Energy Act (Act No. 7860)
The Act aims to present long-term and comprehensive vision to clarify basic principles of energy policy.
Under the Act, local governments must formulate and implement 5-year energy plans, which will include matters regarding stable supply of energy, measures for using renewable energy, rationalisation of energy use and reduction of GHG emissions, development of energy sources etc.
The Act calls for the formulation of a national energy supply contingency plan, as well as Energy Technology Development Plans.
An Energy Committee will be created to deliberate on matters concerning major energy policies and energy-related plans. The Act also establishes the Korea Institute of Energy Technology Evaluation and Planning, to efficiently support the planning, evaluation, management, etc. of the energy technology development-related projects. The Act includes provisions to establish a state supported technology development fund.