South Korea’s Lee calls for energy-saving campaign including shorter showers, car curbs
SEOUL — South Korean President Lee Jae Myung on Tuesday called for a nationwide energy-saving campaign over risks to oil and gas supplies from the Iran war, saying public institutions would cut back on their use of passenger cars.
Energy Minister Kim Sung-hwan told a Cabinet meeting private-sector vehicle curbs were voluntary for now but could be reviewed if the energy alert level increased.
The government is calling on people to adopt 12 energy-saving practices like shorter showers, charging phones and electric vehicles during the day and using washing machines and vacuums over the weekend.
The government will ask the top 50 oil-consuming businesses to cut use and encourage staggered commuting hours and other conservation steps, he said.
Mr. Kim also said Seoul would restart five nuclear reactors by May, ease restrictions on coal plants and expand renewable energy to reduce longer-term dependence on liquefied natural gas (LNG) and could extend the lives of three coal power plants scheduled to close this year.
The energy mix adjustment is expected to save up to 14,000 tons, or up to 20% of South Korea’s average daily LNG consumption of 69,000 tons for power, Mr. Kim said.
HD Hyundai has introduced energy-saving measures across affiliates such as HD Hyundai Heavy and HD Hyundai Oilbank, including voluntary vehicle restrictions, reduced plastic use and taking steps to cut power use such as turning off lights, a company official said.
South Korea also plans to draft a supplementary budget of 25 trillion won ($16.6 billion) as soon as possible which could include cash vouchers for consumers and financial support for companies, amid growing stimulus talks by other economies.
“Right now, what matters most is not saving government finances, but deploying funds swiftly and effectively where they are needed most,” Mr. Lee told the Cabinet meeting, as the finance ministry said it would submit the budget to parliament by end-March.
RESERVES MAY NOT LAST TWO MONTHS
The ongoing US-Israeli strikes on Iran and Tehran’s retaliation have brought severe disruption to global energy markets, bringing tanker traffic through the Strait of Hormuz to a near standstill.
South Korea imports around 70% of crude oil through the Strait of Hormuz, according to lawmakers and the industry ministry.
The country faces a looming energy crisis despite holding about 190 million barrels of oil reserves — 100 million barrels by the government and 90 million by private companies.
While standards from the International Energy Agency suggest reserves could last 208 days, officials note this figure excludes uses such as petrochemical exports, making the actual buffer significantly shorter.
Based on a daily consumption rate of 2.9 million barrels as of 2024 according to Korea National Oil Corp. data, analysts said the reserves might not last two months.
The government has secured pledges from the United Arab Emirates for 24 million barrels of oil, but the timing of shipments remains unclear. — Reuters
