Ministry of Trade, Industry and Energy

Korea, New South Wales Focus on Energy

Vice Minister for Trade and Energy Cho Seok greets NSW Minister for Resources and Energy Chris Hartcher on November 30 at the Gwacheon Government Complex. The two officials discussed energy ties, with a particular emphasis on forging a closer investment partnership for resources development projects. date2012-12-11

Minister Greets Head of IEA

Minister of Knowledge Economy Sukwoo HONG shakes hands with the Executive Director of the International Energy Agency, Maria van der Hoeven on November 23 in Seoul. date2012-11-29

MKE Announces Energy Conservation Measures for Winter

The Ministry of Knowledge Economy has announced plans to cope with possible power shortages this winter as the nation’s power reserves are expected to fall below the safe level of 4 million kilowatts. The new measures require government offices and commercial buildings with high electricity demand to keep indoor temperatures at or below 18 and 20 degrees Celsius, respectively. The plan also limits retailers to one neon sign each and requires them to keep doors shut when heating systems are in use. On the supply side, the nation will make efforts to maximize power generation by fully mobilizing publicly- and privately-owned generators. For the first two months of 2013, businesses whose contract demand is greater than 3,000 kilowatts will be required to reduce consumption by up to 10 percent. From the beginning of the year, MKE also plans to introduce a critical-peak pricing program, which offers discounts on off-peak days while imposing surcharges for peak days and times to encourage energy saving. The ministry will update the public on the status of power reserves via public broadcasting networks and text messaging. The second nationwide blackout drill is scheduled in January to improve the readiness of industrial complexes for possible rolling power outages. * Released by the Electric Power Division and the Energy Efficiency Policy Division date2012-11-27

Korea, Bolivia Discuss Energy Cooperation

date2012-11-22

Vice Minister Marks the Beginning of Smart Grid Week

Vice Minister for Trade and Energy Cho Seok attends the opening ceremony of the third Korea Smart Grid Week on October 30 in Seoul. Around 500 experts from industry, academia and think tanks participated in Korea’s largest smart grid event. date2012-11-12

Minister Greets World Bank Leader

Minister Greets World Bank Leader Minister of Knowledge Economy Sukwoo HONG met with the President of World Bank Jim Yong Kim on October 15 in Seoul. The discussion focused on strengthening cooperation between MKE and the World Bank. date2012-10-25

Korea Announces Emissions Reduction Targets for 2013

In preparation for a cap and trade scheme starting in 2015, the Ministry of Knowledge  Economy has announced emissions reduction and energy consumption targets for 377 businesses in the power and industrial sectors for next year. After a thorough verification of the BAU levels submitted by the companies, targets were set in consideration of their possible impact on investment and job creation. The estimated emissions of the 377 companies in the industrial and power sectors for the next year amount to 570.6 million metric tonnes, accounting for 96.7 percent of Korea’s emissions. Under this plan, Korea aims to cut 17.2 million tonnes of carbon dioxide emissions or 3 percent of next year’s BAU levels, which is more than double that of this year. It is also expected to save 224.1 petajoules of energy in 2013. date2012-10-18

Minister Addresses LNG Producer-Consumer Conference

Minister of Knowledge Economy Sukwoo HONG speaks at the LNG Producer-Consumer Conference on September 19 in Tokyo. Senior government officials and business leaders from LNG producing and consuming nations participated in the conference to seek closer cooperation in maintaining the stability of the energy market. date2012-09-27

Korea, Canada’s British Columbia Enhance Energy Ties

Vice Minister for Trade and Energy Cho Seok and his Canadian counterpart Deputy Minister of the Ministry of Energy and Mines Steve Carr shake hands after signing the memorandum of understanding on August 28 in Vancouver, Canada. The deal will strengthen bilateral cooperation on energy resources development. date2012-09-06

Korea, Mozambique Discuss Energy

Minister of Knowledge Economy Sukwoo HONG greets his Mozambican counterpart, Minister of Mineral Resources Esperança Bias, on August 10 at the Gwacheon Government Complex. The two officials talked about ways to strengthen cooperation on industrial development and how to support mineral resources exploration projects. date2012-08-21