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targets(shares of 20% and 30-35% Broadening energy security parameters
respectively) requires a resilient and much The government of Korea should:
more flexible electricity system, capable •Elevate the status of the Korean
of accommodating the growing share of Electricity Regulatory Commission
variable and decentralised renewables. as the regulator of the electric power
Korea’s electricity sector is operated as industry. Its responsibilities in areas such
a mandatory pool with a single buyer; as setting tariffs and monitoring of the
wholesale and retail prices are not set market should be strengthened, and
by the market, but by the government. the commission’s staff strength should
The role of Korea’s Electricity Regulatory be increased in line with the additional
Commission is largely advisory, with responsibilities.
all important decisions taken by the •In addition to the clean energy
government. Failure to open the electricity targets, the Korean government should
sector and introduce true competition develop performance-driven regulatory
and independent regulation along the frameworks for energy efficiency and
electricity value chain can become renewable energy deployment, but
major impediments for Korea’s energy also for competitive electricity and gas
transition. markets, in order to attract and facilitate
The government is proactively addressing investments in clean energy with new
emerging threats to energy security business opportunities.
potentially stemming from increasing •Ensure that the energy taxation of all
digitalisation of the energy supply chain fuels reflect their external costs, including
and the overall energy system. The IEA carbon content and air pollution, to
congratulates Korea on the issuance of accelerate the switch to lower emission
its first National Cybersecurity Strategy in technologies.
2019, which sets a best practice example •Ensure efficient infrastructure roll-out
for other IEA countries. to support the clean mobility targets.