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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 54% share of carbon-free fuels in the power mix for 2030.
  • Less than a fifth of the 2030 GHG target was achieved in 2021. The country aims to reach carbon neutrality by 2050.
  • KEPCO supplies almost three quarters of electricity, while Kogas is the main gas supplier, with 92% of total LNG regasification capacity.
  • Renewables represented less than 10% of the power mix in 2023, while nuclear accounted for 28%.
  • LNG imports are crucial for the country's consumption.
  • 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 81% of total energy consumption in 2022.
  • Electricity production will remain stable until 2030.
  • The hydrogen industry keeps growing, with many international strategic partnerships concluded in 2023.
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


    The offshore gas field of Dong-Hae 1 entered into service in 2004. It produces around 0.15 bcm/year, i.e. less than 1% of total gas consumption.

    The country started to import LNG in 1986. The volumes of LNG imports reached 61 bcm in 2022 (up from 19 bcm in 2000 and 44 bcm in 2010). South Korea is the world's third largest LNG importer, after China and Japan.

  • Energy Prices


    The average gas price in industry has increased by almost 50% since 2020 to US$6.2c/kWh in 2022 (+32%). The household price decreased by 8.6% in 2022 to US$4.9c/kWh, after an average reduction of 2%/year over 2017-2021.

    The tax cut on LNG import tariffs from 2% to 0% that was introduced in 2022 has been extended several times and remained in place until March 2023.

  • Energy Consumption

    Per capita consumption was around 5.6 toe/cap in 2022 (including 11 MWh/cap of electricity), which is 50% higher than the OECD average.

    Total energy consumption decreased slightly in 2022 (287 Mtoe), after a large increase (+5.7%) in 2021 and a slight decrease (-1.4%) in 2020. Previously, it progressed 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 1.5%/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 dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.

Data included in the excelsheet:

  • Demand: Primary energy consumption, final energy consumption, by fuel, by sector.
  • Power: Electricity generation & capacities, by technology.
  • CO2: Total CO2 emissions.
  • Macro-economy: Main macro-economic assumptions.
  • Key indicators: Energy intensity, share of renewables, CO2 emissions per capita and per unit of GDP.