South Korea Power Market Size and Trends by Installed Capacity, Generation, Transmission, Distribution, and Technology, Regulations, Key Players and Forecast, 2022-2035

Pages: 64 Published: July 09, 2021 Report Code: GDPE2277ICR

  • Overview
  • Key Players
  • Contents
  • Tables
  • Figures
  • FAQ
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The South Korea power market cumulative installed capacity was 140.5 GW in 2021. The market is expected to grow at a CAGR of more than 2% from 2021 to 2035. South Korean government’s initiatives and incentives led to considerable growth in renewable capacity during the 2010–2021 period. The major factor behind the growth of renewable capacity is the adoption of the Renewable Portfolio Standard (RPS) policy and the government’s increasing support for biomass-fueled energy.

The South Korea power market research report discusses the power market structure of South Korea and provides historical and forecast numbers for capacity, generation, and consumption up to 2035. Detailed analysis of the country’s power market regulatory structure, competitive landscape, and a list of major power plants are provided. The report also gives a snapshot of the power sector in the country on broad parameters of macroeconomics, supply security, generation infrastructure, transmission and distribution infrastructure, electricity import and export scenario, degree of competition, regulatory scenario, and future potential.

South Korea Power Market Outlook

South Korea Power Market Outlook

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What are the market dynamics in the South Korea power market?

South Korea has a democratic form of government, with a presidential system. It is a member of the United Nations, Group 20 (G20), the Association of Southeast Asian Nations, the South Asian Association for Regional Corporation, and the Organization for Economic Co-operation and Development. Concerning the power sector, the rapid economic growth has resulted in increases 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.

Solar PV and biopower are currently the top renewable energy sources in terms of capacity. The country is trying to reduce its dependence on fossil fuel electricity production, instead of encouraging the development of renewable resources. These factors are expected to drive the renewable power market in South Korea during 2021-2035.

The South Korean power sector is overseen by the Ministry of Trade, Industry, and Energy (MOTIE). A government agency functioning under the ministry, the Electricity Regulatory Commission (KOREC), is responsible for regulatory matters. The Korea Electric Power Corporation (KEPCO), a government-owned company, dominates all aspects of the power sector, such as generation, transmission, and distribution (T&D).

What are the key sectors in the South Korea power market?

The key sectors in the South Korea power market are the residential sector, commercial sector, industrial sector, and transport sector. In 2021, the industrial sector had the dominant share in the power consumption market followed by the commercial sector and residential sector.

South Korea Power Market Analysis by Sectors

South Korea Power Market Analysis by Sectors

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Who are the key market players in the South Korea power market?

Some of the key market players in the South Korea power market are Korea Hydro & Nuclear Power Co Ltd, Korea Southern Power Co Ltd, Korea Western Power Co Ltd, Korea East-West Power Co Ltd, Korea South-East Power Co Ltd, Korea Midland Power Co Ltd, POSCO Energy Co Ltd, and Korea District Heating Corp. In 2021, South Korea’s power generation market was dominated by Korea Hydro & Nuclear Power Co Ltd.

South Korea Power Market Analysis by Market Players

South Korea Power Market Analysis by Market Players

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Market Report Overview

Market size (Year – 2021) 140.5 GW
Growth rate (CAGR) (2021-2035) >2%
Forecast period 2022-2035
Key sectors Residential Sector, Commercial Sector, Industrial Sector, and Transport Sector
Key market players Korea Hydro & Nuclear Power Co Ltd, Korea Southern Power Co Ltd, Korea Western Power Co Ltd, Korea East-West Power Co Ltd, Korea South-East Power Co Ltd, Korea Midland Power Co Ltd, POSCO Energy Co Ltd, and Korea District Heating Corp

