3rd
biggest LNG importer in the world (2019)
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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 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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Highlights
3rd
biggest LNG importer in the world (2019)
+6.3 GW
installed capacity in 2019
6%
share of renewables in power mix in 2019
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
Gas:
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 the domestic gas consumption.
Energy Prices
Electricity:
After a peak in 2014, electricity prices have gradually decreased to an average of US$9.3c/kWh in industry (-2%/year over 2014-2020) and US$10c/kWh for households in 2020 (-4.2%/year). These prices are in line with the regional average.
Graph: ELECTRICITY PRICES FOR INDUSTRY AND HOUSEHOLDS (US$c/kWh)
Energy Consumption
Total energy consumption has remained steady since 2016 (294 Mtoe in 2019), after a period of regular growth (2.7%/year over 2000-2016).
Oil covers 37% of the energy needs, coal 26%, gas 16%, primary electricity 14% (of which nuclear 13%, hydro and solar 1%), and biomass 7%. This mix is similar to that in 2010, although coal was slightly higher (29%) and biomass lower (4%).
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 the POLES model, which is Enerdata's in-house model for Global Energy Markets, the country's consumption should decrease slightly between 2025 and 2050 if its 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 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:
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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