Tuesday, 7 December 2010

Regional Update: Korea to displace coal with nuclear and renewables

SEOUL, Tuesday 7 December 2010 (AFP) - South Korea said Tuesday it plans to build 14 new nuclear reactors by 2024 to help meet growing energy needs and cut dependence on fossil fuel.

South Korea, which currently has 20 operational nuclear reactors, will build 14 new facilities to make atomic power the biggest source of energy by 2024, state-run Korea Power Exchange said.

As a result, nuclear energy will provide 48.5% of the nation's energy consumption by the target year from the current 32%, KPE said in a long-term national energy development plan.

Coal is currently the biggest source of energy in South Korea that meets 42% of the nation's energy needs.

Renewable energy sources like solar and wind power will also provide 8.9% of the nation's energy needs by 2024 compared with the current 1.3%, it said.

Asia's fourth-largest economy imports 97% of its energy needs from overseas and has moved to cut dependence on fossil fuels and to diversify energy sources.

In October Seoul unveiled a five-year plan to spend 36 billion dollars developing renewable energy as its next economic growth engine, with a goal to become one of the world's five top players in the sector.

source: Mysinchew.com http://www.mysinchew.com/node/49145

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