Energy Videos

How Is South Korea's Energy Transition Going?

The video examines South Korea’s current energy transition, highlighting how recent spikes in global oil and gas prices—triggered by the war in Ukraine—prompted President Yoon Suk‑yeol to frame the crisis as a catalyst for accelerating renewable deployment. South Korea still derives roughly 28% of its electricity from natural gas and a sizable share from oil, while wind and solar together account for only about 6%, half the world average. Nuclear power supplies roughly 30% of the mix, and coal remains a major component, though the government joined the Powering Past Coal Alliance and pledged to retire all 61 coal plants, with 40 slated for closure by 2040. President Yoon emphasized the need to decouple the nation’s power costs from geopolitical volatility and announced plans for a zonal‑pricing scheme that would give lower rates to generation‑rich regions. The speaker cites the UK’s recent abandonment of regional pricing as a cautionary tale, suggesting that a successful rollout could attract energy‑intensive firms to under‑served areas and balance the grid. If implemented, the reforms would reduce South Korea’s exposure to external supply shocks, spur domestic renewable investment, and reshape the country’s industrial geography. For investors and policymakers, the shift signals new opportunities in offshore wind, solar, grid‑modernization technologies, and a potential re‑orientation of trade flows with coal‑exporting nations like Australia.