South Korean company Korea Electric Power Corp (KEPCO) announced plans to reduce investment in renewable energy sources, Yonhap reported.
KEPCO plans to reduce investments in renewable energy over the next five years amid a deteriorating financial situation.
Six KEPCO subsidiaries, including Korea Energy and Korea East-West Power, will cut their investments in renewable energy by a total of $1.5 billion through 2026, the report said.
South Korea plans to increase its nuclear power generation to almost 33% of its total power generation by 2030 to improve energy security, officials said.
According to the plan, by 2030, renewable energy sources will account for 21.5% of the total electricity production in the country, while the share of coal will be 21.2%, and liquefied natural gas – 20.9%.