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France-Korea Energy Committee discusses Korea’s new energy strategy

France-Korea Energy Committee discusses Korea’s new energy strategy - French Korean Chamber of Commerce and Industry

On September 28th, FKCCI gathered for the first time since the pandemic the members of its France-Korea Energy Committee to discuss Yoon’s administration new energy policy directions and upcoming challenges at the dawn of the looming energy crisis.

The session welcomed 20 participants composed of C-level executives of major French and foreign energy companies operating in the local market to share their feedbacks on energy trends and get insights from Mr. Thomas Houlie and Mr. Jean-Claude Masy, Attachés at the Energy Department of the French Embassy in Korea.

Indeed, South Korea revealed the draft of its 10th Basic Plan for Electricity, which would be a turning point for the electricity mix of the country, resuming the country’s civil nuclear programs (up to 33% of the generation mix in 2030), scaling down slightly ambitions on renewable energies on a more “realistic” basis (22% of the mix), and slowing down the generation from fossil fuels (42%). Although the draft plan is to be adopted by the end of 2022, we are already witnessing some moves in the framework of the new strategy, such as the resumption of previously stopped nuclear power plants’ construction and the inclusion of nuclear power in the green taxonomy of the country. Details on the Korean renewable energy and the hydrogen strategies are yet to be unveiled by the end of the year.

The country, heavily dependent on its energy imports, is however facing several challenges in a difficult context of looming global energy crisis and booming prices, which would negatively affect industrial production costs, exports, supply security, and which is already a major factor of inflation in the economy.

In this framework, the France-Korea Energy Committee’s members agreed to host a session of a quarterly basis and follow closely the situation, especially regarding pricing mechanisms of renewable energy projects.

The France-Korea Energy Committee is headed by Mr. Guillaume Horn, Head of Framatome Korea, and coordinated by Mrs. Oriane Lemaire, General Secretary of the Committee and Head of Communications at FKCCI.

For any inquiry on the work of the committee, please contact o.lemaire(@)fkcci.com.

To join FKCCI sectoral committees, join our Membership program and contact membership(@)fkcci.com !

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