Korea Southern Power Co., which supplies 12 percent of the nation’s electricity, completed two coal-fired plants at a cost of 1.18 trillion won ($930 million) as the country seeks to rely less on imported crude oil.
South Korea, which imports almost all its oil, is trying to cut reliance on crude and diversify energy sources, after oil prices in New York climbed to a record $147.27 a barrel last year. By the end of 2022, the power-generating capacity of Asia’s fourth-largest economy will rise to 100.9 gigawatts from the current 65.9 gigawatts, the ministry estimated last year.
The government has said it plans to build seven more coal- fired plants by 2022. South Korea currently has more than 40 coal-fired power stations.
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