The decision also comes a day after the energy ministry announced its plan to invest $36.6bn in renewable energy by 2020.
Yonhap news agency cited South Korean Trade, Industry and Energy Ministry as saying in a statement that the closure decision will affect the coal power stations which are aged 30 years or over with combined power generation capacity of 3.3 million kilowatts.
South Korea Trade Minister Joo Hyung-hwan said that a total of S$8.6bn will be invested to carry out the proposed phase out plan by 2030. It is expected to reduce the current coal-fired power generation of 28% to 26.2% in 2029.
The ministry said: "In response to growing concerns over fine dusts, we will lower the share of coal power by shutting down old coal-fired power plants and restricting to add new coal-fired power plants in the future."
Reuters reported the energy ministry as saying that the closure of the coal fired power plants would also reduce fine dust levels by 24% by 2030 when compared with 2015 levels.
Korea Electric Power unit Korea Southern Power Co (KOSPO) president Yoon Jong-Keun said: "The shutdown of 10 old coal power plants will not affect the country’s power supply as we can replace them with alternative energy like biomass and renewables gradually."
The country plans to convert the two of the 10 plants to biomass facilities from 2017.
Image: South Korea plans to reduce coal-fired power generation capacity by 2025. Photo: courtesy of dan/ FreeDigitalPhotos.net.
