South Korea approves new coal power to diversify generation sources

• 11 years ago (2013-02-01)
• Junior Isles

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South Korea has granted approval for four private companies to build eight new coal-fired power plants, with a total generating capacity of 8000 MW, as part of its plan to spread energy investment among state and private power generators.

The private companies, Samsung C&T; Corp., Tongyang Power Co., SK Engineering & Construction Co. and a Dongbu Group unit, will complete the plants by 2027, according to a government statement.

This move marks the first time in 30 years that South Korea has allowed private operators to build coal-fired plants. South Korea relies on imported oil for its general and power generation needs, and is trying to cut reliance on crude and diversify energy sources to include renewables and other clean energies.

With the public currently vulnerable to blackouts, there is a pressing need for new generation sources.

The new plan aims to develop a power generation capacity that will exceed demand by 22 per cent, by 2027.

South Korea also aims to have enough renewable energy facilities to generate 32 GW, 20 per cent of overall generation needs, by 2027.