WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 185
MARKET
DATA
South Korea will boost clean energy investments by 27% by 2030 for 2050 carbon neutrality. From 2021-2023, annual clean energy investment grew by 10% vs. 2016-2020. By 2025, it aims to meet the
OECD average for climate development aid and focuses on nuclear exports, EVs, renewables, hydrogen, and CCUS.
The Ministry of Trade, Industry and Energy (MOTIE), is concerned with
regulating some economic policy, especially about the industrial and
energy sectors. MOTIE has taken on expanded roles and responsibilities, to
help transform South Korea into a dynamic and economic powerhouse
1%
1%
2023 Electricity Mix
CO2 Emissions (million tons of carbon dioxide)
9%
640.0
Oil
627.0
616.3
27%
620.0
While, the Electricity Regulatory Commission (KOREC), a government
agency functioning under the ministry, is responsible for the regulatory
matters.
594.2
600.0
Nuclear Energy
Hydro
Renewables
580.0
33%
New Generation Capacity- Wind (In GW)
Sources: Statistical Review of World Energy 2024
560.0
2021
2022
Natural Gas
Coal
29%
2023
Source: Statistical Review of World Energy 2024
5.3
New Generation Capacity - Solar (in GW)
2.2
80.0
6%
66.7
2023 Electricity consumption by sector
13%
2023
60.0
2030
Industry
49%
40.0
Sources: IRENA 2024, Reuters
27.0
Residential
20.0
South Korea's electric grid is isolated from the neighbouring
countries, and it imports most of its fuel needs.
In the domestic electric power industry, 6 power generation companies,
independent power producers, and community energy systems are
producing electric power, and KEPCO transports the electric power it
purchased from the Korea Power Exchange through the transmission and
distribution network and sells it to general customers.
32%
Others
Sources: Enerdata
0
2023
2035
Sources: IRENA 2024, Reuters
Public Utilities
•
Sources:
Enerdata
https://www.enerdata.net/estore/energy-market/south-korea/
Reuters
https://www.reuters.com/sustainability/climate-energy/south-korea-plans-70-carbon-free-power-generation-by-2038-draft-shows-2024-05-31/#:~:text=The%20
government%20maintained%20its%20previous,from%2023%20gigawatts%20in%202022.
Carbon pricing: other sources:
https://icapcarbonaction.com/en/news/south-korea-approves-initial-wave-near-term-ets-reforms
https://www.ieta.org/wp-content/uploads/2023/10/2023_IETA_BizBrief_SouthKorea_V2.pdf
Services
Korea Electric Power
Corporation’s (KEPCO)
wholly owned power
generation subsidiaries,
collectively referred to as
the GENCOs, sustained
approximately 69.5% of
South Korea’s electric power
generation
Private Utilities
•
The local Independent
Power Producers (IPPs)
accounted for 30.5%
Sources: International Trade Administration
Gradual increase in auctioning from 2024 ,
supply, demand, and future policy
expectations a昀昀ect prices, economic
downturns reduce output, lowering prices,
faster GHG reduction progress might
decrease demand and lower prices
CO₂ pricing (US$/tCO₂e)
20
18.7
15
11.2
10
6.3
5
0
2022
2023
2024
WEMO 2024
6
5
4
3
2
1
0
Sources: Worldbank, Other Sources
185
South Korea
PREVIOUS
ARTICLE
HOME
Country Card
