Electricity in South Korea in 2023/2024

From July 2023 to June 2024, South Korea's electricity consumption was primarily reliant on fossil fuels, accounting for slightly more than half of the total at 58.25%. The majority of this came from coal, contributing to nearly a third of the total electricity, followed closely by gas at just over a quarter. Meanwhile, low-carbon sources made up approximately 41% of South Korea’s electricity generation, with nuclear energy providing nearly as much electricity as coal at 30.78%. Solar energy contributed a modest 6%, while biofuels and hydropower added small portions at 1.94% and 1.55%, respectively. This substantial reliance on both fossil and nuclear power frameworks reveals the current landscape of energy consumption in the country, marking a significant need for further diversification into clean energy sources.

Suggestions

To boost low-carbon electricity generation, South Korea can significantly expand its existing nuclear capacity, an energy resource already contributing a substantial portion of its electricity. By following the successful examples of countries like France, where nuclear energy contributes 67% of the electricity, and Slovakia, where it stands at 60%, South Korea can sustainably meet its energy needs while reducing carbon emissions. Furthermore, South Korea has an opportunity to learn from Denmark's pioneering achievements in wind energy, which accounts for 59% of its electricity. Exploring partnerships, technology exchanges, and policy adaptations from countries with a robust focus on wind and solar power could aid South Korea in diversifying its low-carbon electricity mix.

History

South Korea’s journey toward increasing low-carbon electricity has seen significant fluctuation, especially in its nuclear sector. In the mid-1980s to 1990s, there was noticeable growth, with significant increases each year, peaking in 1999 with an additional 13.4 TWh. However, the sector experienced a challenging period in the 2010s, notably with sharp declines in 2013, 2017, and 2018, indicating a setback in energy strategy with reductions of up to nearly 15 TWh. Fortunately, recent years witnessed a resurgence, with a notable recovery in 2022 marked by an 18 TWh increment. Solar, albeit developing more recently, showed promise by increasing by 6.3 TWh in 2020. These historical trends highlight the critical need for consistent and strategic investment in low-carbon technologies to ensure stable and sustainable electricity generation in the future.

Electricity Imports and Exports

Balance of Trade

Data Sources