the electricity market and electricity rate determination system is strengthened, and the organization and manpower of the Electricity Commission are also reinforced.
The government also supports the export of new energy industries to promote the export of 10 nuclear power plants by 2030.
In addition, approximately KRW 400 billion is invested in the development of our own small module nuclear power plant (SMR) furnace type.
In the case of the hydrogen industry, we are promoting self-reliance in core technologies such as water electrolysis, fuel cells, hydrogen vehicles, and hydrogen ships, and in the solar power industry, we strengthen our competitiveness by strengthening the carbon verification system.
In terms of energy system, we are improving the emission trading system and supplementing the RE100 (a campaign aiming to convert 100% of electricity used to renewable energy by 2050) system.
The government predicted that the dependence on fossil fuel imports would decrease from 81.8% last year to 60% by 2030 if the new energy policy direction is implemented without any setbacks.
In this case, imports of fossil fuels in 2030 will be reduced by about 40 million TOE (tonne of oil equivalent, 1TOE is the calorific value of 1 ton of crude oil) compared to last year.
In addition, it is analyzed that the number of energy innovation venture companies will increase from 2,500 in 2020 to 5,000 in 2030 due to the creation of new energy industries and industrialization of export, and about 100,000 jobs will be created.
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