Korea Electric Power Corporation

South Korea is the model?

The Green party staffer who blogs at The Standard as James Henderson aka Clinton Smith has been all over Twitter and the blog touting South Korea as the model that Labour and Greens are following.

There are a few flaws in that belief, and one they clearly haven’t understood. Firstly lets look at how South Korea generates their power.

From Wikipedia:

KoreaPower

 

Fully 65.3% of their power production is from Thermal generation, burning fossil fuels like LNG, Oil and Coal. 31.1% is produced by nuclear energy. All renewables including Solar, Wind etc account for only 2% of power generation. Hydro is miniscule.  Read more »

JBWere predicting capital flight, Greens and Labour dance a jig

Labour and the Green taliban are ecstatic at the moment, they are actually gleeful about the mass destruction of investment in utility companies since their power announcement. If you don;t beleive me go to The Standard and read what James Henderson aka Clinton Smith, a green party parliamentary staffer has to say. He even holds up South Korea as an example of how successful it can work without actually understanding the KEPCO is a mixed ownership model with the government retaining 51% and is also heavily involved in nuclear generation, the cheapest form of power, along with substantial assets in thermal generation (Coal, Oil and Gas).On top of that they actually own a number of power companies, and are building power infrastructure.

Given that they are investing a lot in nuclear power, perhaps the reduction in cost of power is more to do with that factor rather than any particular business model.

Sensible people, though, can see what they have done.

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