Lagos — South Korea is considering the addition of nuclear and renewable energy to decarbonize its power generation. Under its nationally determined contribution (NDC), the country has pledged to reduce its greenhouse gas emissions by 40% by 2030 compared to 2018 levels.
The South Korean government’s lack of ambitious goals for renewable energy has pushed the country towards an increase in decarbonized electricity from nuclear power. Against this backdrop, the country is capable of reaching close to its nuclear power generation target of 32.4% by 2030, says GlobalData, a leading data and analytics company.
GlobalData’s latest report, “South Korea Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2024-2035,” reveals that the country’s installed nuclear capacity increased at a compound annual growth rate (CAGR) of 0.8% from 21.7 GW in 2015 to 23.1 GW in 2023. It is forecasted to reach 30.1 GW in 2035.
Sudeshna Sarmah, Power Analyst at GlobalData, comments: “South Korea has a well-established nuclear power industry with the country’s expertise in building high capacity and economically reasonable nuclear reactors. There are currently 26 nuclear reactors in operation in South Korea, which are owned by Korea Hydro & Nuclear Power Co Ltd. Another two nuclear power reactors are under construction and are expected to start operations by 2024.”
In January 2023, the Korean government published the 10th Electricity Plan, under which it stated to add six new reactors by the year 2033 as well as increase the nuclear power generation to 34.6%. In 2023, nuclear power generation contributed a share of 29.7% to the total power generation mix of the country.
Sarmah adds: “Nuclear power generation rose from 157.2 TWh in 2015 to 168.6 TWh in 2023, at a CAGR of 0.9% during the period. It is expected to increase to 226.6 TWh in 2035, at a CAGR of 2.5% during the 2023-2035 period.”
Sarmah concludes: “Since 2015, South Korea has been largely dependent on thermal and nuclear power generation to meet the domestic electricity demand. The country’s ability to handle domestic electricity demand effectively stems from its large nuclear power generation. The currently operational nuclear reactors are used to meet approximately one-third of its electricity consumption, with demand peaking during midsummer when residential customers use home-cooling devices, increasing their power usage.”
