South Korea’s nuclear generation share to reach 30.3% by 2030

It is slightly behind the 32.4% target.

Nuclear energy will continue to play an essential role in South Korea’s power generation and decarbonisation as the power source’s share in annual generation inches to 30.3% in 2030 from 29.7% in 2023, according to GlobalData.

In the report “South Korea Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2024-2035,” GlobalData said this is close to the government’s target of 32.4% by the said year.

So far, South Korea’s nuclear capacity increased at a compound annual growth rate (CAGR) of 0.8% from 21.7 gigawatts (GW)  in 2015 to 23.1 GW in 2023. It is forecasted to reach 30.1 GW in 2035, the company said.

“Nuclear power generation rose from 157.2 TWh [terawatt-hours] in 2015 to 168.6 TWh in 2023, at a CAGR of 0.9% during the period. It is expected to increase to 226.6 TWh in 2035, at a CAGR of 2.5% during the 2023-2035 period,” GlobalData power analyst Sudeshna Sarmah said. 

Under the 10th Electricity Plan, the Korean government is planning to add six new reactors by 2033 and increase the nuclear power generation to 34.6%.

Sarmah said the country currently has 26 nuclear reactors in operation which are owned by Korea Hydro & Nuclear Power Co Ltd. Two others are under construction and are expected to start operations by 2024.

“The currently operational nuclear reactors are used to meet approximately one-third of its electricity consumption, with demand peaking during midsummer when residential customers use home-cooling devices, increasing their power usage,” Sarmah said.