The 11th basic plan for electricity supply and demand (Electricity Basic Plan), which includes power facility plans from this year to 2038, is adrift. This is because the opposition party is showing a negative stance on finalizing the Electricity Basic Plan due to the inclusion of the impeached President Yoon Suk-yeol's new nuclear power plant construction policy in the plan.
In addition to the new nuclear power plants included in the plan, the construction of pumped storage generators and energy storage systems (ESS) are also expected to be delayed indefinitely. There is concern that the Electricity Basic Plan needs to be finalized as soon as possible so that projects such as the power transmission infrastructure construction, which the government was promoting to supply power to the semiconductor cluster to be created in Yongin, can proceed without disruption.
According to the National Assembly on the 20th, the agenda for the 11th Electricity Basic Plan was not presented at the plenary meeting of the Trade, Industry, Energy, SMEs and Startups Committee held on the 19th. Currently, the committee has not scheduled additional meetings this month. The possibility of finalizing the 11th Electricity Basic Plan being postponed until next year has increased.
The Electricity Basic Plan is a mid- to long-term energy policy that includes domestic power facility plans for the next 15 years. It is established biennially by the Ministry of Trade, Industry and Energy. The 11th Electricity Basic Plan, which includes plans from this year to 2038, was expected to be finalized upon completion of the National Assembly's standing committee report. Following the parliamentary report, it will be finalized through the review process of the Electricity Policy Review Council under the ministry.
The ministry prepared the report in September with the aim of finalizing the 11th Electricity Basic Plan, which includes the power supply plans starting this year, within the year. However, due to budget discussions, the Electricity Basic Plan was sidelined, and after the impeachment situation on the 3rd, it is now in a state of uncertainty regarding its survival.
I Cheol-kyu, chairperson of the People's Power, emphasized at the meeting that the National Assembly report on the 11th Electricity Basic Plan should be conducted promptly. However, some members of the Democratic Party argue that the 11th Electricity Basic Plan, which includes the impeached President Yoon's major energy policy of new nuclear power plant construction, should be abolished.
Kim Won-i, commissioner of the Democratic Party, said, “The 15-year plan was established based on the state philosophy of President Yoon, whose duties have been suspended,” and added, “We need to examine it more thoroughly.” Kim continued, “The agenda will not be submitted to the meeting to prevent the parliamentary report from proceeding.”
In the past, there have been instances where the Electricity Basic Plan was finalized in the new year rather than by the end of the year. The 10th Electricity Basic Plan, which included plans from 2022 to 2036, was finalized after undergoing the parliamentary standing committee report in January last year. It has never been finalized beyond January before, but the prolonged impeachment situation makes it uncertain whether the 11th Electricity Basic Plan can be finalized by January.
The 11th Electricity Basic Plan includes not only the construction of three large nuclear power units and one small modular reactor (SMR) but also plans for ESS construction and pumped storage generator development. The ministry planned to build an ESS with a capacity of 500 megawatts (MW) annually, starting in 2026, focusing on the Honam region. Pumped storage power plants were planned to be constructed with a total capacity of 2.5 gigawatts (GW) in Gokseong, Jeonnam; Geumsan, Chungnam; and Yeongyang and Bonghwa in Gyeongbuk by 2035-37. However, with the Electricity Basic Plan not being finalized, these projects are being delayed indefinitely.
Additionally, on the 27th of last month, the government announced measures to strengthen support for the semiconductor ecosystem at the relevant ministers' meeting on strengthening industrial competitiveness. Among them, a power supply plan for the Yongin industrial complex was prepared in terms of infrastructure support, with plans for transmission and substation facilities included in the 11th Electricity Basic Plan.
A government official noted, “Even if the finalization of the Electricity Basic Plan is delayed, there will be no problem operating the initial two fab plants in the Yongin industrial complex in 2029-30,” but added, “However, there could be trouble related to the establishment plan for transmission and substation facilities, which are necessary for eventually constructing up to six fabs after 2030.” The official continued, “The 11th Electricity Basic Plan needs to be finalized by January at the latest.”