With the inauguration of the Lee Jae-myung government, changes in energy policy are anticipated, while the terms of key leaders at major energy public corporations such as Korea Hydro & Nuclear Power, Korea National Oil Corporation (KNOC), and Korea Gas Corporation are set to end sequentially. President Yoon Suk-yeol has previously presented pledges that differ in direction from his government, including the establishment of the Ministry of Climate and Energy and the expansion of renewable energy.
According to the public institution management information disclosure system (Alio) on the 10th, the term of KHNP President Hwang Joo-ho will conclude in August. Hwang has expressed the intent to finalize a contract for a new nuclear power plant in the Czech Republic worth 25 trillion won during his term, achieving a fruitful conclusion by wrapping up the contract.
In the nuclear power industry, there are concerns that if the energy policy shifts towards the expansion of renewable energy, it may lead to a retreat from nuclear power policy. President Lee has set 'green renewable energy transformation' and 'realizing RE100' as his key energy commitments. It is also uncertain whether the selections for ▲two new nuclear reactors and ▲the construction site for small modular reactors (SMR, with a generation capacity of 300,000 kW) included in the 11th Basic Electricity Supply Plan finalized in March will proceed as scheduled in the latter half of this year.
The term of Korea National Oil Corporation (KNOC) President Kim Dong-seop is until September this year. KNOC has led the Blue Whale Project, a deep-sea gas development project in the East Sea. The project has been stagnant after failing to yield significant drilling results in the initial exploration. Since President Lee has referred to the Blue Whale Project as a scam, the likelihood of continuing the project is slim.
Choi Yeon-hye, the president of Korea Gas Corporation, who comes from the Yoon Suk-yeol camp, will end her term in December. Korea Gas Corporation needs to decide whether to participate in the liquefied natural gas development project in Alaska, desired by U.S. President Donald Trump.
The term of Korea Electric Power Corporation President Kim Dong-cheol is until September next year, leaving just over a year. KEPCO is the largest among energy public corporations. The five heads of power generation companies appointed by former President Yoon before his impeachment—▲Kang Gi-yoon from Korea South-East Power, ▲Han Dong-woo from Korea South-East Power, ▲Kwon Myung-ho from Korea East-West Power, ▲Lee Jung-bok from Korea Western Power, and ▲Lee Young-jo from Korea Central Power—still have a significant portion of their terms remaining.
The Democratic Party is likely to pressure public institution heads with remaining terms to resign voluntarily. Democratic Party of Korea lawmaker Jeong Seong-ho noted on the 4th during an appearance on MBC Radio's 'Kim Jong-bae's Focus' that "public institution heads who do not align with the government's philosophy should resign voluntarily. There have been many bills proposing that the terms of the president and heads of subordinate public institutions should coincide; however, they have not been processed. I believe these bills should be handled in principle."
The Democratic Party urged the resignation of public institution heads appointed during the Moon Jae-in government in the early days of the Yoon Suk-yeol administration, accusing then-Prime Minister Han Duck-soo of abuse of power. Therefore, there is also a prediction that pressuring public institution heads with remaining terms to resign will not be easy.