 Scope

  • Snapshot of the country’s power sector across parameters – macroeconomics, supply security, generation infrastructure, transmission infrastructure, electricity imports and export scenario, degree of competition, regulatory scenario, and future potential of the power sector.
  • Statistics for installed capacity, generation, and consumption from 2010 to 2021, and forecast for the next 14 years to 2035
  • Capacity, generation, and major power plants by technology
  • Data on leading active and upcoming power plants
  • Information on transmission and distribution infrastructure, and electricity imports and exports
  • Policy and regulatory framework governing the market
  • Detailed analysis of top market participants, including market share analysis and SWOT analysis

Reasons to Buy

  • Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the country’s power sector
  • Identify key factors driving investment opportunities in the country’s power sector
  • Facilitate decision-making based on strong historic and forecast data
  • Develop strategies based on the latest regulatory events
  • Position yourself to gain the maximum advantage of the industry’s growth potential
  • Identify key partners and business development avenues
  • Identify key strengths and weaknesses of important market participants
  • Respond to your competitors’ business structure, strategy, and prospects

Key Players

Korea Electric Power Corp (KEPCO), POSCO Energy Co Ltd

Table of Contents

Table of Contents

1. Executive Summary

1.1 Thermal power will continue to dominate annual generation by 2035

1.2 Installed renewable capacity in South Korea to register

7.8% CAGR during 2021 to 2035 period

2. Introduction

2.1 South Korea Power Market

2.2 GlobalData Report Guidance

3. South Korea Power Market, Snapshot

3.1 Country Summary

3.2 Macroeconomic Factors

3.3 Supply Security

3.4 Opportunities

3.5 Challenges

3.6 Impact of COVID-19

4. South Korea Power Market, Market Analysis

4.1 Market Structure

4.2 Key Market Players

4.3 Financial Deals

– Deal Value and Volume, 2010–2021

– Deals by Type, 2021

4.4 South Korea Power Market, Demand Structure

– Power Consumption by Sector, 2021

5. South Korea Power Market, Regulatory Scenario

5.1 Thermal power Policy, South Korea, Overview

5.2 Hydropower Policy, South Korea, Overview

5.3 Nuclear Power Policy, South Korea, Overview

– Korea-US Atomic Energy Agreement

– Nuclear export policy

5.4 Renewable Energy Market, Overview

5.5 Green Growth Policy

5.6 New Deal

2.0

– Green New Deal

– New Deal

2.0

5.7 Renewable Energy Targets

5.8 Ninth Basic Plan – 2020-2034

5.9 Third Energy Master Plan 2019–2040

5.10 Renewable Portfolio Standards (RPS)

5.11 Renewable Energy Certificates (REC)

5.12 Fixed price contract bidding system

5.13 Korea Renewable Energy 3020 Plan

5.14 Hydrogen Energy

5.15 Nationally Determined Contribution (NDC) to the Paris Agreement

5.16 Tax Audit Exemption

5.17 Mandatory Use for Public Buildings

6. South Korea Power Market, Capacity and Generation

6.1 Cumulative Capacity by Technology, 2021

6.2 Total Power Capacity and Generation, 2010–2035

6.3 Thermal Power Capacity and Generation, 2010–2035

6.4 Hydropower Capacity and Generation, 2010–2035

6.5 Nuclear Power Capacity and Generation, 2010–2035

6.6 Renewable Power Capacity and Generation, 2010–2035

7. South Korea Power Market, Transmission and Distribution Overview

7.1 Transmission Network

7.2 Distribution Network

7.3 Electricity Trading

8. South Korea Power Market, Major Generating Companies

8.1 Korea Electric Power Corp (KEPCO)

– Company Overview

– Business Description

– SWOT Overview

8.2 POSCO Energy Co Ltd

– Company Overview

– Business Description

9. Appendix

9.1 Abbreviations

9.2 Market Definitions

– Power

– Renewable Power

– Installed Capacity

– Electricity Generation

– Electricity Consumption

9.3 Methodology

– Coverage

– Secondary Research

– Primary Research

– Modelling and Forecasting

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List of Tables

Table 1: Power Market, South Korea, Macroeconomic Factors, 2010–2030

Table 2: Renewable Portfolio Standards, South Korea, Targets (%), 2022–2026

Table 3: Allocation of Renewable Energy Certificates, South Korea, 2022

Table 4: Power Market, South Korea, Cumulative Capacity and Annual Generation, 2000–2030

