  Decarbonisation of the power sector requires feasible strategies for rapid
phase-out of fossil fuels and expansion of low-carbon sources. This study
develops and uses a model with an explicit account of power plant stocks to
explore plausible decarbonization scenarios of the power sector in the Republic
of Korea through 2050 and 2060. The results show that achieving zero emissions
from the power sector by the mid-century requires either ambitious expansion of
renewables backed by gas-fired generation equipped with carbon capture and
storage or significant expansion of nuclear power. The first strategy implies
replicating and maintaining for decades maximum growth rates of solar power
achieved in leading countries and becoming an early and ambitious adopter of
the CCS technology. The alternative expansion of nuclear power has historical
precedents in Korea and other countries but may not be acceptable in the
current political and regulatory environment.
