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2019-04-19 09:15:00

S.KOREA RENEWABLE ENERGY

S.KOREA RENEWABLE ENERGY

REUTERS - South Korea plans to boost the share of its energy output generated from renewable sources to as much as 35 percent by 2040, a draft revision to government policy showed on Friday, over four times the current amount.

Asia's fourth-largest economy has been pushing to shed its heavy reliance on coal and nuclear power, with the latest target coming on top of a 2017 plan to increase the amount of renewables in its energy mix to 20 percent by 2030.

Renewable power currently makes up around 8 percent of South Korea's energy production.

"We have decided to increase the share of renewable power to between 30 percent and 35 percent by 2040 to move toward cleaner and safer energy based on an advisory group's recommendation," Park Jae-young, director of the Ministry of Trade, Industry and Energy, told a public hearing in Seoul.

A South Korean advisory group said in November that the government should plan to expand the share of renewable power generation in the country's generating mix between 25 percent and 40 percent by 2040 to keep up with global trends.

The role of coal power is expected to be cut further, while gas power generation will be expanded, Park added.

The ministry will also keep its plan to stop extending the lifespans of aged nuclear power plants.

Research firm Wood Mackenzie said in late March that South Korea was likely to just miss its 2030 renewable energy target, although its renewables capacity was expected to triple from 2019.

The energy ministry aims to finalize its energy policy revision after taking into account suggestions raised at Friday's public hearing.

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Earlier:

 S-E.Asia
2019, April, 17, 10:45:00

ARAMCO, HYUNDAI INVESTMENT $1.25 BLN

The Saudi Arabian Oil Company, Saudi Aramco, and Hyundai Heavy Industries Holdings today announced that they have reached an agreement for Saudi Aramco’s subsidiary, Aramco Overseas Company B.V (AOC), to purchase a 17 percent stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.

 
 S-E.Asia
2019, March, 20, 10:35:00

S.KOREA'S LNG WILL UP

The South Korean government Tuesday gave its final approval to lower taxes on LNG used for power production by 75%, and raise those on thermal coal by 28% from April 1, in a move likely to boost downstream gas consumption.

 
 S-E.Asia
2019, March, 1, 11:35:00

S.KOREA, UAE NUCLEAR COOPERATION

The leaders of South Korea and the United Arab Emirates have said the two countries will seek opportunities to cooperate in the field of nuclear energy beyond their current collaboration on the Barakah nuclear power plant project. This will include opportunities in third countries.

 
 S-E.Asia
2019, February, 22, 11:45:00

S.KOREA NEED NUCLEAR

THE KOREA BIZWIRE - Seven out of 10 South Koreans voted in favor of using atomic power, a survey showed Wednesday, amid the Moon Jae-in government’s nuclear phase-out policy.

 
 S-E.Asia
2019, January, 14, 11:25:00

RUSSIAN LNG FOR ASIA

BLOOMBERG - Russia’s Novatek PJSC is looking at storing liquefied natural gas produced in the Arctic on Japan’s southern island of Kyushu so it can better meet spot demand from China and cut shipping costs.

 
 S-E.Asia
2018, December, 21, 13:50:00

RUSSIA - S.KOREA NUCLEAR COOPERATION

WNN - Russia's National Operator for Radioactive Waste Management (NO RWM), Russian state nuclear corporation Rosatom and the Korea Radioactive Waste Agency (KORAD) today signed an agreement to cooperate in radioactive waste management. The agreement was signed by Igor Igin, NO RWM's director genera, Oleg Kryukov, Rosatom's director of state policy on radioactive waste, used nuclear fuel and decommissioning, and Cha Sung-soo, chairman of KORAD.

 
 S-E.Asia
2018, December, 17, 10:20:00

IRAN'S OIL FOR S.KOREA: ZERO

PLATTS - South Korea imported no Iranian crude in November for a third straight month due to the re-imposition of US sanctions on Tehran, according to preliminary data released by the Korea Customs Service on Monday.

 

Tags: SOUTH KOREA, RENEWABLE, ENERGY