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OECD highlights Chile’s green transition potential
OECD highlights Chile’s green transition potential
Santiago, 15 January (Argus) — The energy transition holds the potential to boost Chile's stagnant economic growth, the Organization for Economic Cooperation and Development (OECD) said in a report published today. Chile's high renewable energy potential and "vast" lithium and copper reserves put the country in the right position to benefit from the switch to cleaner energy, according to the OECD Economic Survey of Chile 2025. But the country must simplify regulation, boost investment, upgrade electricity transmission and port infrastructure, and increase carbon prices to meet its climate targets and harness the benefits of the energy transition, it said. Chile's massive renewable energy potential is built on its OECD-leading photovoltaic power possibilities and the world's best onshore wind resources in the Magallanes region in the far south, it noted. It needs to streamline permitting processes that often exceed legal permit reviewing times, making "investment approvals costly and lengthy," it said. Chile's tax on carbon emissions of $5/t of CO2e is low by international standards and insufficient for the country to meet its emission reduction targets, the report said. The country plans to increase the tax to $10/t on sites that emit more than 25,000t/yr of CO2. The OECD also highlighted the country's need to ensure fiscal sustainability, foster women's participation in the labour market and accelerate productivity through digitalization and innovation to bolster growth. The country's income convergence with more advanced OECD economies has stalled since 2012, it said. GDP rose by 2.4pc in 2024, up from a 0.3pc increase in 2023, on the back of postpandemic "adequate macroeconomic policies". By Emily Russell Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Seoul may scale down nuclear expansion plans
Seoul may scale down nuclear expansion plans
The delay to finalising the country's nuclear goals may make it unfeasible to build sufficient capacity before current assets expire, writes Evelyn Lee London, 15 January (Argus) — South Korea's energy industry has faced a whirlwind of challenges since the impeachment of now-suspended president Yoon Suk-Yeol, with the political turmoil stalling a crucial review of its energy strategy in the national assembly. The government is now seeking to scale down its nuclear expansion ambitions in order to hasten the plan's review. Yoon's surprise declaration of martial law last month was reversed within six hours owing to bipartisan political pressure and widespread protests, which resulted in a national assembly vote in favour of the president's impeachment and his subsequent arrest on 15 January. Yoon is suspended from office pending a ruling by the country's constitutional court — due within six months of the impeachment vote on 14 December. If six out of nine justices vote to uphold the impeachment, Yoon will be removed from office and presidential elections will be held within 60 days. South Korea acted quickly following the martial law declaration, but government action has overall been slowed down by the political turmoil — including on energy policy. The latest draft of its long-overdue electricity plan was completed in June and scheduled to be submitted to the Trade, Industry, Energy, Small and Medium-sized Enterprises and Start-ups Committee of the national assembly by the end of last year. But the committee has suspended general meetings since 19 December, according to schedules released on its website. The long-term electricity plan is renewed every two years and serves as a basis for business planning, especially for state-controlled companies. Gas incumbent Kogas' procurement strategy has historically reflected the electricity plan. The latest draft lays out Seoul's intention to build three more nuclear reactors by 2038. But planning and construction would take nearly 14 years, according to the government, so the delay in finalising the plan could result in a power supply shortfall by 2038 — when 9.15GW of existing nuclear capacity is set to expire. Nuclear fallout The government may opt to scale down its nuclear expansion ambitions in order to get the draft electricity plan seen by the committee — which must review the plan, although it is not required to approve it. And less nuclear capacity could increase the need for more gas-fired capacity. The energy ministry pledged on 8 January to finalise the plan by June, after which it will pass related bills including the power grid act, but it did not say how it intends to progress the plan in the national assembly. The Korean Nuclear Society (KNS) responded on 9 January, accusing the government of allegedly planning to revise its nuclear objectives so it can speed up the plan's