Skip to main content

South Korea energy report

South Korea energy report
mail
arrow_upward
Update
Format
4 files (PDF report, 3 Excel files)
Pages
40 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • INSTITUTIONS AND ENERGY POLICY
  • ENERGY COMPANIES
  • ENERGY SUPPLY
  • ENERGY PRICES
  • ENERGY CONSUMPTION
  • ISSUES AND PROSPECTS
  • DATA TABLES
  • ABBREVIATIONS
  • GLOSSARY

Download the Table of Contents

Download samples
Report Sample Country Data Sample Power Generation Sample Forecast Sample

Buy South Korea energy report

Price without VAT. Depending on your statute and location, VAT might be applicable. Get in touch with us for more information.

After validation, you will immediately receive 4 files by email (one pdf report and 3 excel files containing the datasets).

Price
1 090 €

Overview

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.

Highlights

  • The country targets a 54% share of carbon-free sources in the power mix for 2030 and 70% for 2038.
  • A quarter of the 2030 GHG target (-40% compared to 2018) was achieved in 2023. The country aims to reach carbon neutrality by 2050.
  • KEPCO supplies almost three quarters of electricity, while Kogas is the main gas supplier, with 91% of total LNG regasification capacity.
  • Nuclear power has regained its lead in electricity generation, ending 25 years of coal dominance.
  • Electricity and household gas remained stable in 2024, after prices surged by around 25% in 2023.
  • Oil prices follow the decrease in market prices.
  • Coal consumption has fallen by almost 6%/year since 2018. A fifth of consumption is met by CO2-free fuels.
  • No more coal-fired power plants should be built from 2025 onwards.
  • LNG will play a decreasing role in power generation, especially after 2030.
54%
share of CO2-free sources in the power mix in 2030
-40%
GHG emissions in 2030 (compared to 2018)
18%
share of CO2-free sources in energy mix (2024)

  • Institutions & Energy Policy

    The Ministry of Trade, Industry and Energy (MOTIE) oversees energy policy planning and supervises the energy firms and energy administrations.

    The Ministry of Environment (ME) is in charge of the climate policy.

  • Energy Companies

    Oil:

    Through government aid, Korean companies are involved in exploration abroad; the most active of those companies are state-owned company Korea National Oil Corporation (KNOC) and privately-owned SK Group.

  • Energy Supply

    Oil:

    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.

  • Energy Prices

    Oil:

    Gasoline and diesel prices continued to decrease in 2024 to US$1.40/l (-4.1%) and US$1.10/l (-7.6%), respectively, after a surge of 14% and 42% between 2020 and 2022, in line with international prices. They are among the highest in Asia (with Japan). The government cut the tax on oil products in 2021 (-25% on gasoline, -37% on diesel and LPG).

  • Energy 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.

  • 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: CO2-energy emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2024, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2024, %)
  • 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 (2024, %)
  • GRAPH 10: Final consumption Market share by sector (2024, %)
  • GRAPH 11: Oil consumption (Mt)
  • GRAPH 12: Oil consumption breakdown by sector (2024, %)
  • GRAPH 13: Electricity consumption (TWh)
  • GRAPH 14: Electricity consumption breakdown by sector (2024, %)
  • GRAPH 15: Natural gas consumption (bcm)
  • GRAPH 16: Gas consumption breakdown by sector (2024, %)
  • GRAPH 17: Coal consumption (Mt)
  • GRAPH 18: Coal consumption breakdown by sector (2024, %)
  • 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.