Ministry of Trade, Industry and Energy

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) held the 4^th Electric Power Policy Deliberation Committee Meeting and gave a briefing on the 11^th Electric Power Supply Basic Plan.

Beginning in July, the 11^th Electric Power Supply Basic Plan Working Group plans to utilize scientific methods to produce precise forecasts on long-term power demand in accordance with recent changes so as to develop an energy mix that harmoniously incorporates policy goals, such as stability, efficiency and carbon neutrality.

To note, new nuclear power plants will be introduced to compose a cost-efficient energy mix while distributing renewable energy, hydrogen and such zero carbon energy sources. The plan will also include measures to realign the electric power market and to establish power grids and storage that take supply conditions into consideration.

Once subcommittees and expert panels are organized around the end of July, MOTIE will finalize the 11th Electric Power Supply Basic Plan by taking it through cross-ministerial consultations, public hearings and National Assembly briefings.

At the Electric Power Policy Deliberation Committee meeting, attendees deliberated and decided on the Electric Power Industrial Base Fund Management Plan as well. MOTIE stated that it aims to realign the structure of the electric power fund expenditure with emphasis on projects in line with national policy tasks and electric power fund purposes.