Electricity in South Korea in 2023/2024

Over the past year, from July 2023 to June 2024, South Korea's electricity consumption has been largely dominated by fossil fuels, which account for about 58% of the total electricity generated. Among fossil fuels, coal and gas are the major contributors, making up around 31% and 26% respectively. On the other hand, low-carbon or clean energy sources contribute approximately 41% to the electricity mix. Nuclear energy plays a significant role among these clean sources, providing nearly 31% of the total electricity. Solar, biofuels, and hydropower collectively add around 9.5%, with solar being the most prominent at 6%. This data shows a clear distinction, with fossil fuels still being the majority, yet a substantial contribution from low-carbon sources especially from nuclear power.

Suggestions

To increase low-carbon electricity generation, South Korea can focus on expanding its existing nuclear power capacity since it already provides a substantial portion of the country's electricity. Learning from countries with successful low-carbon energy implementations can guide this effort. For instance, France generates around 67% of its electricity from nuclear power, and Slovakia achieves 60% from the same source. These examples highlight the potential of nuclear energy to significantly reduce reliance on fossil fuels. Additionally, South Korea could explore the integration of wind energy by looking at Denmark, which generates 61% of its electricity from wind. Emulating strategies from these countries can help South Korea improve its clean energy share, thus reducing the negative impacts of fossil fuels like climate change and air pollution.

History

Historically, South Korea has seen fluctuating contributions from nuclear power. The late 1980s and 1990s marked steady growth with significant increments, such as an 11.6 TWh increase in 1986 and a 13.4 TWh increase in 1999. The early 2000s continued this trend, with a notable 16.1 TWh increase in 2005. However, there were years of decline, notably in 2013 (-11.5 TWh) and more strikingly in the late 2010s with reductions of -13.6 TWh in 2017 and -14.9 TWh in 2018. Despite these decreases, recent years have shown a strong rebound, with 18 TWh added in 2022. Solar power has also started to contribute, with a 6.3 TWh increase in 2020. This historical overview indicates that while nuclear power in South Korea has faced challenges, it remains a crucial component of the country's clean energy strategy.

Electricity Imports and Exports

Balance of Trade

Data Sources