Ministry of Trade, Industry and Energy

New Shin Wolsong nuclear plant units 1 & 2 now in operation for more power supply

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 09 that Shin Wolsong Nuclear Plant Units 1 and 2 with a power generation capacity of 1,000MW each are now in operation.     The MOTIE held an opening ceremony at the new power plant units located in Wolseong, Gyeongju, South Korea on November 9, 2015 with the participation of more than 1,000 related parties and local residents.     With these new units, total power reserves will increase by 3.4 percent, and decrease greenhouse gas emissions by 13 million tons.     A total of 5 trillion won have been invested in this project since it was launched in October 2005, and over 700 billion worth of economic activities are expected to be generated from this.     * Short version date2015-11-09

Government to not tolerate local votes on Yeongdeok nuclear power plant

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of the Interior announced their official stance on local residents' vote on the construction of a nuclear power plant in Yeongdeok, Gyeongsangbuk-do on November 05.     Both agencies asked the local residents not to participate in the vote saying "Any demands to turn over the decision to implement a national policy determined after voluntary requests of local governments and legitimate procedures through votes without any legal basis will not be tolerated."     They announced that: 1) The votes are not legally valid according to the "Local Autonomy Act" and 2) Any forms of the Yeongdeok-gun Office's administrative support including facility, human resources and funding for the votes which has no legal basis, and votes by town leaders will not be tolerated.     The government agencies further went on to say that they have proposed 10 different programs that are beneficial to the local residents on October 20 in reflection of their wishes and worries, and that these 10 programs will help the local residents protect their health and prevent them from their or their children's migration to other regions for reasons of education and jobs.     This announcement will be signed both by the MOTIE and Minister of Interior, and sent to each of the towns in Yeongdeok-gun in the form of a letter.     * Short version date2015-11-05

MOTIE and Iraq Discuss Ways to Develop Energy Cooperation

            Minister of Trade, Industry and Energy Yoon Sang-jick welcomed a visit by Iraqi Deputy Oil Minister Fayadh Hassan Nima in his satellite office in Seoul this week to discuss energy cooperation between Korea and the Middle Eastern country.   The visit came as the MOTIE hosted the 2nd Korea-Iraq Joint Committee for Oil Gas Cooperation meeting in Seoul this week eight years after the first meeting in 2007.   MOTIE Second Vice Minister Moon Jae-do and his Iraqi counterpart Hassan led their delegations to discuss how to study and develop Iraq's abundant oil and gas together. date2015-10-28

Energy vouchers to be given to those with low income to pay for energy bills

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that MOTIE agreed to cooperate with a total of 13 organizations and businesses including Korea Electric Power Corporation (KEPCO), Korea Gas Corporation, BC, Lotte, and Samsung for successful implementation and improvement of the Energy Voucher Program.     According to the agreement, more than 23,000 energy suppliers will form a credit card payment system for the beneficiaries of the voucher, as well as a virtual card that supplements plastic credit cards by deducting the amount from the utility bills.     The virtual card will be used by the beneficiaries living in an apartment room or those who are not used to using a credit card, and the amount will be deducted directly from their utility bills.     "Energy Vouchers" are issued to the underprivileged from the month of December to February the following year, and the voucher can be used to pay for electricity, gas, regional heating, briquettes, kerosene or propane gas.     Elderly people, minors, and disabled people with an income less than 40 percent of the minimum income qualify for this voucher, and each voucher is worth around 100,000 won ($90) per household for a period of three months.     * Short version date2015-10-27

MOTIE's Deputy Energy Minister Attends 12th ASEAN+3 Ministers on Energy Meeting

      Jung Yang-ho, deputy minister for energy at the Ministry of Trade, Industry and Energy (MOTIE), attended the 12th ASEAN+3 (China, Japan, the Republic of Korea) Ministers on Energy Meeting (AMEM+3) held in Kuala Lumpur, Malaysia, last week.   The meeting was part of the 33rd ASEAN Ministers on Energy Meeting (AMEM 33) and related meetings, where participants agreed to continue cooperating in studying energy security solutions in the region such as nuclear power, oil stockpiling and clean coal technologies. date2015-10-13

