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South Korean LNG imports to fall as nuclear and coal power takeover

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LNG Industry,

Reuters is reporting that South Korea’s imports of LNG are set to decline over the next five years, as new nuclear and coal power plants startup.

This fall from the record volumes recorded in 2018 has come about despite the country’s efforts to transition to cleaner forms of energy.

This year several nuclear power plants in South Korea have come back online and a new plant began operating in August. Another will commence operations before the end of 2019, and three large reactors are forecast to come online by 2024. Furthermore, seven coal-fired power plants are due to startup by 2022.

According to Wood Mackenzie, South Korea’s total LNG imports for 2019 are expected to decline by 9% year-on-year, and will remain low for several years.

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