🇰🇷 South Korea · Energy
30 storiesSouth Korea freezes fuel price caps for four more weeks despite $100-plus oil
South Korea's Ministry of Trade and Industry (산업통상부) said on October 16 that the 11th round of petroleum price caps, applying for four weeks from midnight on October 17, will stay at the 10th-round level: 1,784 won per litre for gasoline, 1…
Trump announces Russian diesel supply deal; US temporarily eases restrictions
Donald Trump said he agreed with Vladimir Putin to bring Russian diesel to US and world markets, beginning with more than 300,000 tonnes immediately. Korean outlets reported that the US Treasury temporarily authorised Russian diesel transac…
US repeats South Korea Alaska LNG investment claim as Seoul keeps review open
The White House said South Korea would invest $54 billion in Alaska LNG, while Seoul says it has not decided whether to participate. Trump also claimed Taiwan would invest $4.4 billion; Taiwanese officials described purchase and investment …
SK and other South Korean firms consider joint Westinghouse stake investment
SK Group is considering an equity investment in U.S. nuclear company Westinghouse alongside other South Korean firms, local outlets reported on October 14. The proposed consortium would support a government-backed plan to acquire a 5–10% st…
South Korea approves reactor accident plans, defers Kori 3 and 4 extension decision
South Korea's nuclear regulator approved accident-management plans for Kori units 3 and 4 and Hanbit units 1 and 2 on October 15. It separately began reviewing continued operation of Kori 3 and 4 but requested more information before decidi…
President Lee Calls Farmland Solar an Opportunity, Urges Permit Support
President Lee Jae-myung told a cabinet meeting on Oct 6 that South Korea must move toward an “electricity state” with renewable energy, and solar in particular, at its core, and said converting farmland for solar projects could earn several…
US golden share raises questions over Korean investment in Westinghouse
South Korean business outlets reported that a US government golden share in Westinghouse could limit Korean investors' influence. The reports differ on whether the United States already holds the share or will obtain it when Westinghouse go…
HD Hyundai Heavy and 12 institutions launch marine SMR technology center
HD Hyundai Heavy Industries and 11 other shipbuilding, nuclear and academic organizations have launched an “SMR Marine Technology Demonstration Center,” signing a memorandum of understanding at UNIST in Ulsan on Oct. 6. The center will join…
Google signs 3.6GW nuclear power deal with Constellation for AI data centers
Google said it signed a power purchase agreement with Constellation Energy, the largest US nuclear power operator, for about 3.6 gigawatts (3,590MW) of electricity to serve AI data center demand. About 890MW will come from 11 nuclear plants…
Aramco CEO says oil system strained, inventory rebuild may take up to two years
Aramco chief executive Amin Nasser said the world oil supply system is already under pressure and that rebuilding depleted inventories could take up to two years, speaking in London on October 5. Nasser estimated that about 3 billion barrel…
Korea Western Power starts AI system to manage coal imports and inventory
Korea Western Power said it has begun operating an AI-based integrated control system covering bituminous coal vessel transport, offshore waiting, unloading and coal-yard inventory. Maeil Business reported the system went into full operatio…
Minister, opposition clash at audit over 12th power plan committee list
At a National Assembly audit of the Ministry of Climate, Energy and Environment on Oct 6, People Power Party lawmakers demanded the names of the committee drafting the 12th Electricity Supply and Demand Basic Plan, and Minister Kim Sung-hwa…
G7 agrees to release 100 million barrels of diesel and crude from reserves
The G7 agreed to release 100 million barrels of diesel and crude from strategic reserves over four months, a decision Hankook Ilbo, Bloter and Maeil Business attributed to US pressure ahead of the November midterm elections. President Donal…
Trump blames Ukraine war and Democrats for US gasoline prices
US President Donald Trump said in a Truth Social post on October 5 that rising gasoline prices are no longer a Strait of Hormuz problem, because record volumes of crude are flowing through the strait almost daily, and that the issue is now …
South Korea selects 436 more villages for resident solar income program, total 523
South Korea's Ministry of the Interior and Safety said on October 7 that it had selected 436 of the 608 villages that applied in the second round of its Haetbit Sodeuk Maeul (햇빛소득마을) program, in which residents take part in solar power proj…
Korean tanker passes Suez Canal carrying crude to Korea, third since Hormuz blockade
A Korean oil tanker has passed the Suez Canal and is carrying crude oil to Korea, the Ministry of Oceans and Fisheries said on Oct. 5. The ministry said the vessel cleared the canal safely as of 10:00 a.m. and was heading home. The document…
Gulf producers keep Hormuz ‘shuttle’ crude exports; volumes said to top pre-war levels
Gulf oil producers including Saudi Arabia are still exporting crude through the Strait of Hormuz via high-risk “shuttle” runs, loading very large crude carriers inside the strait and transferring the oil to ships waiting outside, according …
US energy secretary says diesel will fall below $6 a gallon after G7 reserve release
US Energy Secretary Chris Wright said US diesel prices will fall below $6 a gallon, citing a G7 agreement to release 100 million barrels of diesel and crude reserves over the next four months. In a CBS interview on Oct 4, he said the releas…
South Korea nuclear deliberation committee to pick 300-member citizen panel
South Korea's Nuclear Power Public Deliberation Committee for the Basic Plan for Electricity Supply and Demand held its first meeting in Seoul on October 7 and approved a plan to select about 300 citizens by stratified random sampling for a…
Seven OPEC+ states agree in principle to hold November output targets
Seven OPEC+ countries agreed in principle to keep their November oil production targets at current levels, Reuters reported citing three sources, and Bloomberg also forecast targets would be held. The seven discussed November output in a vi…