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The South Korean government announced on Wednesday its intention to prepare a package of precautionary measures to maintain the stability of electricity prices, amid amid recent volatility in global energy prices following tensions in the West Asia.The Ministry of Climate and Environment in South Korea explained that Climate Minister Kim Sung-hwan presented this plan during a meeting with state-run utility companies, including Korea Electric Power and Korea Gas, to discuss ways to deal with the sharp rise in energy prices.Kim explained that the country has so far experienced only a limited impact on electricity prices as a result of the recent increase in global oil and natural gas prices, but that it will likely face financial pressures in the future if supply chains are disrupted further.Officials said the government measures will include restarting nuclear power plants undergoing maintenance in a timely manner, in addition to coal-fired power plants that were temporarily shut down to manage the seasonal fine-dust problem.The ministry also announced that it will work to enhance the growth of the renewable energy market, which is less affected by global energy prices, noting that it is the optimal solution to reduce the impact of volatility in South Korea’s energy system.
