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Korea & Spain to expand green, digital partnerships
Korea and Spain have agreed to strengthen business cooperation in the green and digital sectors. A Spanish renewable energy firm, Ocean Winds, announced its plans to invest $100 million in the construction of a 1.2GW offshore wind farm in Incheon, and another renewable energy firm, EDPR, decided to invest $100 million to build a 200MW solar power plant in Goheung. Korea Institute of Energy Technology Evaluation and Planning and Centro para el Desarrollo Tecnológico Industrial (CDTI) renewed a memorandum of understanding (MOU) to extend the period of cooperation in joint R&D projects related to clean energy.
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Korea Electric Power Corporation electricity rate freeze
In agreement with the Korean government and in view of moderating the effects of the global energy crisis on domestic consumers, the State owned utility KEPCO temporarily set its adjusted unit fuel cost at zero from January 2022 to March 2022. Outside of the crisis context, the electricity rate is to be adjusted every quarter based on rules linked to global prices of liquefied natural gas, coal and crude oil.
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Republic of Korea - Methane to Markets Partnership
Korea joined the the Methane to Markets Partnership in 2004. An international initiative to advance cost-effective, near-term reductions of methane emissions, the partnership compels signatory nations to collaborate with other governments and the private sector to reduce global methane emissions and enhance economic growth, promote energy security, and improve the environment. Other Partnership aims include improving mine safety, reducing waste, and improving local air quality. The Partnership initially targets three major methane sources: landfills, underground coal mines, and natural gas and oil systems. The Partnership seeks to reduce aggregate annual methane emissions by 50 MtCO2 equivalent by 2015…
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Korea Net Metering
In 2005, South Korea introduced its net energy metering for grid-connected rooftop PV projects with a capacity size small than 5 kW. Generators with an excess electricity remaining after self-consumption can feed electricity into the grid and offset against their consumption of grid power. In return, customers receive credit that can be later used to meet demand above self-generated electricity. Unused retail credits can be carried over to subsequent months but cannot be sold.
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Korea Renewable Energy 3020 Plan
In December 2017, The Korean Government announced the Renewable Energy 3020 Implementation Plan. It sets a goal to produce 20% of its energy from renewable sources by 2030 and increase relevant job creation. According to the Plan, The Korean Government will depoly eco-environment with low-carbon energy and govern energy system adapting to the new climate regime. Major topics of the Plan are; RPS for energy supplier and FIT for small renewable users, PV deployment to agricultural area and bulidings, Raising eco-environmental energy fund for utility scale renewable projects, Demonstrating eco-environmental and energy-independent cities.
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Korea draft Energy Basic Plan
In 2019, Korea unveiled its draft version of the 3rd Energy Basic Plan. According to the draft Plan Korea aims to increase its renewable energy to 35% in its power mix by 2040.
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Coal 2025 Trade
…to contract by 3% to 357 Mt. This shift is primarily driven by China, where abundant stocks and sluggish demand have driven its imports down by around 58 Mt to 489 Mt. Similarly, in India domestic thermal coal production is flat while demand is weak, keeping imports at around 235 Mt. Chinese Taipei, Korea and Japan, with negligible domestic production, are also expected to reduce coal imports in 2025. Meanwhile, the European Union is expected to maintain their coal import levels at 70 Mt, effectively pausing the structural decline seen in recent years.Mirroring trends in importing countries, Indonesia, which is Asia’s key swing supplier…
- Executive summary
- Demand
- Supply
- Trade
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+ 2 pages
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The Value of Demand Flexibility Executive summary
…peak times.These benefits are increasingly important as energy systems evolve. Three trends are driving the need for increased demand flexibility:Rising electricity consumption and changing patterns are creating new peaks and straining power systems. Global electricity demand increased by more than 4% in 2024 and is set to continue rising as economies grow and sectors electrify. Peak demand is outpacing average demand in many regions. In Korea, for example, it has grown six times faster over the past decade, widening the gap between peak and off-peak periods. This trend increases grid stress and reduces system efficiency by driving…
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Global Energy Review 2026 Oil
…Japan and Korea declined by a combined 270 kb/d. Overall oil use in advanced economies in 2025 stood 1.7 mb/d (around 4%) below its 2019 level.In the United States, a rise in petrochemical feedstock consumption narrowly outweighed the decline in transport use. By contrast, growth in petrochemical intake fell in the European Union, Japan and Korea. Operators were forced to close several plants amid intensifying competition, largely from producers in the United States and China. Overall, feedstock use of oil was flat across advanced economies.Transport demand was lower in Japan and Korea and marginally higher in the…
- Key findings
- Global trends
- Oil
- Natural gas
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+ 9 pages
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Global Energy Review 2026 Technology: Nuclear
…with total installed capacity in the country expected to reach 100 GW by around 2030. Among other emerging market and developing economies, Egypt, India and Türkiye each have around 5 GW under construction. In advanced economies, Japan, Korea and the United Kingdom each have two reactors under construction, while Slovakia has one; their combined capacity is 9.5 GW. Japan continues to restart reactors whose operations had been suspended.Nearly all nuclear reactors currently under construction are large scale, most with capacities above 1 000 MW. At the same time, China already operates one land-based small modular reactor (SMR)…
- Key findings
- Global trends
- Oil
- Natural gas
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+ 9 pages