Seoul new energy storage foreign trade

What is South Korea's first energy storage facility?

The terminal, built by the state-run Korea National Oil Corp. and SK Gas Ltd., is South Korea's first energy storage facility to host both oil and gas.

Is South Korea a powerhouse in the energy storage system industry?

South Korea has set an ambitious goal to rise alongside the United States and China as one of the top three powerhouses in the global energy storage system (ESS) industry by 2036. The nation plans to capture 35% of the rapidly growing global ESS market, aiming to revitalize its currently stagnant domestic ESS industry.

How will South Korea transform its energy sector?

The country has unveiled an ambitious plan to transform its energy sectors, aiming to generate 70 per cent of its electricity from carbon-free sources by 2038. South Korea aims to have 30 nuclear plants by 2038 and to more than triple its solar and wind power output to 72 GW by 2030.

How much did South Korea invest in the energy transition?

South Korea’s investment in the energy transition came in at $25 billion last year. A clear and consistent policy framework is necessary to boost investor confidence and match the spending needs of a net-zero future.

What challenges will South Korea face in the energy transition?

However, the transition is not without challenges. South Korea’s heavy reliance on fossil fuels has historically led to high electricity costs, as seen during the global energy crisis in 2022. South Korea aims to mitigate these issues by diversifying its energy sources and enhancing energy efficiency across industries.

How much electricity will South Korea consume in 2036?

South Korea’s Ministry of Trade, Industry and Energy’s (MOTIE) 10th Basic Energy Plan for Electricity Supply and Demand (released in January 2023) has projected electricity consumption to reach 597.4 TWh by 2036 from around 533 TWh in 2021. This is driven by increased demand from data centers and increased electrification.