Motie: Minister holds 1st Energy Policy Consultation Committee Meeting

Trade, Industry and Energy Minister Lee Chang-yang held the 1st Energy Policy Consultation Committee Meeting on September 16 where he gathered experts’ opinions on global energy supply crisis countermeasures.

Amid the rapidly changing energy market landscape, protracted Russia-Ukraine war and the energy policy directions announced in July that are to be implemented under the new regime, the need for preemptive mid-to-long term policy tasks and active communication with experts has been continuously raised.

To this end, the Ministry has launched the Energy Policy Consultation Committee composed of key figures in the energy industries and academia to operate a joint channel comprising government and professional personnel.

Taking opportunity of the first meeting, Minister Lee presented thirteen committee members with certificates of appointment and requested unrestrained policy recommendations and advice from the experts.

A large part of the meeting was focused on discussing possible countermeasures against the global energy supply crisis in the face of Russia’s gas cut-off and ensuing energy price surges, which is triggering many countries to devise respective, country-specific set of energy schemes, including price markups, reactivation of nuclear power and coal-fired plants.

South Korea has begun operating a public-private joint energy supply emergency task force as of September 1 for weekly meetings on supply assessment and response. Short-term plans also include alternative fuels, energy mix adjustments and other energy demand reduction means.

These entail early purchases of in-kind gas, enhanced utilization of biodiesel and fuel alternatives, lowering demand for LNG, as well as tightening energy efficiency policies on large buildings in tandem with local governments. Energy saving campaigns will be launched nationwide for proactive energy saving efforts.

The Ministry will be carrying out market principles-based energy pricing systems, rational energy governance mechanisms and mid-to-long term policies.

Minister Lee remarked that “it is high time for us to raise serious awareness of the current energy crisis,” and added that “in the short term, we must prepare for the coming winter season’s energy supply, while in the long term, a sustainable and resilient energy system should be established to withstand external factors.”

Moreover, the Minister emphasized the importance of a realistic and rational energy mix policy that incorporates better utilization of nuclear reactors and harmonizes nuclear power, renewables and hydrogen.

Noting the recent findings of illicit maneuvers in renewable energy supply under the previous regime, he stated that “our Ministry regards the matter as regrettable” and assured that “relevant ministries will engage in investigation procedures to thoroughly inspect the project execution process and eradicate all corruptive practices.”

He stressed that major causes like favorable treatment of cooperatives, inefficient concentration on small-scale solar power and system issues will be properly addressed and corrected to swiftly establish new renewable energy policy directions.

The abovementioned energy consultation committee will be convened at need in order to develop policy measures which citizens can deem relevant and reasonable.