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South Korea energy report

South Korea energy report
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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 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.


  • The country targets a share of 54% of carbon free fuels in the power mix for 2030.
  • A quarter of the 2030 GHG target was achieved in 2022. The country aims to reach carbon neutrality and 100% clean hydrogen by 2050.
  • KEPCO supplies around two thirds of electricity, while Kogas is the main gas supplier.
  • Around 2/3 of the oil refining and distribution is controlled by 2 private players, SK and GS-Caltex.
  • Kogas dominates the gas supply, with 94% of total LNG regasification capacity.
  • Power production has increased by 8% since 2020.
  • Crude oil imports recovered their 2019 level.
  • The prices of oil products and gas in industry have surged since 2020 while electricity prices fell in 2022 to their lowest levels since 2012.
  • Fossil fuels still accounted for slightly over 80% of total energy consumption in 2022.
  • The electricity production will remain constant until 2030.
  • The hydrogen industry keeps growing, with many strategic partnerships concluded since 2021.
biggest LNG importer in the world
CO2 emissions from fuel combustion since 2018
share of energy consumption met by CO2 free fuels (2022)
  • 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


    Energy resources are limited: 2.8 bcm of natural gas reserves, 326 Mt of coal reserves and 19 TWh of hydroelectric resources (2021).

  • Energy Prices


    Gasoline and diesel prices reached US$1.47/l (+4.8%) and US$1.40/l (+14%), respectively, in 2022, after a surge by around 20% in 2021, in line with international prices. They are among the highest in Asia (with Japan). The government cut the tax on oil products in November 2021 (-25% on gasoline, -37% on diesel and LPG).

  • Energy Consumption

    Total energy consumption remained stable in 2022 (294 Mtoe), after a large increase (+5.8%) in 2021 and a slight decrease (-1.4%) in 2020. It progressed before by 1.3%/year over 2010-2019.

  • Issues & Prospects

    KEEI's Korea Mid-Term Energy Demand Outlook (2021) foresees growth in the total energy consumption of 2.3%/year over 2020-2025.

    According to forecasts from Enerdata's POLES model for Global Energy Markets, the country's consumption should decrease slightly by around 2%/year between 2025 and 2050 if its ongoing NDC commitments are met.

  • GRAPH 1: CO2-energy emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2022, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2022, %)
  • 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 (2022, %)
  • GRAPH 10: Final consumption Market share by sector (2022, %)
  • GRAPH 11: Oil consumption (Mt)
  • GRAPH 12: Oil consumption breakdown by sector (2022, %)
  • GRAPH 13: Electricity consumption (TWh)
  • GRAPH 14: Electricity consumption breakdown by sector (2022, %)
  • GRAPH 15: Natural gas consumption (bcm)
  • GRAPH 16: Gas consumption breakdown by sector (2022, %)
  • GRAPH 17: Coal consumption (Mt)
  • GRAPH 18: Coal consumption breakdown by sector (2022, %)
  • 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 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).

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:

  • New capacities: Current power mix, installed capacity at date, capacity under construction and under development.
  • Power Sector Performances: Historical data on installed capacity, power generation, thermal power plants inputs, average thermal power plant efficiency, CO2 emissions of the power sector, carbon factor of the power sector.