South Korea energy report
This analysis includes a comprehensive South Korea energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With 2019 market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
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Abstract
Institutions & Energy Policy
The Ministry of Trade, Industry and Energy (MOTIE) oversees energy policy planning and supervises the energy firms and energy administrations.
Energy Supply
Oil:
Korea depends on imports to meet its entire oil demand. Thanks to the increase in its refining capacities, Korea has been a net exporter of oil products since 1997. In 2019, net oil product exports stood at around 26 Mt and net crude oil imports were 145 Mt.
Korea depends on the Middle East for most of its crude oil imports, but aims for greater import supply diversification.
Energy Prices
Oil:
Oil products prices vary with international oil prices.
In 2019, the gasoline and diesel prices were US$1.27/l and US$1.15/l. They are among the highest in Asia (with Japan). They are, for instance, three times higher than in Indonesia, where large subsidies exist.
Graph: GASOLINE & DIESEL PRICES (US$/l)
Energy Consumption
Total per capita energy consumption reached 5.7 toe in 2019 (compared to about 3.1 toe for the European Union), including 10 700 kWh of electricity.
Total energy consumption increased steadily over 2000-2018, with an average growth of 2.6%/year and declined slightly to 298 Mtoe in 2019.
Issues & Prospects
KEEI's Korea Mid-Term Energy Demand Outlook foresees growth in the total energy consumption of around 1.5%/year over 2018-2023.
According to forecasts from the POLES model, which is Enerdata's in-house model for Global Energy Markets, the country's consumption should remain roughly stable until 2040 if its NDC commitments are met.
- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
- ABBREVIATIONS
- GLOSSARY
Below is a list of the South Korea energy market report graphs:
- GRAPH 1: CO2-energy emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2019, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2019, %)
- GRAPH 5: Gasoline & diesel prices (US$/l)
- GRAPH 6: Electricity prices for industry and households (US$c/kWh)
- GRAPH 7: Gas prices for industry and households (US$c/kWh GCV)
- GRAPH 8: Consumption trends by energy source (Mtoe)
- GRAPH 9: Total consumption market share by energy (2019, %)
- GRAPH 10: Final consumption Market share by sector (2019, %)
- GRAPH 11: Oil consumption (Mt)
- GRAPH 12: Oil consumption breakdown by sector (2019, %)
- GRAPH 13: Electricity consumption (TWh)
- GRAPH 14: Electricity consumption breakdown by sector (2019, %)
- GRAPH 15: Natural gas consumption (bcm)
- GRAPH 16: Gas consumption breakdown by sector (2019, %)
- GRAPH 17: Coal consumption (Mt)
- GRAPH 18: Coal consumption breakdown by sector (2019, %)
In the South Korea energy market report you will find the following tables:
- Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
- Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source
- Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
- Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
- Infrastructure Projects: Covers power plant projects by energy, technology, status and operator, gas plant projects by status and operator and LNG contracts.
The South Korea energy market data since 1990 and up to 2019 is included in the Excel file accompanying the South Korea country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
- Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
- Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
- Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
- Energy Balance: total and per energy.
- South Korea Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the South Korea energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).
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