SMM: according to the "medium-term Energy demand Outlook for 2020" released by the Korea Energy Economic Research Institute on the 9th, coal demand will decrease by 0.7% annually from 2019 to 2024, and coal dependence will drop from 27.0% to 24.0%.
According to analysis, due to the government's policy of shutting down the units of old power stations and the haze prevention and control project in spring, the demand for coal for power generation will show a decreasing trend. The 9th Electric Power Development Plan, issued in May this year, will shut down 30 units with an operating life of 30 years by 2034, accounting for half of all thermal power units, and the proportion of thermal power generation will be reduced from 40.4% to 28.6%. The average annual growth rate of demand for nuclear energy is 7%, and the degree of dependence will rise from 10.2% to 13.0%. The demand for renewable energy will grow at an average annual rate of 5.7%, and the degree of dependence will rise from 6.3% to 8.0%.
The report predicts that by 2024, South Korea's total domestic energy demand will reach 325.8 million TOE, with an average annual growth rate of 1.4%.
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