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Energy
Korea to push state-led expansion of renewable energy distribution
Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference on May 16 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with renewable energy generator, manufacturer, and buyer companies and announced the strategy on widening renewable energy distribution and strengthening the supply chain. In step with the global shifts, the Korean government has been making effort to expand renewable energy by balancing out the utilization of nuclear, hydrogen, and other carbon-free energy sources. Moreover, it has also concentrated on solving issues arising in the process of expanding renewable energy distribution, such as those concerning electric power systems and cost, in order to nurture an environment suitable for the sustainable distribution of renewable energy. As a result, the energy market ecosystem has been showing signs of recovery, and the Ministry of Trade, Industry and Energy (MOTIE) intends to push a more orderly expansion for the renewable energy market. First, the Government will be taking up a leading role in the distribution process. For offshore wind power development, laws on providing state support for site location, licensing, and local consensus building are to be swiftly put in place. For solar power, public demonstration projects and regulatory improvements will be rolled out with focus on agrivoltaics and around industrial complexes to reduce challenges in local consensus building and electric power system capacity. In line with domestic distribution expansion, preemptive efforts will be made to bolster the overall industrial base. Through widening and strengthening the competitive tendering of solar and wind power facilities, supply chain and security factors will be thoroughly addressed. Moreover, early securing of next-generation technology is another key task for future market dominance. By tackling technology development issues and strengthening support for shared infrastructure utilization, Korea aims to achieve early commercialization of tandem solar cells by 2026 and 35 percent efficiency rate by 2030. The Government also plans to lower public burden while strengthening the state’s role in renewable energy supply by improving the renewable portfolio standards (RPS) program in accordance with market and policy landscape changes through extensive discussions with the National Assembly, industries, and experts on the subject. Furthermore, power purchasing regulations will be eased and transaction convenience enhanced to expand the market for companies’ direct power purchases from renewable energy power generators, while opening separate brokerage markets on the side. Stronger support will go towards companies looking to penetrate overseas renewable energy markets. Korean firms have won a total of 41 overseas renewable energy projects over the last four years, worth USD 14.3 billion and equivalent to 20.4GW. The Government plans to establish a cooperative system between companies and assisting institutions, while launching locally tailored support programs as well. MOTIE will be designing follow-up policies with other related ministries per each specific task and continue to seek measures for nurturing a balanced energy mix development plan among renewable energy and other carbon-free energy sources like nuclear and hydrogen. date2024-05-17
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Energy
Korea proposes global workstream for CFE Initiative at Clean Energy Ministerial
Director General for Energy Policy Choi Yeon-woo at the Ministry of Trade, Industry and Energy (MOTIE) attended the Clean Energy Ministerial (CEM) Senior Officials' Meeting and Mission Innovation (MI) Annual Gathering held from May 15-17 in Bali, Indonesia, and partook in discussions on technology development and measures for accelerating clean energy transition. Representatives of 29 member countries gathered for in-depth discussions on the effective management methods for the 24 clean energy working groups on nuclear power, renewables, battery, and efficiency, as well as measures for developing the seven Missions on areas like clean hydrogen, clean power, and carbon dioxide removal (CDR). On this occasion, MOTIE proposed the launching of a new global workstream for Carbon Free Energy (CFE) Initiative as a platform for dialogue and cooperation on the schemes to expand and implement carbon-free energy utilization with member countries, and as a means to diffuse the CFE Initiative. The Initiative was initially suggested by President Yoon Suk Yeol during the United Nations General Assembly in September 2023 for achieving carbon neutrality and mitigating the climate change adaptation gap, winning official support from countries like Japan, the UK, France, the Netherlands, the United Arab Emirates, Saudi Arabia, and Romania. On the margins of the CEM meetings, MOTIE and the Carbon Free (CF) Alliance held the “Advancing Climate Goals with Carbon-Free Energy,” where government officials, industries’ representatives, and experts engaged as panel speakers to exchange views on the need for wider utilization of carbon-free energy sources. MOTIE and the CF Alliance aim to officially launch the global workstream for the CFE Initiative in the next CEM slated for October this year in Brazil. date2024-05-16
