KEPCO units plan to slash investment in renewable energy

Six affiliates of the state-run Korea Electric Power Corp. (KEPCO) plan to cut their investment in renewable energy over the next five years. Korea Times file

Six affiliates of the state-run Korea Electric Power Corp. (KEPCO) are planning to cut their investment in renewable energy over the next five years as they need to improve their worsening financial health, according to a report on Friday.

The six affiliates, including Korea Energy and Korea East-West Power, will slash their investment in renewable energy by a combined 2.1 trillion won ($1.5 billion) until 2026, the report indicated.

The report was compiled by the office of Rep. Kim Yong-min of the main opposition Democratic Party of Korea.

In a statement, Kim criticized the KEPCO affiliates for running counter to the global trend of accelerating investment in renewable energy.

"Expanding renewable energy is essential for our companies' national competitiveness and survival," Kim said, calling for the KEPCO units to expand their investment in renewable energy.

KEPCO and its affiliates chalked up widening losses due to soaring energy costs.

Korea plans to expand its generation of nuclear power to nearly 33 percent of its total energy creation by 2030 in a move to boost energy security and to better meet net-zero goals, officials said.

Under the plan, renewable energy will take up 21.5 percent of the country's total electricity generation by 2030, with the figure for coal standing at 21.2 percent and liquefied natural gas at 20.9 percent. (Yonhap)