Ministry of Trade, Industry and Energy

I-SMR Simulator Center completion to accelerate Korean SMR development towards achieving carbon neutrality

Trade, Industry and Energy Vice Minister Namho Choe attended the completion ceremony of the i-SMR Simulator Center and SMR Smart Net-Zero City (SSNC) control center today at the Korea Hydro & Nuclear Power (KHNP)'s central R&D center in Daejeon. The ceremony was held with the participation of 70 key figures from related industries, academia, and research institutions, including 2050 Presidential Commission on Carbon Neutrality and Green Growth Chairperson Kim Sang-hyup and KHNP CEO Whang Joo-ho. An innovative small modular reactor (i-SMR) is Korea’s homegrown SMR with a tenth of the large-sized reactor’s power capacity but built with enhanced safety and operation flexibility. In 2022, the Korean government launched a prefeasibility study for the i-SMR development project following the Atomic Energy Commission (AEC)’s deliberations in 2020, with aim to obtain the standard design approval for i-SMRs by 2028. The completed i-SMR Simulator Center will be used to verify SMRs’ optimal design and operation adequacy. It will also serve as a venue for training reactor operators and for performing and strengthening safety inspections through emergency drills inside a mock-up identical to the actual main control room. The data gained from the simulator will play a central role in the process of obtaining the i-SMR design approval and going forward, an operation license required for activation. For Korea to become a global leader in SMRs, Vice Minister Choe highlighted in his congratulatory message that not only is it important to develop reactors, but to conduct thorough safety inspections and talent training as well. He requested that KHNP and related institutions actively take part in the simulator design verification and operation training, vowing that the Government will provide consistent support for demonstration projects and paving the way towards commercialization in light of SMRs’ initial incorporation into the working-level draft of the 11th Basic Plan for Power Supply and Demand. In his keynote speech, KHNP CEO Whang addressed measures for leveraging i-SMRs to foster the SMR Smart Net-Zero City (SSNC) and emphasized that SMRs are a major alternative for climate crisis response.   date2024-08-23

Vice Minister attends 21st Energy Day lights-out event

Trade, Industry and Energy Vice Minister Namho Choe attended the 21st Energy Day lights-out event on August 22 at Seongam Art Center in Gangnam-gu, Seoul, with the participation of representatives from Korea NGO’s Energy Network (ENET), Korea Power Exchange (KPX), and Korea Energy Agency (KEA).   The vice minister gave a congratulatory address asking citizens to partake in the energy saving movement in step with the Government’s efforts to manage and stabilize the power supply. date2024-08-23

Vice Minister meets Australia's branch head of int'l net zero pathways for DCCEEW

Vice Minister Namho Choe held talks with David Higgins, the branch head of international net zero pathways, within the Department of Climate Change, Energy, the Environment and Water (DCCEEW) of Australia, on August 16 in Lima on the margins of attending APEC EMM14 and discussed Korea’s preparations for APEC EMM15 chairmanship and exchanged views on the need to utilize carbon-free energy sources and to make joint policy efforts. date2024-08-20

Vice Minister meets Assistant Deputy Minister for Natural Resources Canada

Vice Minister Namho Choe held talks with Frank Des Rosiers, Assistant Deputy Minister at Natural Resources Canada, on August 16 in Lima on the margins of attending APEC EMM14 and discussed their respective chairmanship and presidency preparations for APEC EMM15 and G7 and exchanged views on the need to utilize carbon-free energy sources. date2024-08-20

Vice Minister Choe attends 14th APEC Energy Ministerial

Trade, Industry and Energy Vice Minister Namho Choe attended the 14th Asia-Pacific Economic Cooperation (APEC) Energy Ministerial Meeting (EMM14) through August 15–16 in Lima, Peru, and engaged in discussions on expanding the use of clean energy and intraregional economic cooperation under the theme of “Sustainable Growth for Resilient Development.” He also took part in discussions on the topic of the importance of energy approaches that accelerate sustainable growth, held with the participation of 21 APEC member economies. date2024-08-16

Vice Minister Choe attends 14th APEC Energy Ministerial

Trade, Industry and Energy Vice Minister Namho Choe, as the representative of the Korean government, attended the 14th Asia-Pacific Economic Cooperation (APEC) Energy Ministerial Meeting (EMM14) through August 15–16 in Lima, Peru, and engaged in discussions on expanding the use of clean energy and intraregional economic cooperation under the theme of “Sustainable Growth for Resilient Development.” At EMM14, participants agreed that clean energy transition plays a central role in facilitating resilient and inclusive development and decided to seek cooperation measures that take each economy’s conditions and situation into account. In the dedicated session, 21 APEC member economies actively discussed their respective policy efforts with regard to the following three topics: accelerating energy transition across the entire APEC region, energy approaches for expediting sustainable development, and policies for intraregional clean hydrogen development. During the session on seeking ways to catalyze the energy transition, Vice Minister Choe introduced Korea’s policy endeavors for expanding clean energy use and highlighted the need for each country to leverage a realistically feasible energy mix consisting of both renewables and carbon-free energy sources, such as nuclear and hydrogen power, as an innovative strategy and a means for technology utilization to ensure a sustainable energy transition. The vice minister also presented Korea’s plans for hosting next year's APEC EMM15 and related working groups, proposing that the EMM15 session topic address measures for utilizing carbon-free energy technologies to expand clean electrical power across the APEC region. The suggestion was met with support from a number of countries, including Chile, Indonesia, Papua New Guinea, the Philippines, Russia, Singapore, Taiwan, Thailand, and the U.S. On the margins of the APEC event, Vice Minister Choi held bilateral talks with counterparts from Canada, the U.S., and other countries and shared Korea’s progress on preparations for hosting the APEC EMM15 in 2025 and exchanged views on the need to harness carbon-free energy sources and joint policy efforts.   date2024-08-16

