Power South Korea

South Korean power generation to 412TWh over the Jan-Sept period, up 5.3% y-o-y

South Korean power generation totalled 44.1TWh in September, down 9.8% m-o-m but still was 10.2% higher y-o-y. Coal-fired generation totalled 21.2TWh, down 9.5% m-o-m but still was 21.9% above last year’s levels. Gas-fired generation declined to 7.7TWh, down 25.7% m-o-m and down 2.4% y-o-y.

Renewable generation totalled 2.9TWh, down 9.9% m-o-m but still was 41.6% higher y-o-y. Hydro generation declined to 0.7TWh, down 30.5% m-o-m but still was 7% higher y-o-y. Power generation from wind, solar biomass and other renewable sources totalled 2.2TWh, down 1% m-o-m but still was 57% higher y-o-y.

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Fall in thermal power generation (coal and gas) and renewable generation resulted in a slight increase in nuclear power output to 12.3TWh in September, up 3.5% m-o-m. However, this is still 2.8% lower y-o-y. Nuclear power generation declined on an annual basis consecutively since September last year. South Korea plans to enter “nuclear-free era”. The precise date for that is yet unknown but South Korean President Moon Jae-in has pledged on a number of occasions since his election in May to gradually phase out nuclear generation. South Korea has 24 operating nuclear power plants supplying 1/3 of total power demand. Plans to build new plants have already been scrapped and the existing power plants are to be decommissioned as soon as they reach their lifespan. Nuclear power generation increased to 114.6TWh over the Jan.- September period, down 10% y-o-y.

South Korea produced 411.8TWh of electricity over the first 9 months of the year, up 5.3% y-o-y. Coal-fired generation increased to 187.5TWh, up 8.2% y-o-y. Gas-fired generation increased to 85.9TWh, up 19% y-o-y.

Renewable power generation increased to 23.9TWh over the Jan.-September period, up 34% y-o-y. This includes hydroelectric power generation, which increased to 5.5TWh, up 7.5% y-o-y. Power generation from other renewables also increased to 18.4TWh, up 44.5% y-o-y.

Source: KESIS