MOTIE 2nd Vice Minister Moon Speaks on Future of Global LNG Market

    MOTIE's 2nd Vice Minister Moon Jae-do gave a speech at the LNG Producer-Consumer Conference 2015 held in Tokyo, Japan, last week, which about 1,000 participants from 50 countries attended.   In the speech, the South Korean vice minister discussed how producing and consuming countries of liquefied natural gas (LNG) should cooperate to stimulate the global LNG market in the era of low oil prices. date2015-09-21

S. Korea Gets First Batch of Murban Crude Delivery from Abu Dhabi's New Oil Concession

S. Korea Gets First Batch of Murban Crude Delivery from Abu Dhabi's New Oil Concession   South Korea celebrated the first delivery of 500,000 barrels of Murban crude from Abu Dhabi's new onshore oil concession to the southern port of Yeosu last week.   It's the first batch of the crude produced from the United Arab Emirates (UAE)'s prime onshore concession participated in by GS Energy Corp., a unit of the Korean conglomerate GS Group.   Moon Jae-do, second vice minister for trade, date2015-08-04

Electricity Sales Trends in 2Q and Major Retailers Sales Trends in June 2015

Electricity Sales Trends in 2Q and Major Retailers Sales Trends in June 2015   □ The volume of South Korea's total electricity sales increased by 1.6 percent from a year earlier in the second quarter of 2015. ㅇ The overall electricity consumption increased, and in particular, the volume of electricity used for agriculture skyrocketed. This was mainly caused by a rise in the use of water lift pumps due to seasonal droughts. The volume of electricity sales for industrial use edged up by 0 date2015-07-30

A community solar power generator to be built for the first time on an apartment building

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 10 that a community solar power generator is built on an apartment building for the first time in Korea. It's the Hyundai Apartment in Shindaebang-dong in Seoul.     A 100kW solar power generator is installed on the building to generate enough electricity to run the elevators and hallway lights for a total of 880 households.     As a result, the community power bill will go down from 3.81 million won ($3,400) to 530,000 won. However, since the cost of renting the solar power generator is 2.48 million won a month, the actual money saved is around 800,000 won.     Rental solar power generators for individuals have been available since last year, and the business has expanded this year to include apartment buildings and duplexes. Starting with the Hyundai Apartment in Shindaebang-dong this year, the service provider plans to install solar power generators at 5 or 6 more apartment complexes by the end of this year.     The MOTIE plans to supply solar power generators to a total of 25,000 households by 2017.     * Short version date2015-07-10

South Korea to Cut Gas Emissions by 37% from BAU Levels by 2030

      South Korea, one of the world's top 10 carbon producers, has finalized its target of reducing greenhouse gas emissions by 37 percent from business-as-usual (BAU) levels by 2030, the Ministry of Trade, Industry and Energy (MOTIE) said in a joint statement with other relevant ministries.   "We decided to raise the target from the reduction scenarios, considering our leadership on climate change such as inviting the GCF (Green Climate Fund), our global responsibility, and the opportunity to develop energy-related new businesses and innovate the manufacturing sector," the statement said.   Earlier this month, the Korean government outlined four scenarios for the country's emissions target ranging from 14.7 percent to 31.3 percent, and said a final rate would be set after holding a public hearing.   The final target will be submitted to the United Nations (UN) today, which is expected to produce a global framework for carbon emissions reduction from 2020 to 2030 at its year-end meeting in December in Paris.   In 2009, South Korea voluntarily set a goal to cut greenhouse gas emissions to 30 percent below BAU levels by 2020. It also started the world's second-biggest carbon emission market in January, which imposes caps on emissions from 525 of the country's biggest companies.   The country is pushing forward with a plan to build four fewer coal plants and two more nuclear reactors by 2029 to generate more power and curb emissions, according to the latest power plan released by MOTIE this month.   date2015-07-01