Minister of Climate, Energy and Environment Kim Seong-hwan announced on August 4 that the 12th Basic Plan for Power Supply, which includes plans for expanding renewable energy, reducing coal power, and enhancing a flexible power grid, will be prepared by October.
During a mid-year report to President Lee Jae-myung at the Blue House in Jongno, Seoul, Kim stated that the decision on whether to introduce new nuclear power plants will be made after consulting with experts and gathering public opinions.
He also reaffirmed the goal of achieving 100GW of renewable energy capacity by 2030.
Regarding the Sunshine Income Village project, he mentioned that pilot projects have started in 86 villages this year, with plans to expand to 700 villages. He added that for residential solar power systems under 10kW, the existing offsetting method will be changed to cash settlement, enabling a 'family sunshine pension.'
Kim further noted that the promotion of solar power on factory rooftops and in agricultural and floating solar installations will be accelerated, aiming to reduce the cost of solar power generation to below 150 won per kWh, making it cheaper than gas or coal.
He also outlined plans to expand wind power, stating that this year's wind power bidding volume has increased to 4GW, and efforts to lower generation costs through joint connection systems are yielding results. These initiatives are expected to lead to approximately 25GW of generation capacity by 2035.
The reduction of coal power and the restructuring of power generation public enterprises will also be reflected in the basic plan. Kim emphasized the need to increase renewable energy while decreasing coal power, announcing plans to merge five public enterprises that primarily rely on coal into a company focused on renewable energy.
Additionally, he mentioned plans to reform the electricity market, stating that a project to provide price signals for renewable energy will first be implemented in Jeju and then expanded to Honam and nationwide based on its success.
The construction of a direct current (DC) power grid will also be accelerated. Kim explained that most devices, including solar power, semiconductors, artificial intelligence data centers, and mobile phones, use direct current, and the global market for direct current power, including high-voltage direct current (HVDC), is expanding. He stated that a demonstration project for direct current will be launched in collaboration with Korea Electric Power Corporation and Naju, aiming to develop the power equipment industry as a key export sector.
Kim also discussed plans to enhance the power grid and revise the electricity pricing system. He stated that energy storage systems (ESS) will be significantly reinforced in transmission and distribution networks, and pumped storage will be expanded. A regional electricity pricing system, considering transmission costs, energy independence, and balanced development, will be implemented in the second half of the year following a public hearing in August.
During a mid-year report to President Lee Jae-myung at the Blue House in Jongno, Seoul, Kim stated that the decision on whether to introduce new nuclear power plants will be made after consulting with experts and gathering public opinions.
He also reaffirmed the goal of achieving 100GW of renewable energy capacity by 2030.
Regarding the Sunshine Income Village project, he mentioned that pilot projects have started in 86 villages this year, with plans to expand to 700 villages. He added that for residential solar power systems under 10kW, the existing offsetting method will be changed to cash settlement, enabling a 'family sunshine pension.'
Kim further noted that the promotion of solar power on factory rooftops and in agricultural and floating solar installations will be accelerated, aiming to reduce the cost of solar power generation to below 150 won per kWh, making it cheaper than gas or coal.
He also outlined plans to expand wind power, stating that this year's wind power bidding volume has increased to 4GW, and efforts to lower generation costs through joint connection systems are yielding results. These initiatives are expected to lead to approximately 25GW of generation capacity by 2035.
The reduction of coal power and the restructuring of power generation public enterprises will also be reflected in the basic plan. Kim emphasized the need to increase renewable energy while decreasing coal power, announcing plans to merge five public enterprises that primarily rely on coal into a company focused on renewable energy.
Additionally, he mentioned plans to reform the electricity market, stating that a project to provide price signals for renewable energy will first be implemented in Jeju and then expanded to Honam and nationwide based on its success.
The construction of a direct current (DC) power grid will also be accelerated. Kim explained that most devices, including solar power, semiconductors, artificial intelligence data centers, and mobile phones, use direct current, and the global market for direct current power, including high-voltage direct current (HVDC), is expanding. He stated that a demonstration project for direct current will be launched in collaboration with Korea Electric Power Corporation and Naju, aiming to develop the power equipment industry as a key export sector.
Kim also discussed plans to enhance the power grid and revise the electricity pricing system. He stated that energy storage systems (ESS) will be significantly reinforced in transmission and distribution networks, and pumped storage will be expanded. A regional electricity pricing system, considering transmission costs, energy independence, and balanced development, will be implemented in the second half of the year following a public hearing in August.
* This article has been translated by AI.
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