Diversification of South Korea’s electricity market
The total revenue of the electricity transmission and distribution market in South Korea is forecast to exceed five billion U.S. dollars. However, the rise in energy costs has once again highlighted the longstanding need for diversification in the energy sector in regards to its sources. Electrification, which focuses on replacing technologies that rely on fossil fuels with ones that use electricity, and the decarbonization of supply chains have been key strategies for such diversification and the reduction of emissions. Out of the different energy sources, coal generated the largest share of electric power in South Korea. Nevertheless, in terms of cost-effectiveness, nuclear power has been a cheaper source than coal on average.Renewable energy in South Korea
Alongside electrification, there has been an increased focus on renewable energy, with ambitious targets set by the South Korean government for wind and solar power. This sentiment is also reflected among the public, as more than 60 percent of respondents in Seoul were willing to install renewable energy infrastructure for household use. This, and the projected need for greater energy storage are major areas that are expected to influence the South Korean electricity market in the future.
