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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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Italy 2023
…for emissions reductions and energy efficiency. The government has taken encouraging initial steps to overcome the long permitting procedures, administrative burdens and increasing local opposition that have delayed new renewable installations. Italy in 2022 successfully reduced its reliance on Russian natural gas imports, by signing new contracts with alternative suppliers, making use of the pipeline and LNG infrastructure that it has built up over the last decade. Reducing overall demand for natural gas through an accelerated shift to alternative energy sources and a stronger focus on energy efficiency, especially in the building sector, will not only further strengthen energy security…
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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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Oil and Gas Emergency Policy: Italy 2010 update
Oil and Gas Emergency Policy: Italy 2010 update In 2007, the IEA published Oil Supply Security: Emergency Response of IEA Countries 2007. This report provided an overview of the IEA oil emergency response system and a detailed look at the specific systems in each IEA country for responding to an oil supply crisis. The report represented the findings of a five-year review cycle of the emergency response mechanisms in IEA member countries. Since the 2007 publication, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of…
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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…
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Korea Oil Security Policy
Country Energy Security Policy - Oil Oil overview The use of emergency oil stocks is central to Korea’s emergency response policy. Korea meets its stockholding obligation to the IEA by holding government stocks and by placing a minimum stockholding obligation on industry. Demand restraint measures can also be implemented during severe emergencies. Oil remains the most significant energy source in Korea in terms of total energy supply. Oil consumption has generally trended upwards since the late 2000s, with demand for naphtha being particularly strong due to Korea’s large petrochemicals industry. Korea has a very significant refining industry and is…
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Italy Electricity Security Policy
Country Energy Security Policy - Electricity Electricity overview Electricity demand in Italy has been stable for around a decade but will inevitably rise in the long term as the government promotes electrification in transport, heating and industry. Demand will likely outpace growth in electricity generation, increasing Italy’s reliance on electricity imports. And as demand rises, Italy will need to install significant amounts of additional variable renewables capacity (estimated by the government at up to 70 GW by 2030) in order to comply with the EU’s Fit-for-55 package, and meet its own long-term decarbonisation goals. The addition of…