South Korea’s newly-elected president Yoon Suk-yeol unveiled his new energy plan July 5 focused on reducing the country’s reliance on fossil fuels and increasing oil and LNG stockpiles with a view to enhance the national energy security. Under the Energy Policy Direction of the New Government, the country would lower the country’s dependence on fossil fuel imports to under 70% by 2030, compared with 81.1% in 2021. In order to help reduce fossil fuel consumption, the country will boost the share of nuclear in the country’s power mix to 30% by 2030, from 27.1% in 2021, reversing the nuclear phase-out policy of President Yoon’s predecessor Moon Jae-in who had pushed to cut nuclear portion to 10.1% by 2034. “This energy policy direction officially substitutes the previous government’s energy policies,” the Ministry of Trade, Industry and Energy said in a statement. President Yoon, former prosecution chief, took office in May […]