3rd
biggest LNG importer in the world
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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 2020 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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Highlights
3rd
biggest LNG importer in the world
-11%
CO2 emissions from fuel combustion since 2018
-4%
energy consumption in 2020
Abstract
Institutions & Energy Policy
The Ministry of Trade, Industry and Energy (MOTIE) oversees energy policy planning and supervises the energy firms and energy administrations.
TheMinistry of Environment (ME) is in charge of the climate policy.
Energy Supply
Resources:
Energy resources are limited: 2.8 bcm of natural gas reserves, 326 Mt of coal reserves and 19 TWh of hydroelectric resources (2020).
Energy Prices
Electricity:
Electricity prices surged to US$9.8c/kWh (+4.3%) in industry and US$11c/kWh (+7.7%) for households in 2021 (estimates based on the first two quarters), following the global increase. These prices are in line with the regional average.
Energy Consumption
Total energy consumption fell by 3.8% in 2020 to 283 Mtoe, after a period of stable consumption over 2016-2019.
Oil covers 35% of the energy needs, coal 25%, gas 17%, primary electricity 16% (of which nuclear 15%, hydro, wind and solar 1%), and biomass 7%. Since 2010, the share of coal has decreased by 4 points, while that of biomass has increased by 3 points.
Issues & Prospects
KEEI's Korea Mid-Term Energy Demand Outlook (2019) foresees growth in the total energy consumption of around 1.5%/year over 2018-2023.
According to forecasts from Enerdata's POLES model for Global Energy Markets, the country's consumption should decrease slightly by around 1%/year between 2025 and 2050 if its ongoing NDC commitments are met.
Below is a list of the South Korea energy market report graphs:
In the South Korea energy market report you will find the following tables:
The South Korea energy market data since 1990 and up to 2020 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:
The South Korea country report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.
Data included in the excelsheet:
Projections Data (Excel Sheet)
The South Korea country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.
Data included in the excelsheet:
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