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South Korea Electric Power Transmission & Distribution (T&D) Infrastructure Industry Analysis
Current Scenario:
South Korea has a well-developed electric power transmission and distribution infrastructure industry. As of 2021, the country has over 80,000 km of high-voltage transmission lines and more than 20,000 km of ultra-high-voltage transmission lines. The industry is dominated by the state-owned Korea Electric Power Corporation (KEPCO), which holds a monopoly on electricity transmission and distribution.
Construction of New Projects:
South Korea has been actively investing in upgrading its existing power transmission and distribution infrastructure and building new projects to meet the growing demand for electricity. In 2020, KEPCO announced its plan to invest KRW 47.4 trillion (USD 40.6 billion) in its transmission and distribution infrastructure by 2029. This investment will include building new power transmission and distribution facilities, upgrading existing ones, and improving the grid's stability and reliability.
Major Drivers:
One of the major drivers of the electric power transmission and distribution infrastructure industry in South Korea is the government's push towards renewable energy. The government aims to increase the country's renewable energy capacity to 58.5 GW by 2030, up from 16.5 GW in 2020. This will require significant upgrades to the existing transmission and distribution infrastructure to accommodate the intermittent nature of renewable energy sources such as wind and solar power.
Another major driver is the increasing demand for electricity in the country. South Korea is a highly industrialized nation with a strong manufacturing base, and as such, it requires a reliable and stable electricity supply to power its industries.
Industry Outlook:
The outlook for the electric power transmission and distribution infrastructure industry in South Korea is positive, with continued investment in the sector expected in the coming years. The government's push towards renewable energy is expected to drive further investment in upgrading the existing infrastructure and building new facilities to support the integration of renewable energy sources.
In addition, the growing demand for electricity in the country, particularly from the industrial sector, is expected to continue driving investment in the industry. KEPCO's plan to invest KRW 47.4 trillion in the transmission and distribution infrastructure by 2029 is a testament to the government's commitment to the sector.
Overall, the electric power transmission and distribution infrastructure industry in South Korea is expected to remain a vital component of the country's energy infrastructure, providing a reliable and stable supply of electricity to power its industries and meet the growing demand for electricity.
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