South Korea to Reveal Power Demand Figures for '3 Big Mega Projects'

South Korea is poised to unveil preliminary power demand projections for its ambitious '3 Big Mega Projects,' which are anticipated to create a significant surge in electricity needs. The figures, set to be disclosed on August 20, are expected to reflect a demand equivalent to the output of 18 large nuclear reactors, underscoring the scale of these national initiatives.

The Ministry of Trade, Industry and Energy and the 12th Basic Plan for Electricity Supply and Demand (Electricity Basic Plan) Steering Committee will present the updated projections at a public policy forum. This forum will address 'Electricity National Transition' and 'Power Demand and Renewable Energy Outlook,' with a specific session dedicated to the '3 Big Mega Projects' and their impact on electricity demand through 2040.

This revised forecast comes after the government announced the projects in late June, estimating a new power demand of 24.7 GW. Previously, in April, the government had projected a maximum power demand of 131.8 to 138.2 GW by 2040. The upcoming disclosure will incorporate the additional demand from these mega projects into the national electricity planning.

The policy forum will also cover the broader implications of electrification on long-term energy demand and the electricity industry. Discussions are planned for September on more contentious issues, including the roadmap for phasing out new nuclear and coal power plants, reforms to the electricity market, and transmission plans.

The government aims to integrate expert and public opinions gathered from the forums into the finalization of the 12th Electricity Basic Plan. This process highlights the balancing act South Korea faces in meeting its growing energy demands while pursuing a transition towards renewable energy sources.