Electricity in South Korea in 2023/2024

Over the past twelve months from July 2023 to June 2024, South Korea's electricity consumption has been primarily dependent on fossil fuels and low-carbon energy sources. More than half of the electricity (58.25%) has been generated from fossil fuels, including coal (30.87%) and gas (26.47%). Meanwhile, low-carbon energy sources contribute a substantial portion (40.95%) to the electricity mix. Among these, nuclear power is the dominant low-carbon source, making up almost a third (30.78%) of the total electricity generation. Other clean energy sources such as solar (6%), biofuels (1.94%), and hydropower (1.55%) play smaller, yet significant roles in the overall energy landscape.

Suggestions

To elevate the proportion of low-carbon electricity generation, South Korea can consider expanding its existing nuclear power capabilities due to its proven high contribution to the electricity mix. Drawing lessons from countries that have successfully integrated large shares of low-carbon energy, South Korea can look to France, where nuclear power contributes 67%, and Slovakia, where nuclear generation stands at 60%. Besides these European nations, South Korea can take inspiration from Ukraine at 55%. In addition to nuclear, South Korea can also focus on solar and wind. Countries like Denmark (wind 61%), Uruguay (wind 36%), and Chile (solar 21%) have effectively harnessed these technologies, showcasing the potential for diversification in clean energy sources.

History

Historically, South Korea has seen several significant shifts in its low-carbon electricity generation, particularly in nuclear energy. In the late 1980s, there were steady increases in nuclear output, such as 11.6 TWh in 1986 and 11 TWh in 1987. The growth continued in the mid to late 1990s, peaking with an additional 13.4 TWh in 1999. Notable expansions also occurred in the early 2000s, with a 16.1 TWh increase in 2005. However, the country experienced downturns, such as a drop of 11.5 TWh in 2013 and 13.6 TWh in 2017. In recent years, nuclear energy has seen a resurgence, highlighted by an 18 TWh increase in 2022. Meanwhile, solar energy has also begun to make its mark, notably generating an additional 6.3 TWh in 2020, indicating a promising diversification towards more clean energy sources.

Electricity Imports and Exports

Balance of Trade

Data Sources