ROK-US Energy Ministerial Meeting for Clean Energy Cooperation

ROK-US Energy Ministerial Meeting for Clean Energy Cooperation   The Korean Minister of Trade, Industry and Energy Ahn Duk-geun met with the US Secretary of Energy Jennifer Granholm at the ROK-US Energy Ministerial Meeting in Washington, D.C. on the 7th to 8th of August.   The two ministers discussed ways to strengthen cooperation towards reducing carbon emission, achieving energy security and enhancing international coordination in efforts such as decarbonizing the industry and power sectors. There was also a consensus on building a public-private partnership as a means of strengthening bilateral cooperation. They also discussed holding the Ministerial Energy Policy Dialogue and public-private clean energy forum on a regular basis. Since the Inflation Reduction Act (IRA) was signed into law, the two countries have seen an increased level of business-to-business exchange in areas such as batteries, energy storage, hydrogen, and renewable energy. Growing prospects of electrical equipment markets, including ultra-high-voltage transmission systems for expanding renewable energy, such as off-shore wind, also highlight the significant need to continue regular cooperative engagement between the two countries.   Minister Ahn also shared Korea’s views as the 2025 APEC Host to promote carbon-free energy technologies such as nuclear, renewable energy, and hydrogen as a means to expand clean electricity across the region and requested US support. The meeting also covered discussions on sustainable future fuels for industrial decarbonization and international coordination for carbon capture, storage, and removal technologies.   “Strategic and comprehensive clean energy partnership between Korea and the United States builds on our strong US-ROK Alliance and matters more than ever given the importance of building stable clean energy supply chains among like-minded countries. The ironclad ROK-US Alliance contributes to global climate action, stable energy supply chains, and energy security. The bilateral cooperative platform can be a stepping stone to increased business opportunities, increased investment, and, ultimately, global clean energy leadership,” said Minister Ahn.   date2024-08-09

Vice Minister chairs conference with offshore wind power companies

Trade, Industry and Energy Vice Minister Namho Choe chaired a conference with offshore wind power companies on August 8 in Seoul and announced the roadmap for competitive bidding on wind power projects, then discussed industry issues with representatives.   Attending the conference were representatives of major wind power companies, including POSCO International, Doosan Enerbility, and Vena Energy. date2024-08-08

MOTIE lays out roadmap on competitive bidding for offshore wind power distribution

Trade, Industry and Energy Vice Minister Namho Choe chaired a conference with offshore wind power companies on August 8 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and announced the Offshore Wind Power Competitive Bidding Roadmap (“Roadmap”). A fast-paced follow-up to measures announced last month on invigorating solar power generation across industrial complexes, the Roadmap is the second set of implementation measures under the strategy announced this May on expanding renewable energy distribution and strengthening the supply chain. With the distribution of domestic wind power facility forecast to reach 18.3 GW by 2030 (11th Basic Plan on Electricity Supply and Demand), the situation going forward calls for competitive bidding on large-scale offshore wind power projects. Accordingly, the Government plans to initiate the distribution of offshore wind power in a way that can harmoniously balance the aims to expand the distribution of renewable energy, nurture the industrial ecosystem, and accommodate price competition. Addressing these goals, the key points of the Roadmap are as follows. First, the timing of competitive bidding for wind power projects will move up from its initial window in the fourth quarter (Q4) to the second quarter (Q2) of each year, and the notice of an additional tender will be released in Q4 if needed. From the second half (H2) of 2024 to the first half (H1) of 2026, the Government will launch approximately 7–8 GW worth of offshore wind power tenders during the two-year period. With regard to bid evaluation, the Government will adopt a two-stage process. The first round of evaluation will assess the nonprice attributes to select 120–150 percent of submitted bid quantity and the second round includes price competition based on an evaluation of price attributes. When the first- and second-round scores are added up, the bidder with the highest total score is selected as winner. Furthermore, the Government intends to increase the score allotted for nonprice criteria from the current 40 to 50, as well as incorporating aspects like maintenance, security, and public works as additional evaluation criteria.   Beginning this year, a bid market for floating wind turbine projects will be newly opened alongside the existing one for fixed wind turbine orders. Moreover, in line with the realignment of the renewable portfolio standards (RPS) system, a target ratio on public-sector participation will be proposed to strengthen the role of the public sector. In H1 2025, the Government plans to launch a public-led bid market. Vice Minister Choe expressed anticipation that the Roadmap will help present a stable bid quantity early on, accelerating large-scale investments in offshore wind power and job creation across domestic and overseas firms, while also spurring the establishment of ports and ships and other related infrastructure.    Meanwhile, the Ministry of Trade, Industry and Energy (MOTIE) plans to release a wind power tender for competitive bidding this October, preceded by a tender briefing in September.   date2024-08-08

Minister Ahn attends Industrial Supply Chain Carbon Neutrality Alliance launching ceremony

Trade, Industry and Energy Minister Dukgeun Ahn attended the Industrial Supply Chain Carbon Neutrality Alliance launching ceremony on July 25 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and discussed issues regarding global carbon regulations and the domestic response situation.   The ceremony was held with the participation of representatives of major industry sectors’ associations, including Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup and KCCI Chairman Chey Tae-won. date2024-07-26