South Korea Power Market Trends and Analysis by Capacity, Generation, Transmission, Distribution, Regulations, Key Players and Forecast to 2035

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South Korea Power Market Report Overview

The cumulative installed capacity in the power market in South Korea was 149.7GW in 2023 and will achieve a CAGR of more than 3% during 2023-2035.  The industrial sector had the dominant share in power consumption in 2023 followed by the commercial sector.

South Korea Power Market Outlook, 2023-2035 (GW)

South Korea Power Market Outlook, 2023-2035 (GW)

The market research report discusses the South Korean power market structure. It provides historical and forecast numbers for capacity, generation, and consumption up to 2035. The report also analyzes the South Korean power market’s regulatory structure and competitive landscape.

Cumulative Installed Capacity (2023) 149.7GW
CAGR (2023-2035) >3%
Historical Period 2015-2022
Forecast Period 2023-2035
Key Companies ·       Korea Hydro & Nuclear Power Co Ltd

·       POSCO Energy Co Ltd

·       Korea Western Power Co Ltd (KOWEPO)

·       Korea Southern Power Co Ltd (KOSPO)

Key Deal Types ·       Debt Offerings

·       Partnerships

·       Private Equity

·       Equity Offerings

·       Venture Financing

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South Korea’s Power Market Regulators

  • Government investment has helped to successfully create green buildings and infrastructure, making the country an emerging leader in this segment.
  • To combat climate change, the government announced a low-carbon, green growth strategy to take precautionary measures in 2009. The National Strategy for Green Growth was launched to provide a road map for this strategy.

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South Korea Power Market – Competitive Landscape

Korean Hydro and Nuclear Power Co Ltd, had the highest share in the South Korean power market in 2023.

Korea Hydro & Nuclear Power Co Ltd (KHNP): Korea Hydro & Nuclear Power Co Ltd (KHNP), a subsidiary of Korea Electric Power Corp, is a nuclear power company. It generates power from nuclear, hydroelectric, and pumped storage power plants. The company supplies power to residential, educational, commercial, industrial, and agricultural sectors. KHNP utilizes new and renewable energy sources such as solar light, fuel cells, wind power, and solar heat to generate electric power. The company offers construction, maintenance, and modernization services to nuclear and hydroelectric power projects in Nepal, Tadjikistan, China, and others. KHNP is headquartered in Gyeongju-si, Gyeongsangbuk-do, South Korea.

South Korea Power Market Analysis by Companies, 2023 (%)

South Korea Power Market Analysis by Companies, 2023 (%)

South Korea Power Market Segmentation by Deal Types

Most of the deals in the power market in South Korea were closed via debt offerings in 2023.

South Korea Power Market Analysis by Deal Types, 2023 (%)

South Korea Power Market Analysis by Deal Types, 2023 (%)

Segments Covered in the Report

South Korea Power Market Sectors Outlook

  • Commercial
  • Industrial
  • Transport
  • Residential
  • Others

South Korea Power Market Deal Types Outlook

  • Debt Offerings
  • Partnerships
  • Private Equity
  • Equity Offerings
  • Venture Financing

Scope

  • Snapshot of the country’s power sector across parameters – macroeconomics, supply security,
  • generation infrastructure, transmission infrastructure, electricity import 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 2022, and forecast for the next 13 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 historical 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

Korea Hydro & Nuclear Power Co Ltd
POSCO Energy Co Ltd
Korea Western Power Co Ltd (KOWEPO)
Korea Southern Power Co Ltd (KOSPO)

Table of Contents

  • 1. Executive Summary

    • 1.1. Nuclear Power will achieve its target of

      32.4% power generation by

      2030.

    • 1.2. South Korea will lag behind its target of

      21.6% from renewable power generation in 2030

  • 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. Geopolitical Crisis

  • 4. South Korea Power Market, Market Analysis

    • 4.1. Market Structure
    • 4.2. Key Market Players
    • 4.3. Financial Deals

      • 4.3.1. Deal Value and Volume, 2015–2023
      • 4.3.2. Deals by Type, 2023

    • 4.4. South Korea Power Market, Demand Structure

      • 4.4.1. Power Consumption by Sector, 2023

  • 5. South Korea Power Market, Regulatory Scenario

    • 5.1. Renewable Energy Market, Overview
    • 5.2. Policy Snapshot
    • 5.3. Renewable Energy Targets
    • 5.4. Green Growth Policy
    • 5.5. New Deal

      2.0

      • 5.5.1. Green New Deal

    • 5.6. Tenth Basic Plan, 2024 – 2038
    • 5.7. Third Energy Master Plan 2019–2040
    • 5.8. Renewable Portfolio Standard (RPS)
    • 5.9. Renewable Energy Certificates (REC)
    • 5.10. Fixed price contract bidding system
    • 5.11. Korea Renewable Energy 3020 Plan
    • 5.12. Auctions
    • 5.13. Hydrogen Energy
    • 5.14. Tax Audit Exemption
    • 5.15. Mandatory Use of Renewable Energy for Public Buildings
    • 5.16. K-RE100 Scheme

