The Ministry of Climate, Energy and Environment of South Korea has announced it expects South Korea's power demand to increase by 30% by 2040 (Yonhap News Agency, 22/04/2026). According to their forecast for 2040, the country estimates its power consumption will reach a minimum of 657.6 TWh and a maximum of 694.1 TWh, representing a 26% increase to South Korea’s recorded power consumption in 2024 of 550 TWh. Peak electricity demand is expected to reach levels between 131.8 GW and 138.2 GW in 2040 (100 GW recorded in 2024).
According to the Ministry, the estimations were made based on two scenarios. The first scenario considers a current economic growth level and the country implements the measures established on its NDC goal for 2035. The second scenario estimates a faster pace of growth thanks to the spread of AI, considers a successful economic reform and puts the country on its way towards carbon neutrality.