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Korea Bursts to be the next Solar Potential Market with 58.5GW Renewable Energy Target Achieved by 2030

The Ministry of Trade, Industry and Energy recently announced its eighth long-term plan for electricity supply and demand, including environmental and safety factors, stable electricity supply and economic benefits.

The biannual draft shows South Korea's intention to boost renewable and natural gas production while reducing its reliance on coal and nuclear power.

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

The goal of the South Korean government is that by 2030, renewable energy power generation will account for 20%. The target share of natural gas is 18.8%, coal is 36.1% and nuclear power is 23.9%.

From 2017 to 2030, the installed capacity of renewable energy will be increased from 11.3GW to 58.5GW, mostly from the increase of solar energy and wind power.

During this period, as five new reactors became operational, 11 reactors reached the end of their lives to stop generating electricity and nuclear power capacity will be reduced from 22.5GW to 20.4GW.

By 2030, renewable energy plans accounted for 33.7% of installed capacity. The ratio of nuclear reactors to coal-fired power plants will be reduced from 50.9% to about 1/3.

In the plan to switch to renewable energy by 2022, the price increase was not significant. The growth rate is expected to be 10.9% by 2030, down from the 13.9% growth rate of the past 13 years.

The 8th basic plan on December 14 was submitted to the National Assembly, Korea's Ministry of Trade, Industry and Energy, the Association of Small and Medium Enterprises and the Start-up Committee. December 26 will be public hearings.

A recently announced plan says it will invest $ 1.55 billion in 20G by installing a 1GW PV power station in Seoul, the capital of South Korea.