Government renewables goal may not be hit in 2030

Korea might not be able to meet its target of increasing the ratio of renewables to 20 percent of total energy production by 2030, according to Wood Mackenzie.

Renewables in Korea will fall slightly short of the goal, accounting for 17 percent of the country’s power mix, according to the global energy consulting group in comments made Wednesday in central Seoul.

The Moon Jae-in administration has set a goal increasing the contribution of renewables to electricity generation to 20 percent by 2030. To meet the goal, the country plans to reduce the contribution of nuclear power and cap operations of coal power plants.

Energy generation targets for 2030 are: 36.1 percent coal, 18.8 percent liquefied natural gas (LNG), 23.9 percent nuclear power, 0.3 percent oil and 20 percent renewables.

Wood Mackenzie forecasts Korea’s generation mix will instead be 40 percent coal, 18 percent LNG, 25 percent nuclear power, 0 percent oil and 17 percent renewables.

The lack of offshore wind power development and Korea’s weak supply chain are the primary reasons the country might not be able to reach the target, said Zi Sheng Neoh, Wood Mackenzie managing consultant.

Developing offshore wind power requires time, but it could be a primary energy source that could help lower Korea’s reliance on coal and nuclear power, Neoh said.

Instead of building wind turbines only up in the mountains, Korea should take advantage of its strengths in shipbuilding, and its characteristic of being a peninsula, to develop offshore wind, according to Robert Liew, a senior analyst at Wood Mackenzie.

Wood Mackenzie expects renewable capacity to triple to 60.5 gigawatts by 2030. The company forecast solar and wind to account for 11 percent of total energy generation by 2030.

BY JIN MIN-JI [jin.minji@joongang.co.kr]