progress. The government's intent to revise its nuclear goals "without any scientific basis" shows that the electricity plan is just a "political bargaining tool that can vary depending on political interests", the KNS said. This threatens the stability of the South Korean electricity market, it added. The ministry did not respond to Argus' request for comment. But the alleged revision may not have been solely driven by political motives. Seoul may have missed the window of opportunity for approving new nuclear capacity in the timescale required, judging by the 14-year timeline for planning and construction. It remains unclear how the government would offset any reduction in its nuclear ambitions, but South Korea's slow grid development may leave little alternative other than boosting gas-fired capacity. Under the current draft electricity plan, gas-fired output would account for a 25.1pc (160.8TWh) share of total generation in 2030 and 11.1pc (78.1TWh) in 2038, up from 22.9pc (142.4TWh) and 9.3pc (62.3TWh), respectively, in the previous plan. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
ADB to fund Indonesia $92.6mn for geothermal expansion
ADB to fund Indonesia $92.6mn for geothermal expansion
Singapore, 15 January (Argus) — The Asian Development Bank (ADB) has signed a $92.6mn financing agreement with geothermal power producer Supreme Energy Muara Laboh (SEML) to develop Indonesia's geothermal power capabilities. The funds will go toward the expansion of a geothermal facility at Muara Laboh in West Sumatra, and the construction, operation and maintenance of a new 83MW geothermal power plant, the ADB announced on 14 January. The support will "help Indonesia to meet its clean energy targets and deliver affordable electricity," said the ADB's country director for Indonesia, Jiro Tominaga. The project will also allow Indonesia to enhance its long-term energy security, while reducing greenhouse gas emissions. The finance package consists of $38.8mn from the bank's ordinary capital resources, a $38.8mn "B loan" from Sumitomo Mitsui Banking, and a $15mn concessional loan from the Australian Climate Finance Partnership (ACFP). Indonesia has the world's largest geothermal energy reserves, estimated at 23.1GW, said the ADB. But the country is still heavily reliant on fossil fuels for its energy needs, with coal accounting for 61.8pc of Indonesia's power mix in 2023, while renewables accounted for 19pc. Indonesia's president Prabowo Subianto announced in November that Indonesia intends to retire all coal-fired power plants by 2040, and the government subsequently clarified that it is instead aiming for a coal phase-down . But a phase-out could be possible if the country rapidly increases its share of renewables in the energy mix to 65pc, according to energy think-tank Ember. This would mean a renewable energy target higher than the government's current goal of 75GW by 2040. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
New York to propose GHG market rules in 'coming months’
New York to propose GHG market rules in 'coming months’
Houston, 14 January (Argus) — Draft rules for New York's carbon market will be ready in the "coming months," governor Kathy Hochul (D) said today. Regulators from the Department of Environmental Conservation (DEC) and the New York State Energy Research and Development Authority (NYSERDA) "will take steps forward on" establishing a cap-and-invest program and propose new emissions reporting requirements for sources while also creating "a robust investment planning process," Hochul said during her state of the state message. But the governor did not provide a timeline for the process beyond saying the agency's work do this work "over the coming months." Hochul's remarks come after regulators in September delayed plans to begin implementing New York's cap-and-invest program (NYCI) to 2026. At the time, DEC deputy commissioner Jon Binder said that draft regulations would be released "in the next few months." DEC, NYSERDA and Hochul's office each did not respond to requests for comment. Some environmental groups applauded Hochul's remarks, while also expressing concern about the state's next steps. Evergreen Action noted that the timeline for NYCI "appears uncertain" and called on lawmakers to "commit to this program in the 2025 budget." "For New York's economy, environment and legacy, we hope the governor commits to finalizing a cap-and-invest program this year," the group said. State law from 2019 requires New York to achieve a 40pc reduction in greenhouse gas (GHG) emissions from 1990 levels by 2030 and an 85pc reduction by 2050. A state advisory group in 2022 issued a scoping plan that recommended the creation of an economy-wide carbon market to help the state reach those goals. By Ida Balakrishna Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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