IEA Secretary-General: "For an Electrified Future, Countries Must Actively Promote 'Power Grid Construction'"

Keynote Speech at Climate Industry International Expo
Explosive Growth in Electricity Use Expected in Daily Life and Industry
"Power Grid Construction to Deliver Electricity Is Overlooked"
"Availability of Electricity Storage Also Crucial"
Korean Strategy Praised for Securing Czech Nuclear Power Plant

Fatih Birol, Executive Director of the International Energy Agency (IEA), identified the "electrified future" as the main challenge in the era of clean energy transition, emphasizing that "governments and companies around the world must actively promote the construction of power grids."

Party Birol, Secretary-General of the International Energy Agency (IEA), is speaking at a press conference held on the morning of the 3rd at the Press Center in Jung-gu, Seoul. [Image source=Yonhap News]

At the '2024 Climate Industry International Expo' held on the 4th at BEXCO in Busan, Birol delivered a keynote speech on the theme of 'Securing Energy Security in the Process of Clean Energy Transition,' where he made these remarks.

Birol pointed out three key challenges in the era of clean energy transition: diversification of clean energy manufacturing and critical mineral supply chains, electricity security, and the role of nuclear power.

He further mentioned that the direction is clear that electricity use will explode in everyday life sectors such as households and transportation, as well as in industrial sectors including artificial intelligence (AI). He said, "The question is how to meet the increasing electricity demand," adding, "Although more power plants are being built, the construction of power grids to deliver the generated electricity to consumers is being neglected."

He continued, "Last year, 500 GW (gigawatts) of renewable energy was connected to the power grid, but the amount of renewable energy that could not be delivered to consumers was 10,053 times greater. This will become a major issue for electricity security in the coming years," emphasizing, "Governments and companies must actively promote power grid construction, and the availability of electricity storage is also important."

He also stated, "As the IEA accurately predicted three years ago, nuclear power is making a strong comeback," noting, "Interest in nuclear power declined after the Fukushima nuclear accident, but currently, several countries are increasing the capacity of nuclear power plants, and some countries are building nuclear power plants for the first time."

He said, "If nuclear power is used in a safe and sustainable manner, I believe it can help solve electricity security issues and reduce carbon emissions globally," and argued, "Governments must properly evaluate the value of nuclear power in contributing to electricity security, climate change, and national competitiveness."

He also highly praised South Korea's 'on time & on budget' strategy, which was recently selected as the preferred negotiator for the new Dukovany nuclear power plant construction in the Czech Republic.

Birol said, "The nuclear industry is characterized by the need to complete projects on time and within budget," adding, "The reputation of global nuclear projects is not the best. South Korea is a very good example of a country that completes projects on time and on budget, which is an exceptional case."

He continued, "Cost overruns and schedule delays frequently occur in nuclear projects, and to join the 'return of nuclear power,' South Korea should be taken as a good example by adhering to time and budget."

Birol expressed hope that South Korea will grow as a major manufacturer of clean energy technologies, stating, "Clean energy manufacturing and supply chains are concentrated in specific regions, but we expect South Korea to grow as a key clean energy technology manufacturing country," and added, "The IEA supports the diversification of clean energy manufacturing among global countries."

He also mentioned his discussion on zero-carbon energy with President Yoon Suk-yeol on the 2nd, emphasizing, "Renewable energy, nuclear power, hydrogen, carbon capture and storage technologies must be utilized more to contribute not only to reducing carbon emissions but also to improving energy security."

He concluded, "Choosing between 'energy security' and 'climate crisis' is like asking a child which parent they love more, mother or father," stressing, "We must address energy security and the climate crisis simultaneously."