To prepare for a potential energy crisis feared if the Middle East situation drags on, the government decided to expedite restarting nuclear power plants currently under maintenance. It plans to restart Shin Wolsong Unit 1 and Kori Unit 2 within this month, and to bring Hanbit Unit 6, Hanul Unit 3, and Wolsong Units 2 and 3 online by mid-May. If necessary, it will also raise the operating rate of coal-fired power generation.
The Ministry of Climate, Energy and Environment said on the 11th that it held a "meeting to review energy measures related to the Middle East situation" at the Korea Electric Power Corporation (KEPCO) South Seoul Headquarters, presided over by Minister Kim Sung-hwan, and stated accordingly. The government said, "International oil and natural gas prices have surged due to the recent Middle East situation, but there is a time lag before they are reflected in the power market, so the impact on electricity rates has so far been limited," while also noting, "If high prices persist and there are disruptions in liquefied natural gas (LNG) imports, the impact on the power market will be inevitable."
As of 2024, Korea's power generation mix is ▲ nuclear 31.7% ▲ coal 28.1% ▲ gas 28.1% ▲ renewables 9% ▲ oil and others 3.2%, with gas accounting for a considerable share. If fuel prices such as LNG spike without adjusting the power mix, the shock to the power market will be unavoidable.
In response, the government first decided to raise the nuclear utilization rate. Fifteen nuclear units (installed capacity 16.45 GW) are currently in operation, and the plan is to promote the restart of a total of six more units. The ministry said, "We will promptly restart nuclear plants under maintenance within the scope that does not affect stable system operation and safety during low-demand periods," adding, "We decided to increase the utilization rate of nuclear power."
If LNG supply disruptions are expected, it will also make greater use of coal-fired power. During the fine dust seasonal management period through the end of March, weekday output of operating coal-fired generators is restricted to 80%, and some coal-fired generators are shut down on weekends. In an emergency, however, these standards will be applied flexibly. The ministry said, "We will raise the operating rate of coal-fired power during periods with limited effects from yellow dust and fine dust."
The government plans to review measures to ensure that rising international energy prices do not lead as much as possible to higher electricity rates. It also plans to swiftly execute this year's budget for renewable energy deployment and loan programs. The ministry said, "Rapid deployment of renewables such as solar power is the fundamental solution to the current situation."