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a total of 85 Currently page on 1/9
  • KEEI Korea Energy Trends, 2024.05
    • Date2024/06/03
    • Author Department of Energy Outlook Research
    • Number of downloads 15

    1. The Economy and the Industry

    The Industrial Production Index for February rose 4.6% y/y, driven by increased production in the semiconductor industry despite sluggish performance in other sectors.

    The service industry production index rose slightly by 0.9% y/y due to increases in production in some industries, despite declines in production in wholesale and retail sectors.

    2. Energy Prices

    International oil prices rose in February due to ongoing geopolitical risks despite the stronger US dollar and increased U.S. commercial crude oil inventories.

    In February, gasoline and diesel prices increased by 2.9% and 2.5% month-on-month, respectively, due to the rise in international petroleum product prices.

    In February, residential and general city gas rates were frozen, while tariffs for business heating and industrial use fell.

    Electricity rates have remained frozen for three consecutive months for all uses since the industrial rate increase in November 2023.

    3. Energy Supply

    Energy imports decreased by 2.9% y/y in February due to lower imports of natural gas and petroleum products despite higher crude oil and coal imports.

    4. Energy Consumption

    Total primary energy consumption increased by 0.4% y/y in February, with consumption of all sources except coal either flat or increasing.

    Total final consumption of energy increased by 0.4% y/y, with declines in the transportation and buildings but gains in the industrial sector.

    5. Coal

    Coal consumption in February decreased by 4.1% y/y, largely due to a significant decrease in power generation offsetting an increase in the industrial sector.

    6. Petroleum

    Final consumption of oil increased by 1.4% y/y in February, driven by higher consumption in the industrial sector despite declines in the transportation and buildings sectors.

    7. Gas

    Gas consumption in February slightly decreased by 0.1% y/y despite declines in major sectors, due to increased consumption in “not-specified transformation” and “transformation own use”.

    8. Electricity

    Electricity consumption decreased by 2.3% y/y in February, with reduced consumption in the industrial and building sectors due to economic slowdown and higher electricity tariffs.

    9. Nuclear

    Nuclear power generation in February increased by 8.2% y/y due to higher capacity factor as daily average preventive maintenance decreased.

    10. Heat and Renewable energy

    Heat energy consumption in February decreased by 0.3% y/y due to temperature and price effects.

    Renewable power generation increased by 3.1% y/y, led by IGCC, biomass, and fuel cells, despite a sharp decline in solar power generation.

    11. Industry

    Industrial sector consumption increased 3.6% y/y in February as production activity increased despite fewer business days (1.5 days).

    12. Transport

    Transportation sector consumption decreased by 5.9% y/y in February due to lower diesel consumption despite higher gasoline consumption in the road sector.

    13. Buildings

    Consumption in the building sector declined 2.8% y/y in February due to temperature effects and decreased production activity in the service industry.

    14. Power Generation

    Power generation decreased by 1.2% year-on-year in February with increases in nuclear and renewable & others, but decreases in coal and gas power generation.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption

    Attachments
  • KEEI Korea Energy Trends, 2024.04
    • Date2024/05/08
    • Author Department of Energy Outlook Research
    • Number of downloads 16

    1. The Economy and the Industry

    The industrial production index rose 12.9% y/y in January as production increased in most industries, led by semiconductors.

    The service industry production index continued its moderate upward trend, rising 4.5% year-on-year.

    2. Energy Prices

    International oil prices increased by 2.0% m/m in January, despite a stronger US dollar and rising tensions in the Middle East.

    Gas station prices for gasoline and diesel in January decreased by 2.0% and 3.0% month-on-month, respectively, due to lower international prices in the previous month.

    In January, residential and general city gas rates were frozen, but office heating and industrial rates increased by around 9% month-on-month.

    Electricity rates remained frozen for the second consecutive month for all uses after the November 2023 industrial energy charge increase.

    3. Energy Supply

    Energy imports increased by 8.0% y/y in January, with growth across all energy sources.

    4. Energy Consumption

    Total primary energy consumption increased by 2.4% y/y in January, led by oil, with gas consumption also rising.

    Total final consumption of energy increased by 2.1% y/y, with increases in all sectors, led by the industrial sector.

    5. Coal

    Coal consumption in January decreased by 1.5% y-o-y due to a decline in power generation despite an increase in the industrial sector.

    6. Petroleum

    Final consumption of oil increased by 5.5% y-o-y in January, with growth evenly split between industry and transport.

    7. Gas

    Gas consumption in January increased by 3.2% y/y, driven by a surge in consumption in the industrial sector despite a decline in the building sector.

    8. Electricity

    Electricity consumption in January decreased by 2.9% year-on-year, led by industrial, due to increased auto power generation.