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Energy
Korea and UK hold 6th bilateral Nuclear Energy Industry Dialogue
Nuclear Power Policy Director General Ahn Sei-jin at the Ministry of Trade, Industry and Energy (MOTIE) led the Korean delegation in the meeting with the UK’s delegation led by Chris Heffer, Director for Nuclear Power, Infrastructure and Decommissioning at the Department for Energy Security and Net Zero (DESNZ), for the sixth Korea-UK Nuclear Energy Industry Dialogue on May 14 (BST) in London. The meeting was attended by representatives of both countries’ relevant ministries, companies, and institutions. The sixth Korea-UK Nuclear Energy Industry Dialogue was held as part of follow-up measures to the memorandum of understanding (MOU) inked between the two countries in November 2023, when MOTIE and DESNZ signed the MOU for nuclear energy cooperation on the sidelines of President Yoon’s state visit to the UK, outlining bilateral cooperation in new nuclear power plant projects, nuclear fuel, radioactive waste, decommissioning, small modular reactors (SMRs), industry and talent exchanges. At the meeting, the two sides covered prospects on development and construction of the UK’s new nuclear power plant project and reviewed their collaboration progress across the entire life cycle of nuclear power plants, including nuclear fuel supply chain diversification, SMR development, decommissioning experience and technology sharing, and industrial and technology cooperation. date2024-05-16
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Energy
Minister meets Kyrgyz Energy Minister
Trade, Industry and Energy Minister Dukgeun Ahn met with Kyrgyz Energy Minister Taalaibek Ibraev on May 10 in Seoul and discussed renewable energy, energy efficiency and the Korea-Kyrgyzstan memorandum of understanding (MOU) on energy cooperation. date2024-05-10
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Energy
Korea and Kyrgyzstan discuss cooperation in renewable energy
Trade, Industry and Energy Minister Dukgeun Ahn met with Kyrgyz Energy Minister Taalaibek Ibraev on May 10 in Seoul and discussed renewable energy, energy efficiency and the Korea-Kyrgyzstan memorandum of understanding (MOU) on energy cooperation. Minister Ahn introduced the Korean government’s efforts for distributing renewable energy like solar and wind power and asked for the Kyrgyz government’s support towards Korean firms' participation in Kyrgyzstan’s renewable energy projects in the future. Moreover, as both countries are pushing policies for energy efficiency in view of climate crisis response and stronger energy security, the two sides agreed to cooperate in promoting bilateral people-to-people and technology exchanges. Lastly, Minister Ahn invited Kyrgyzstan’s active support and participation in the upcoming World Climate Industry Expo (WCE) 2024 slated for September in Busan. date2024-05-10
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Energy
Minister attends Incheon Liquefied Hydrogen Plant completion ceremony
Trade, Industry and Energy Minister Dukgeun Ahn attended the completion ceremony of the world's largest liquefied hydrogen plant on May 8 in Seo-gu, Incheon, built by SK E&S. Minister Ahn gave a congratulatory message, stating that the liquefied hydrogen plant will be Korea’s new gamechanger for the hydrogen economy, and is an exemplary case of the joint efforts of the Government’s deregulatory measures and private investment. The event was attended by representatives of relevant institutions, companies, and associations, including the Trade, Industry, Energy, SMEs and Startups Committee, SK E&S, Korea Development Bank (KDB), and the mayor of Incheon. date2024-05-09
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Energy
World's largest liquefied hydrogen plant starts operation in Incheon
