South Korea announced on Friday that it would consider providing additional energy vouchers to vulnerable households if rising global fuel prices, driven by the Middle East crisis, increase electricity costs. Should oil prices remain high and liquefied natural gas (LNG) supplies face disruptions, the country is also prepared to increase nuclear and coal-fired power generation.

Industry Minister Kim Jung-gan stated on Friday, "The government will take all necessary measures to minimize the burden on the public, including stabilizing energy supply and demand, managing prices, and supporting groups susceptible to rising energy costs." According to data from the Korea International Trade Association, South Korea relies almost entirely on imported energy, with approximately 70% of its oil and 20% of its LNG sourced from the Middle East.

To reduce dependence on LNG, the Ministry of Climate and Energy announced this week that it would accelerate the restart of nuclear reactors undergoing maintenance. Two units are expected to resume operations as early as March, with an additional four units set to restart by mid-May. The ministry also noted that in the event of LNG supply shortages, it would flexibly increase coal-fired power generation during periods when fine particulate matter has a lower impact on air quality.

In response to rising energy costs, South Korea implemented a price cap on domestic fuel prices starting Friday.