The Power consumption in South Korea reached 513,950 GWh in 2020
The indicator recorded a historical growth at a CAGR of 0.41% between 2017 to 2020
Why did the power consumption in South Korea decline in 2020?
The rapid economic growth has resulted in an increase in electricity demand and energy requirements. This has led to an increasing dependence on imported fossil fuels, such as oil, natural gas, and bituminous and anthracite coal, to meet energy demand. Power consumption increased at a mid-single-digit CAGR between 2000 to 2020. In 2020, the power consumption declined due to the COVID-19 pandemic and reduced industrial activity owing to decline in demand. From 2020 to 2030, it is expected to increase at a low-single-digit CAGR.
Power consumption is the net electricity consumed by the end users by excluding losses and own consumption and after adjusting exports and imports in a calendar year (fiscal year in some cases). The unit is represented in Gigawatt hours (GWh) and the scope is limited to historic period.
Supply Security
South Korea does not have any interconnections with neighboring countries and does not import or export electricity, instead depends entirely on domestic production. During 2000-2020, the domestic electricity demand was largely dependent on thermal and nuclear power generation.
South Korea’s ability to handle domestic electricity demand effectively stems from its large nuclear power generation. In 2020, a significant portion of the total power generation was based on nuclear power generation. Nuclear reactors are used to meet a major share of the electricity consumption, with demand at its peak during midsummer when residential customers use home-cooling devices, increasing their power usage.
Impact of COVID-19
After the spread of COVID-19, the power consumption of the country declined slightly owing to the shutdown of major business and slowdown of manufacturing and service sector. The power consumption in the country declined in 2020. However, the country doesn’t depend on power imports and have sufficient power generation because of which the power sector of South Korea was largely unscathed compared to other countries.
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