South Korea's Energy Minister Warns Phasing Out Coal Could Hike Electricity Prices to German Levels

According to CBS Radio, South Korea's Minister of Climate, Energy and Environment Kim Sung-hwan warned today (July 24) that transitioning away from coal and relying solely on renewable energy could significantly increase electricity prices to levels comparable to Germany.

Kim noted that South Korea's industrial electricity rate already stands at 180 won per kilowatt-hour, higher than China's 120 won per kWh, making further price increases from renewable expansion problematic for industrial competitiveness. He added that a prior plan to replace 15% of nuclear energy with hydrogen proved unfeasible due to high costs.