- The target includes 74.8 GW of solar PV and 40.7 GW of wind energy, up from a combined 23 GW in 2022.
- The plan also involves adding new nuclear power plants, small modular reactors (SMR), and LNG cogeneration with a total capacity of 10.6 GW.
The South Korean Ministry of Trade, Industry, and Energy (MOTIE) has unveiled the draft blueprint of the 11th Basic Electricity Plan, suggesting the addition of 4.2 GW of new nuclear power plants by 2038.
To achieve this goal, the plan aims to expand cumulative solar and wind power capacity to 72 GW by 2030, including 53.8 GW of solar PV and 18.3 GW of wind energy. This represents a significant increase from the 23 GW capacity recorded in 2022, which consisted of 21.1 GW of solar PV and 1.9 GW of wind energy.
The current blueprint, submitted to the Ministry of Trade, Industry, and Energy by a local group of experts commissioned by the government, emphasizes the need for more significant expansion in solar PV and wind energy capacities. It proposes increasing solar PV to 74.8 GW and wind energy to 40.7 GW by 2038, driven by concerns over growing demand.
Additionally, the plan outlines intentions to add 10.6 GW of new large nuclear power plants, small modular reactors (SMR), and LNG cogeneration to meet energy demands. This strategic shift contrasts with the stance of the previous administration, which opposed nuclear power, reflecting a change in approach under the current leadership of Yoon Suk Yeol.
The country is setting its sights on achieving 70% carbon-free power generation capacity within its electricity mix by 2038. With semiconductor manufacturing, artificial intelligence (AI), data centers, and industrial electrification driving up maximum electricity demand to 129.3 GW, the government anticipates total power generation capacity to reach 157.8 GW over the next 15 years.
In January 2023, Fitch Solutions Country Risk & Industry Research projected that South Korea is likely to install approximately 46 GW of non-hydro renewable energy capacity by 2032, with solar PV taking the lead in this cumulative installation.
From Taiyang News