South Korea notifies draft 9th Basic Plan for Long-term Electricity Supply and Demand

South Korea has unveiled the draft 9^th Basic Plan for Long-term Electricity Supply and Demand, which targets to increase renewable energy share in the installed capacity to 40 per cent by 2034 from the current 15.1 per cent. The shares of gas, coal, nuclear and others are targeted at 31 per cent, 15 per cent, 10 per cent and 4 per cent respectively, as against the current 32.3 per cent, 27.1 per cent, 19.2 per cent and 6.3 per cent respectively. The plan, prepared by a working group under the energy ministry, also calls for the closing of all coal-based power plants, whose 30-year operational life cycles expire by 2034. In order to prevent electricity deficit resulting from the planned closures, the government will convert 24 coal-based power plants to liquefied natural gas-based power plants.