South Korea's Energy Strategy Amid Rising Global Fuel Prices

South Korea faces rising electricity costs due to a Middle East crisis affecting global fuel prices. In response, the government is considering energy vouchers for vulnerable households and a boost in nuclear and coal-fired power generation. Efforts also include fuel price caps and strategic energy resource management.

Amid escalating global fuel prices due to the Middle East crisis, South Korea is evaluating further energy vouchers for vulnerable households to balance rising electricity costs, the government announced Friday.

To alleviate energy burdens on citizens, Industry Minister Kim Jung-kwan highlighted actions like managing energy pricing and supporting those impacted by these challenges. Known for its dependency on energy imports, South Korea sources approximately 70% of its oil and 20% of its LNG from the Middle East.

Efforts to lessen LNG reliance include fast-tracking the reactivation of nuclear plants and considering increased coal-fired power production during favorable air quality periods. The government is also drafting additional budget measures for energy support while implementing fuel price caps to stabilize costs.

(With inputs from agencies.)