Trade, Industry and Energy Minister Dukgeun Ahn attended the Incheon Liquefied Hydrogen Plant completion ceremony on May 8 in Seo-gu, Incheon. The world’s largest in scale, the Incheon Liquefied Hydrogen Plant is a KRW 700 billion won project by SK E&S for producing 30,000 metric tons of liquid hydrogen per annum at maximum capacity, which is equivalent to the amount for charging 5,000 hydrogen buses. Centering around the completed plant, SK E&S plans to build a total of 40 liquid hydrogen charging stations nationwide by 2026 to create a liquid hydrogen distribution network, beginning with 20 stations this year. Taking up only 1/800th the volume of hydrogen gas, liquified hydrogen heightens transport efficiency 10-fold and is anticipated to catalyze the diffusion of hydrogen-powered mobility, such as hydrogen cars and buses. As hydrogen reaches an ultrapure level of around 99.9999 percent during liquefaction, it can also be used in advanced industries that require large amounts of ultrapure hydrogen, including semiconductors and defense. The Korean government has been providing swift support for related licensing through a regulatory sandbox for special exemption of demonstrations, and will continue to further the nurturing of the hydrogen liquefaction ecosystem by supporting the securing of relevant key technologies, R&D of related materials, parts, and equipment, as well as the development of safety standards across the entire liquid hydrogen life cycle. date2024-05-09
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Energy
Minister holds meeting for stabilizing domestic oil prices
Trade, Industry and Energy Minister Dukgeun Ahn convened a meeting on May 3 to discuss measures for stabilizing domestic oil prices amid rising Middle East tensions and uncertainties in the petroleum market, and inspected recent supply prices of refineries and sale prices at gas stations. The meeting was attended by with representatives of related companies and organizations, including SK Energy, HD Hyundai Oil Bank, S-OIL, GS Caltex, Korea National Oil Corporation (KNOC) and the Korea Petroleum Association (KPA). date2024-05-07
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Energy
Minister attends “Green Building Conference for Climate Crisis Response”
Trade, Industry and Energy Minister Dukgeun Ahn attended the “Green Building Conference for Climate Crisis Response” on May 2 at the Seoul City Hall to give a congratulatory message and co-signed the memorandum of understanding (MOU) for reducing greenhouse gas (GHG) emissions of buildings with Seoul Mayor Oh Se-hoon, Land, Infrastructure and Transport Minister Park Sang-woo, and Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup. date2024-05-03
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Energy
Korea to expand application of self-reporting and grading of buildings' energy efficiency
Trade, Industry and Energy Minister Dukgeun Ahn attended the “Green Building Conference for Climate Crisis Response” on May 2 at the Seoul City Hall to give a congratulatory message and co-signed the memorandum of understanding (MOU) for reducing greenhouse gas (GHG) emissions of buildings with Seoul Mayor Oh Se-hoon, Land, Infrastructure and Transport Minister Park Sang-woo, and Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup. This February, MOTIE started enforcing the energy intensity target management system on buildings to manage their energy use, which sets an energy use target per unit area for medium- and large-sized, non-residential buildings with a total area of 5,000 square meters or larger, and applies a five-tiered target efficiency achievement grading method (A–E). Based on the above system, Seoul City announced its “Climate Building Project” for reducing GHG emissions. According to the project, Seoul City will disclose the energy use target grades of the approximately 500 buildings it owns (May 2), which will then be extended to the 1,800 public buildings and self-governing districts’ buildings. The MOU signing ceremony was followed by a conference on existing buildings’ green transition, where experts of related academic fields and research institutes gathered to announce carbon neutrality achievement strategies for buildings. In his congratulatory message, Minister Dukgeun noted that Korea’s total energy use declined by 3.2 percent in 2023, but that of commercial and public buildings rather increased, stating that MOTIE intends to expand the application of the energy use self-reporting and grading system with aim to enhance energy efficiency of buildings, beginning with public institutions. He added that stronger support will go towards assisting R&D projects for energy efficiency improvement and small business owners’ energy saving equipment and electrical power fees, while tightening inspections on stores leaving doors open during air-conditioning. date2024-05-02