Nuclear energy will be Korea’s largest energy source by 2036

The Shin-Hanul nuclear reactors in Uljin, North Gyeongsang [KOREA HYDRO & NUCLEAR POWER]

Nuclear energy will be Korea’s largest energy source by 2036 and renewables the second, the government announced Thursday.

The contribution of fossil fuels — coal and liquefied natural gas (LNG) — to the energy mix will be reduced significantly, from the current 63.5 percent to a combined 23.7 percent.

The Ministry of Trade, Industry and Energy finalized a long-term energy policy plan Thursday, outlining Korea’s 15-year plan to shake up its energy mix.

The first draft was released in August last year.

Korea rolls out a long-term energy plan every two years. The latest 10th Basic Plan for Long-Term Energy Supply and Demand covers 2022 to 2036.

By 2030, nuclear energy will take up 32.4 percent of Korea’s total energy mix, compared to 27.4 percent in 2021.

The goal is to lift the figure to 34.6 percent by 2036.

The target share of renewable energy is 21.6 percent in 2030 and 30.6 percent in 2036. Renewable energy took up 7.5 percent of the energy mix in 2021.

Meanwhile, the government hopes to cut fossil fuel consumption significantly.

The share of coal, which was the largest energy source in 2021 with 34.3 percent, will shrink to 19.7 percent in 2030 and 14.4 percent in 2036. The government plans to shut down 28 of 58 coal plants in the country by 2036.

LNG share target is 22.9 percent in 2030 and 9.3 percent in 2036, from 2021’s 29.2 percent.

Compared to the first draft released last year, the nuclear target for 2030 was inched down by 0.4 percentage points and for renewables increased by 0.1 percentage points. LNG share was raised by 2 percentage points.

The government forecast the total energy demand to be 572.8 terawatt-hours in 2030. The estimate was raised from the previous forecast of 565.6 terawatt-hours released in August, due to growing demand for data centers.

The Energy Ministry said that Korea will be able to achieve the previously set Nationally Determined Contribution (NDC) target, by 2030.

Under the NDC, the country aims to reduce carbon emissions by 44.4 percent compared to 2018.

President Yoon Suk Yeol’s nuclear-focused energy plan is in stark contrast to the previous government’s phase-out policy.

The previous Moon Jae-in government wanted to reduce Korea’s reliance on nuclear power to 23.9 percent by 2030 while raising the renewable target to 30.2 percent.

While enhancing the utilization of nuclear reactors, Yoon is also pushing for overseas nuclear exports. The goal is to win 10 overseas nuclear energy projects by 2030.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]