South Korea Energy Information

South Korea Energy Research

South Korea Total Energy Production & Consumption

Per capita consumption was 5.7 toe/cap in 2024 (including 11 MWh/cap of electricity), which is almost half the OECD average.

Total energy consumption increased by 2.3% in 2023 to 293 Mtoe, after two years of decrease (-1.6%/year of over 2021-2023); it remained slightly lower than its 2018 peak.

Source: South Korea energy report

Interactive Chart South Korea Total Energy Production & Consumption

Source: Global Energy & CO₂ data

South Korea Oil Production & Consumption

Korea depends on imports to meet its crude oil demand, mostly from the Middle East. Net crude oil imports increased by 2% in 2024 to 140 Mt, close to 2019 levels after a significant drop in 2020 and 2021.

The refining capacity nearly quadrupled between 1990 and 2015 and has remained stable since then at 3 mb/d. Thanks to the increase in its refining capacities, Korea has been a net exporter of oil products since 1997. Net oil product exports remained steady in 2024 (22 Mt). They fell by 41% in 2021, before recovering to 2020 level in 2022.

Source: South Korea energy report

Interactive Chart South Korea Crude Oil Production & Consumption

Source: Global Energy & CO₂ data

Interactive Chart South Korea Refined Oil Products Production & Consumption

Source: Global Energy & CO₂ data

South Korea Natural Gas Production & Consumption

Gas demand increased by 7% in 2024 to 67 bcm, reaching a new consumption record after a 4% decrease in 2023. It increased rapidly over 2015-2021 (5.2%/year) and remained stable in 2022. It contracted in 2014 and 2015 due to some nuclear restarts.

In 2024, 51% of the natural gas was used in power plants, 22% in buildings, and 18% in the industrial sector. Since 2015, buildings have lost 6%, while industry and power plants remained stable.

Graph: NATURAL GAS CONSUMPTION (bcm)

Source: South Korea energy report

Interactive Chart South Korea Gas Production & Consumption

Source: Global Energy & CO₂ data

South Korea Coal and Lignite Production & Consumption

Coal consumption fell by 6% in 2024 to 105 Mt, close to 2008 levels. After increasing by around 2%/year over 2010-2018, it has fallen significantly by 5.6%/year since then.

Power plants accounted for 65% of coal consumption in 2024 (-6 points vs 2018) and industry for 13%.

Graph: COAL CONSUMPTION (Mt)

Graph: COAL CONSUMPTION BREAKDOWN BY SECTOR (2024, %)

Source: South Korea energy report

Interactive Chart South Korea Coal and Lignite Production & Consumption

Source: Global Energy & CO₂ data

South Korea Power Production & Consumption

Electricity consumption remained stable in 2023 and 2024 (558 TWh). It had rebounded between 2020 and 2022 by 2.8%/year after a decrease in 2019 and 2020 (-1.6%/year) and steady growth between 2010 and 2018 (2.2%/year).

Industry absorbs half of the electricity consumption (48%), services 30%, and households 15%. The distribution has been similar since 2010.

Graph: ELECTRICITY CONSUMPTION (TWh)

Graph: ELECTRICITY CONSUMPTION BREAKDOWN BY SECTOR (2024, %)

Source: South Korea energy report

Interactive Chart South Korea Power Production & Consumption

Source: Global Energy & CO₂ data

South Korea Renewable in % Electricity Production

KEA supports and promotes renewable energies.

The 11th BPLE plan set a renewables target of 22% of the power mix in 2030 and 33% in 2038, up from 10% in 2024. MOTIE plans to add 40 GW of renewables by 2030, generating 134 TWh in 2030 (232 TWh in 2038).

KEA launched a 2 GW solar PV tender in 2022. Four categories of projects were considered (<100 kW, 100-500 kW, 0.5-3 MW, and >3 MW). Selected projects will be under the REC scheme with a 20-year fixed rate contract. In 2021, it awarded 2 GW at an average price of US$11.8c/kWh to 7 700 projects.

Source: South Korea energy report

Interactive Chart South Korea Share of Renewables in Electricity Production (incl hydro)

Source: Global Energy & CO₂ data

South Korea GHG emissions and CO₂ emissions

In its updated NDC (2021), the country almost doubled its reduction target for total GHG emissions in 2030 to 40% (excl. LULUCF), compared to 2018 level, from 24.4% previously. In 2020, the country also committed to achieving carbon neutrality by 2050.

GHG emissions decreased by around 13% between 2018 and 2023, i.e. about a quarter of the 2030 target.

CO2 emissions from fuel combustion have been decreasing by 3%/year since their peak in 2018, reaching 527 MtCO2 in 2024 (- 17%).

Graph: CO2-ENERGY EMISSIONS (MtCO2)

Source: South Korea energy report

Interactive Chart South Korea CO₂ emissions

Source: Global Energy & CO₂ data