South Korea’s move to kill coal will almost certainly have repercussions on two of its largest energy customers, Australia and the United States.

In most current scenarios, coal is significantly more expensive to run than building new renewable energy sources like wind and solar.

Studies show 99% of US coal plants are more costly to operate than replacing them with new clean energy, a trend accelerated by factors like the Inflation Reduction Act. Renewables, even with storage, offer lower Levelized Costs of Energy (LCOE) compared to coal, making coal economically uncompetitive for power generation. (AI Overview)

Kim Sung-hwan, South Korea’s Minister of Climate, Energy and Environment, said shifting from coal to renewables will increase the country’s energy security, by not relying as much on foreign imports; and it will boost the competitiveness of South Korean businesses.