  • 6. South Korea Power Market, Capacity and Generation

    • 6.1. Cumulative Capacity by Technology, 2023
    • 6.2. Total Power Capacity and Generation, 2015–2035
    • 6.3. Thermal Power Capacity and Generation, 2015–2035
    • 6.4. Hydropower Capacity and Generation, 2015–2035
    • 6.5. Nuclear Power Capacity and Generation, 2015–2035
    • 6.6. Renewable Power Capacity and Generation, 2015–2035

  • 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 Hydro & Nuclear Power Co Ltd

      • 8.1.1. Company Overview

    • 8.2. POSCO Energy Co Ltd

      • 8.2.1. Company Overview
      • 8.2.2. Business Description

    • 8.3. Korea Western Power Co Ltd (KOWEPO)

      • 8.3.1. Company Overview

    • 8.4. Korea Southern Power Co Ltd (KOSPO)

      • 8.4.1. Company Overview
      • 8.4.2. Business Description

  • 9. Appendix

    • 9.1. Abbreviations
    • 9.2. Methodology

      • 9.2.1. Coverage
      • 9.2.2. Secondary Research
      • 9.2.3. Primary Research
      • 9.2.4. Modelling and Forecasting

  • 10. About GlobalData
  • 11. Contact Us

Table

Table 1: Power Market, South Korea, Macroeconomic Factors, 2015–2030

Table 2: Policy Snapshot, South Korea, 2023

Table 3: Generation Plan by Technology, 10th Basic Plan, South Korea, 2030-36

Table 4: Generation Target/Forecast for select technologies, 10th Basic Plan, South Korea, 2022-30

Table 5: Renewable Portfolio Standards, South Korea, Targets (%), 2016–2026

Table 6: REC Weighting Scheme Details

Table 7: K-RE100 Scheme

Table 8: Power Market, South Korea, Cumulative Capacity and Annual Generation, 2015–2035

Table 9: Power Market, South Korea, Cumulative Capacity and Annual Generation Share by Technology, 2015–2035

Table 10: Thermal Power Market, South Korea, Cumulative Capacity and Annual Generation, 2015–2035

Table 11: Thermal Power Market, South Korea, Major Plants, 2023

Table 12: Hydropower Market, South Korea, Cumulative Capacity and Annual Generation, 2015–2035

Table 13: Hydropower Market, South Korea, Major Plants, 2023

Table 14: Nuclear Power Market, South Korea, Cumulative Capacity and Annual Generation, 2015–2035

Table 15: Hydropower Market, South Korea, Major Plants, 2023

Table 16: Renewable Power Market, South Korea, Cumulative Capacity (GW), 2015–2035

Table 17: Renewable Power Market, South Korea, Annual Generation (TWh), 2015–2035

Table 18: Renewable Power Market, South Korea, Major Plants, 2023

Table 19: Power Market, South Korea, Transmission Line Length (Ckm) by Voltage Level, 2015–2028

Table 20: Power Market, South Korea, Distribution Line Length (Ckm) by Voltage Level, 2015–2028

Table 21: Abbreviations

Figures

Figure 1: Nuclear Power Market, South Korea, Annual Generation Share (%) and Annual Power Generation (TWh), 2023 and 2030

Figure 2: Power Market, South Korea, Annual Generation Share by Technology, 2023 and 2030

Figure 3: Power Market, South Korea, Country Summary

Figure 4: Power Market, South Korea, Macroeconomic Factors, 2015–2030

Figure 5: Power Market, South Korea, Market Structure

Figure 6: Power Market, South Korea, Market Share of Generation Companies (%), 2023

Figure 7: Power Market, South Korea, Deal Value and Number of Deals, 2015–2023

Figure 8: Power Market, South Korea, Deals by Type (%), 2023

Figure 9: Power Market, South Korea, Annual Power Consumption, 2015–2035

Figure 10: Power Market, South Korea, Power Consumption by Sector (%), 2023

Figure 11: Power Market, South Korea, Cumulative Capacity by Technology (%), 2023

Figure 12: Power Market, South Korea, Cumulative Capacity and Annual Generation, 2015–2035

Figure 13: Power Market, South Korea, Capacity Share by Technology, 2015–2035

Figure 14: Power Market, South Korea, Annual Generation Share by Technology, 2015–2035

Figure 15: Thermal Power Market, South Korea, Cumulative Capacity and Annual Generation, 2015–2035

Figure 16: Hydropower Market, South Korea, Cumulative Capacity and Annual Generation, 2015–2035

Figure 17: Nuclear Power Market, South Korea, Cumulative Capacity and Annual Generation, 2015–2035

Figure 18: Renewable Power Market, South Korea, Cumulative Capacity, 2015–2035

Figure 19: Renewable Power Market, South Korea, Annual Generation, 2015–2035

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