Coal accounts for just under -- of the country s electricity generation, and we expect this share to remain roughly the same over the coming decade as the strong project pipeline of coal facilities in the country gradually comes online, as South Korea moves to capitalise on cheap feedstock in the wider Asia region. South Korea will continue to develop thermal generating capacity, despite a strong emphasis on and growth in clean energy, and the implementation of a coal import tax in July ----. ...The slim margin between electricity demand and supply will continue to drive greater capacity growth. In February ---- the government released the sixth Electricity Supply And Demand Plan, which proposes the development of -- thermal power plants by ----, namely -- coal-fired and six LNG-fired plants, with a combined capacity of --.-GW. The plants approved in January are likely to have been included in the sixth plan, meaning there are still a number of plants (at least four coal-fired) to be approved over the medium term. ...The plants approved in January are likely to have been included in the sixth plan, meaning there are still a number of plants (at least four coal-fired) to be approved over the medium term. These coal plants are due to be completed between ---- and ----, and the LNG plants from ---- to ----.
...We forecast overall power generation to grow at an average of -.- a year between ---- and ----, reaching ---.- terawatt hours (TWh) by the end of the period. While coal- and gas-fired generation will continue to play a vital role, we expect nuclear generation to have the fastest growth rates. That said, we believe high growth rates will feature more greatly in the second half of our ---year forecast period, given the current high level of public distrust of nuclear power. The South Korean market for liquefied natural gas (LNG) will cool in the near-term, as high prices and company obligations to cut expenditure will see Kogas and utilities trim LNG purchases and rely on nuclear whenever possible. In the longer term, new gas power plants and the country s quest to increase power supply to the market will mean LNG demand rises, although we have also moderated our forecasts to show slower demand growth. ...The South Korean market for liquefied natural gas (LNG) will cool in the near-term, as high prices and company obligations to cut expenditure will see Kogas and utilities trim LNG purchases and rely on nuclear whenever possible. In the longer term, new gas power plants and the country s quest to increase power supply to the market will mean LNG demand rises, although we have also moderated our forecasts to show slower demand growth.
...Between ---- and ---- the average annual growth rate for electricity consumption is forecast to be at a healthy rate of -.- . Tight demand and supply power conditions have pressured the government to approve the construction of new coal- and gas-fired plants by private operators. ...
