South Korea's Transition Strategy Cheers LNG Suppliers

摘要

Two months after pledging to go net zero by 2050, South Korea has cheered up LNG players with a long-term electricity plan that hands bigger roles to gas and renewables (WGI Nov.11'20). But the absence of sweeping new measures to tackle coal underscores the challenges facing President Moon Jae-in's government in trying tc green up the power sector while ensuring the lights stay on. Seoul has already been restricting coal generation by ordering the temporary closure of older plants between December and March, when air pollution is worst. Under this latest ninth plan, running to 2034, 30 of the least efficient coal plants will be closed and nuclear phased out gradually, with reactors retired after 30 years (WGI May20'20). Six coal plants will shut permanently over the next four years, while the rest, with combined capacity of 12.7 gigawatts, will be converted to run on LNG — two in 2020-24,16 in 2025-30 and six in 2031-34.