South Korea Focusing on Renewable Power for Self - Reliance

Delhi, India (PressExposure) May 26, 2009 -- RNCOS in its new research report, “South Korean Energy Sector Analysis”, says that nuclear power capacity in South Korea is anticipated to supply 43.4% of total electricity generation by 2020. The construction of new nuclear power would boost the country’s energy self-reliance, diversify energy sources, and would emerge as an alternative to tight global supply of crude oil and other fossil fuels.

At the end of 2007, majority of the electricity was generated from fossil fuel especially coal, said the report. However, the installation of new nuclear power generation capacity is expected to be completed in 2020 that will make the nuclear power generation dominant segment compared to other segments of power generation.

The report also says that renewable energy sources have the great potential for growth in the South Korean energy market. Currently, alternative sources only account for 0.2% of the total electricity generation, which is expected to increase in future.

Although South Korea is extensively focusing on the development of nuclear power generation, we believe that the success of fossil fuel will largely depend on the effective implementation of government energy policies and R&D measures. Besides, South Korea should step up its renewable promotion policies and modify the implementation of existing policies so that government policies and funding bring the largest gains in the supply of renewable resources.

“South Korean Energy Sector Analysis” provides an in-depth analysis of the present and future trends of the South Korean energy Industry. It thoroughly studies the energy industry with focus on different parameters like different sources of energy generation, consumption of energy by sectors, government policies for energy industry, electricity generation and consumption patterns.

The report also gives forecast for primary energy consumption, energy demand by fuel, consumption by end users, oil consumption by sector, natural gas consumption, coal consumption, and electricity consumption.

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RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

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Press Release Submitted On: May 26, 2009 at 4:25 am
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