Table 5: Power Market, South Korea, Cumulative Capacity and Annual Generation Share by Technology, 2010–2035

Table 6: Thermal Power Market, South Korea, Cumulative Capacity and Annual Generation, 2010–2035

Table 7: Thermal Power Market, South Korea, Major Plants, 2021

Table 8: Hydropower Market, South Korea, Cumulative Capacity and Annual Generation, 2010–2035

Table 9: Hydropower Market, South Korea, Major Plants, 2020

Table 10: Nuclear Market, South Korea, Cumulative Capacity and Annual Generation, 2010–2035

Table 11: Nuclear Power Market, South Korea, Major Plants, 2021

Table 12: Renewable Power Market, South Korea, Cumulative Capacity (GW), 2010–2035

Table 13: Renewable Power Market, South Korea, Annual Generation (TWh), 2010–2035

Table 14: Renewable Power Market, South Korea, Major Plants, 2021

Table 15: Power Market, South Korea, Transmission Line Length (Ckm) by Voltage Level, 2010–2025

Table 16: Power Market, South Korea, Distribution Line Length (Ckm) by Voltage Level, 2008–2025

Table 17: Abbreviations

List of Figures

Figure 1: Thermal Power Market, South Korea, Cumulative Capacity and Annual Generation, 2010–2035

Figure 2: Renewable Power Market, South Korea, Cumulative Capacity,2010-2035

Figure 3: Power Market, South Korea, Country Summary

Figure 4: Power Market, South Korea, Macroeconomic Factors, 2010–2030

Figure 5: Power Market, South Korea, Market Structure

Figure 6: Power Market, South Korea, Market Share of Generation Companies (%), 2021

Figure 7: Power Market, South Korea, Deal Value and Number of Deals, 2010–2021

Figure 8: Power Market, South Korea, Deals by Type (%), 2021

Figure 9: Power Market, South Korea, Annual Power Consumption, 2010–2035

Figure 10: Power Market, South Korea, Power Consumption by Sector (%), 2021

Figure 11: Power Market, South Korea, Cumulative Capacity by Technology (%), 2021

Figure 12: Power Market, South Korea, Cumulative Capacity and Annual Generation, 2010–2035

Figure 13: Power Market, South Korea, Capacity Share by Technology, 2010–2035

Figure 14: Power Market, South Korea, Annual Generation Share by Technology, 2010–2035

Figure 15: Thermal Power Market, South Korea, Cumulative Capacity and Annual Generation, 2010–2035

Figure 16: Hydropower Market, South Korea, Cumulative Capacity and Annual Generation, 2010–2035

Figure 17: Nuclear Power Market, South Korea, Cumulative Capacity and Annual Generation, 2010–2035

Figure 18: Renewable Power Market, South Korea, Cumulative Capacity, 2010–2035

Figure 19: Renewable Power Market, South Korea, Annual Generation, 2010–2035

Frequently Asked Questions

The power market size in South Korea was 140.5 GW in 2021.

 

 

 

The power market in South Korea is expected to grow at a CAGR of more than 2% from 2021 to 2035.

Some of the key market players in the South Korea power market are Korea Hydro & Nuclear Power Co Ltd, Korea Southern Power Co Ltd, Korea Western Power Co Ltd, Korea East-West Power Co Ltd, Korea South-East Power Co Ltd, Korea Midland Power Co Ltd, POSCO Energy Co Ltd, and Korea District Heating Corp.

South Korea’s electricity sector is guided on policy matters by the Ministry of Trade, Industry, and Energy (MOTIE).

Power consumption increased from 239.5 TWh in 2000 to 513.9 TWh in 2020, growing at a CAGR of more than 3%.

In 2020, industrial power consumption had the dominant share in power consumption accounting for more than 50%.

KEPCO is responsible for electricity transmission via a multi-loop transmission grid.

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