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South Korea energy report

South Korea energy report
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Format
4 files (PDF report, 3 Excel files)
Pages
64 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • ENERGY AND CLIMATE POLICY FRAMEWORK
  • ENERGY COMPANIES
  • ENERGY SUPPLY AND DEMAND
  • ENERGY USE AND PRICE BY SECTOR
  • ISSUES AND PROSPECTS
  • STATISTICS
  • ABBREVIATIONS
  • GLOSSARY

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1 490 €

Overview

South Korea has consolidated its climate and energy policies under a unified ministry, advancing ambitious emissions reduction targets and carbon neutrality by mid-century. The strategy prioritises renewables, hydrogen, and nuclear expansion while phasing out coal, supported by regulatory reforms and market liberalisation.

Get more details on the table of contents and data files, as well as the list of graphs and tables by browsing the tabs below.

Highlights

  • Since October 2025, climate, energy and environment policies are managed by a single ministry.
  • A quarter of the 2030 GHG target (-40% compared to 2018) was achieved in 2023. The new objective for 2035 is a reduction by 53%-61%. The country aims to reach carbon neutrality by 2050.
  • KEPCO produces around 65% of the electricity, while Kogas is the main gas supplier, with 91% of total LNG regasification capacity.
  • Energy consumption is back on the rise after two years of decline. Fossil fuels still represent 79% of the primary mix.
  • Final consumption fluctuates around 180 Mtoe since 2016.
  • Electricity and gas prices remained high in 2024 after the sharp rise in 2023.
  • No more coal-fired power plants should be built from 2025 onwards.
  • Wind represents three-quarters of capacities under development.
54%
share of CO2-free sources targeted in the power mix in 2030
-40%
GHG emissions targeted in 2030 (compared to 2018)
21%
share of fossil fuels free sources in energy mix (2024)

  • Energy & Climate Policy Framework

    In October 2025, the government restructured its main energy and climate departments. The Ministry of Climate, Energy and Environment (MCEE) took over the energy functions of the Ministry of Trade, Industry and Energy (MOTIE). The former Ministry of Environment (ME) was historically in charge of the climate policy.

  • Energy Companies

    Gas:

    Kogas, Korea Gas Corporation (State 34%, KEPCO 20%, National Pension Service of Korea 7.4%, private and other 39%), operates 5 LNG regasification terminals with a total capacity of 136 bcm/year (91% of the total capacity). Total gas sales increased by 3.7% to 26 bcm during the first semester of 2025 compared to the same period last year.

  • Energy Supply & Demand

    Resources:

    Energy resources are limited: 2.7 bcm of natural gas reserves, 326 Mt of coal reserves and no crude oil or NGL reserves (2024).

  • Energy Use and Price by Sector

    Energy Prices in Industry:

    The average gas price in industry continued to decrease in 2024 to USD5.5c/kWh (-14%, after -11% in 2023), but remained higher than the historical average. 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 mid-2023.

  • Issues & Prospects

    KEEI's Korea Mid-Term Energy Demand Outlook 2023-2028 (2024) foresees growth of 1.2%/year in the total energy consumption over 2023-2028 in their baseline scenario (similar to historical trends).

  • Graph 1: Final Intensity to GDP
  • Graph 2: Primary Consumption Trends by Energy Source
  • Graph 3: Total Consumption Market Share by Energy (2024)
  • Graph 4: Installed Electric Capacity by Source
  • Graph 5: Installed Electric Capacity by Source (2024)
  • Graph 6: Gross Power Production by Source & Consumption
  • Graph 7: Power Generation by Source (2024)
  • Graph 8: CO2 Intensity of Electricity Generation
  • Graph 9: Crude Oil Production & Consumption
  • Graph 10: Petroleum Products Production & Consumption
  • Graph 11: Gas Production & Consumption
  • Graph 12: Coal Production & Consumption
  • Graph 13: Emissions of GHG and CO₂ from Fuel Combustion
  • Graph 14: CO₂-Emissions per Capita
  • Graph 15: CO2 Intensity to GDP
  • Graph 16: Final Demand Trends by Energy Source
  • Graph 17: Final Consumption by Sector
  • Graph 18: Final Consumption Market Share by Sector (2024)
  • Graph 19: Share of Electricity in Total Final Energy Consumption
  • Graph 20: Final Consumption in Industry by Energy Source
  • Graph 21: Energy Prices in Industry (Taxes Included)
  • Graph 22: Final Consumption in Transport by Energy Source
  • Graph 23: Energy Prices in Transport (Taxes Included)
  • Graph 24: Final Consumption in Residential, Services, Agriculture by Energy Source
  • Graph 25: Energy Prices in Residential (Taxes Included)
  • Graph 26: Upcoming New Capacity by Energy Source
  • 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.

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.