South Korea is considering making investment in the nuclear and renewable energy to decarbonize its power generation.
South Korea, under its nationally determined contribution (NDC), aims to reduce its greenhouse gas emissions by 40 percent by 2030 compared to 2018 levels.
South Korea, which did not set ambitious goals for renewable energy, is capable of reaching close to its nuclear power generation target of 32.4 percent by 2030, says GlobalData.
South Korea’s nuclear power capacity rose at a compound annual growth rate (CAGR) of 0.8 percent from 21.7 GW in 2015 to 23.1 GW in 2023. South Korea’s nuclear capacity is forecasted to reach 30.1 GW in 2035.
South Korea has 26 nuclear reactors in operation, which are owned by Korea Hydro & Nuclear Power Co Ltd. South Korea is adding another two nuclear power reactors and they are expected to start operations by 2024.
In January 2023, the South Korean government, as part of the 10th Electricity Plan, revealed it will add six new reactors by 2033 as well as increase the nuclear power generation to 34.6 percent. In 2023, nuclear power generation contributed a share of 29.7 percent to the total power generation mix.
Nuclear power generation in South Korea rose from 157.2 TWh in 2015 to 168.6 TWh in 2023, at a CAGR of 0.9 percent during the period. Nuclear power generation in South Korea is expected to increase to 226.6 TWh in 2035, at a CAGR of 2.5 percent during the 2023-2035 period.
Since 2015, South Korea has been largely dependent on thermal and nuclear power generation to meet the domestic electricity demand. The operational nuclear reactors are used to meet approximately one-third of its electricity consumption.
GreentechLead.com News Desk