Energy Authority to secure a certain amount of oil-fired power/backup power supply system

The Ministry of Economy, Trade and Industry and the Agency for Natural Resources and Energy will start discussing whether oil-fired power can be given preferential treatment under the newly established reserve power system. Due to the rise in LNG and coal prices after Russia's invasion of Ukraine, the price of oil became relatively cheap, and the operating rate of oil-fired power plants increased. In order to build an appropriate thermal power portfolio in the transition period to decarbonization, we have determined that it is essential to secure a certain amount of installed capacity for oil-fired power. At the same time, we will consider measures to maintain the supply chain of heavy crude oil for oil-fired power, such as the shortage of coastal vessels.