H. Yoo
Research expert covering South Korea
Energy sector in South Korea - Statistics & Facts
In 2022, South Korea was the eighth largest energy-consuming country in the world, with over 12 exajoules of primary energy consumed domestically. To meet this demand, the country depends mainly on fossil fuels and nuclear energy. Almost all the fossil fuels that it uses are imported from other countries, making the country dependent on the state of global affairs and markets. Further, a considerable share of South Korea's domestically produced energy comes from nuclear energy, which has been the topic of controversy over the years. To diversify its energy supply, South Korea has implemented multiple strategies, leaning more toward alternative and renewable energy sources such as solar, wind, and hydrogen-based energy production.
Energy imports to South Korea
South Korea lacks natural resources domestically; consequently, most of its energy depends on imports. Over 90 percent of energy used in the country comes from overseas. Having to rely on imports for a necessity such as energy has often required that South Korea constantly and delicately try to balance relations with multiple countries. Around one billion barrels of crude oil were imported in 2022, with those from the Middle East accounting for most of the oil imports by volume. Indeed, Saudi Arabia, the United States, and the UAE were the leading origin countries of crude oil imports by value. To wean off this high overseas dependency, the country has looked to developing its own energy supply, independent of fossil fuel imports.Domestic energy supply
Despite the high dependency on energy imports, domestic energy production has been steadily increasing over the last decade. Among available energy sources, nuclear energy has been a significant contributor to the South Korean energy grid, accounting for over 68 percent of total domestic energy production. Alongside this, the share of electricity production from solar and wind sources increased to reach six percent, 12 times higher than in 2011. Policies such as the Renewable Energy 3020 Implementation Plan have provided support for the use and distribution of renewable energy. Further development in fuel cells has also allowed the country to generate power more efficiently from hydrogen and other fuel sources. These alternatives to fossil fuel-based energy sources provide a multi-faceted and more sustainable solution for meeting the country's energy demands in coming years.
