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Natural Gas Supply Security in Korea
Insights from the 2022 Gas Supply Shock This report was commissioned by the Korea Energy Economics Institute (KEEI) and carried out jointly by the International Energy Agency (IEA) and the KEEI. The objective of the study was to provide high-level policy recommendations on natural gas security of supply in Korea, particularly within the context of the global gas supply shock that emerged in 2022. The report covers an analysis of the natural gas supply shock in question, a detailed review of the Korean natural gas market and recommendations applicable to the Korean market.
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Korea Electricity Security Review
…aspects of operational security and long-term planning, both recognising current progress in terms of grid and market code updates as well as suggesting improvements to the long-term planning process, through for example integrated resource planning.
The report suggests market design improvements that can be implemented within the current framework, considering price formation mechanisms and integration with the existing emissions trading scheme. Finally, the report examines key aspects of climate and cyber resilience, suggesting improvements that can be integrated into long-term planning to ensure resilience across the whole value chain. Executive summary Around the world energy transitions are… -
Energy Policies of IEA Countries: The Republic of Korea 2006
…enhancement of its policy goals – adding economic efficiency and environmental sustainability to energy security – is commendable. Building on the liberalisation of its economy, the Republic of Korea set out an ambitious plan for reform of its state-controlled natural gas and electricity industries. However, the plans have been stalled and there is currently little vision for effective reform going forward. As the economy makes the transition to one with less phenomenal, more sustainable and less predictable growth, the IEA encourages the Republic of Korea to press forward with liberalisation in order to underpin a more flexible and efficient energy sector…
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Latin America Energy Outlook 2023
World Energy Outlook Special Report Latin America and the Caribbean is a region that stands out in the global energy sector. It boasts extraordinary natural resources – both fossil fuels and renewable energy – and a significant share of the world’s critical minerals. It also has a history of ambitious policy making in pursuit of stronger energy security and greater sustainability that has delivered one of the cleanest electricity mixes in the world. As the region emerges from a period of sluggish economic growth, countries in Latin America and the Caribbean now stand to leverage these resources to revitalise their economies…
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Energy Efficiency 2018
…world, its positive impact on global energy use is overwhelmed by rising economic activity across all sectors. Efficiency can enable economic growth, reduce emissions and improve energy security. The right efficiency policies could enable the world to achieve more than 40% of the emissions cuts needed to reach its climate goals without new technology. Energy Efficiency 2018 looks at why efficiency’s massive potential remains untapped, and through the new Efficient World Scenario explores what would happen if countries maximized all available cost-effective efficiency potential between now and 2040, highlighting what policy makers can do to realise this opportunity. Key findings Energy efficiency works..…
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Energy Policies Beyond IEA Countries: Mexico 2017
…decades. Starting from a largely closed and monopoly-driven energy market, the reform has taken concrete steps to harness market forces to attract investments and increase production while ensuring transparency and rule of law, improving energy security and strengthening the environmental sustainability of the energy sector. Some policy areas, such as promoting competition and redesigning emergency preparedness, will have to remain a priority. The transition to open energy markets should continue in a transparent manner, and with regulatory certainty. The new roles and responsibilities for the public and private entities, in particular for energy supply emergencies and energy data collection…
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Boosting Efficiency in Latin America
Delivering affordability, security and jobs to advance people-centred energy transitions Countries around the world are facing an energy security and affordability crisis affecting households, businesses and public budgets. In Latin America, household expenditure on energy services is second only to food. On average, the share of household budget for energy ranges between 7% and 9% of income – and up to more than 24% for the poorest households. As governments urgently implement measures to protect citizens and secure their economies, it is important to consider short- and long- term solutions to ease existing pain and reduce risks over time. While…
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Korea 2020
…security, a high priority given the country’s limited domestic energy production. The government’s pledge of a Green New Deal as part of its Covid-19 economic recovery package in July 2020 is a significant step towards accelerating Korea’s energy transition. Achieving the ambitions of the Green New Deal will require addressing regulatory and institutional barriers, introducing more flexible energy markets, and making use of the country’s expertise in advanced technologies and innovative capacity.
In this report, the IEA provides recommendations for further improving Korea’s policies to help the country guide the transformation of its energy…
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Korea Electricity Security Policy
Country Energy Security Policy - Electricity Overview and generation portfolio Electricity generation in Korea is heavily dependent on coal, which represents over 40% of total generation. The vast majority of the remaining electricity generation derives from natural gas and nuclear energy, in roughly equal shares. Renewable energies account for a growing but still small proportion, and are expected to reach 21.6% of total electricity generation by 2030. Korea’s power grid is an isolated system with no cross-border transmission lines; therefore, electricity demand is met entirely through local production. Korea has an electricity emergency response manual outlining response procedures…
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Korea Natural Gas Security Policy
Country Energy Security Policy - Natural Gas Natural gas overview The Ministry of Trade, Industry and Energy (MOTIE) has overall responsibility for maintaining the security of natural gas supplies in Korea and would take the lead role in a gas emergency situation alongside KOGAS, a publicly-owned natural gas company established by the Korean government. KOGAS holds emergency gas reserves which can be released to meet demand when supply is constrained while demand restraint measures and fuel switching can be utilised once emergency stocks reach low levels.Natural gas accounts for a significant proportion of Korea’s energy mix with consumption…