    9. Nuclear

    Nuclear power generation in January decreased by 4.4% y-o-y due to a decrease in capacity factor due to an increase in daily average preventive maintenance.

    10. Heat and Renewable energy

    Heat energy consumption decreased by 0.5% year-on-year in January due to factors such as temperature and price effects.

    Renewable power generation increased by 6.9% YoY, led by IGCC, fuel cells, and solar.

    11. Industry

    Consumption in the industrial sector increased by 4.4% y/y in January, driven by increased production activity as a result of an increase in the working day (2.5 days).

    12. Transport

    Transportation sector consumption grew by 7.5% y/y in January, driven by lower gasoline consumption in the road sector in the same month last year.

    13. Buildings

    Consumption in the buildings sector declined in January across all subsectors, with lower consumption for heating due to temperature effects.

    14. Power Generation

    January power generation increased by 0.1% YoY due to decrease in nuclear power but increase in coal, gas, renewable & other power generation.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption

    Attachments
  • KEEI Korea Energy Trends, 2024.03
    • Date2024/03/29
    • Author Department of Energy Outlook Research
    • Number of downloads 19

    1. The Economy and the Industry

    The Industrial Production Index increased 6.1% year-on-year in December as production increased in most industries, led by the semiconductor industry.

    The services industry production index has been rising for 34 consecutive months, but the pace of growth has slowed significantly.

    Gross domestic product grew 2.2% y/y in 4Q2023, driven by higher private consumption and net exports despite lower investment.

    2. Energy Prices

    International oil prices fell in December on uncertainty over OPEC+ production cuts, despite projected oil demand growth in 2024

    Domestic prices of gasoline and diesel decreased by 5.0% and 6.3% month-on-month in December, respectively, due to lower international prices.

    In December, city gas rates were frozen for residential use, but increased for general use, office heating, and industrial use.

    December electricity tariffs remained at the previous month's level with an increase in the industrial tariff.

    3. Energy Supply

    Energy import volumes in December increased by 3.5% y/y, with increases in all energy sources except coal

    4. Energy Consumption

    Total energy consumption in December decreased by 5.2% year-on-year due to lower consumption of fossil fuels, excluding carbon-free energy sources.

    Energy final consumption decreased by 6.3% y/y, with declines in all sectors, led by transportation.

    5. Coal

    Coal consumption fell 8.3% y/y in December, with declines in all industries except steel and in the power generation sector

    6. Petroleum

    Final consumption of petroleum decreased by 9.2% in December, with declines in all sectors, led by the transportation sector

    7. Gas

    Gas consumption in December decreased by 9.6% y/y, driven by a broader decline in power generation and a decline in the industrial and buildings sector

    8. Electricity

    Electricity consumption in December decreased 1.2% year-on-year, driven by a slight increase in buildings but a decline in industry.

    9. Nuclear

    Nuclear power generation in December increased by 7.0% y/y due to higher capacity utilization rate as average daily preventive maintenance decreased.

    10. Heat and Renewable energy

    December heat energy consumption fell sharply across all sectors, down 17.2% year-on-year, due to both temperature and price effects.

    Renewable and other energy consumption increased by 2.9% YoY, driven by growth in power generation and final sector consumption.

    11. Industry

    Energy consumption in the industrial sector decreased by 3.7% year-on-year in December due to a decrease in the number of working days (2 days) and a sluggish economy.

    12. Transport

    Transportation sector consumption in December decreased by 13.9% y-o-y due to the base effect of higher gasoline consumption in the road sector in the same month a year earlier

    13. Buildings

    Consumption in the buildings sector decreased by 6.8% y-o-y in December due to lower demand for heating due to temperature and price effects.

    14. Power Generation

    Electricity generation in December decreased by 5.7% year-on-year, with declines in generation from all sources except nuclear and renewables and other.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption

    Attachments
  • KEEI Korea Energy Trends, 2024.02
    • Date2024/02/29
    • Author Department of Energy Outlook Research
    • Number of downloads 20

    1. The Economy and the Industry

    Industrial Production Index rose 5.5% y/y in November, driven by higher production in energy-intensive sectors, with the exception of some industries.

    Services Production Index rose 2.3% year-over-year as output rose in many industries despite declines in some sectors.

    2. Energy Prices

    International oil prices fell 6.9% month-on-month in November on news of increased production from major producers and concerns about slowing crude demand in China.

    Gasoline and diesel gas station prices in November turned downward for the first time in five months since June due to the influence of international price declines.

    November city gas rates were frozen for residential and general use, but dropped for commercial and industrial use.

    November electricity rates were frozen for residential customers, while commercial and industrial customers saw large increases due to winter rates.

    3. Energy Supply

    November energy imports remained flat year-over-year due to higher crude oil and petroleum products, but lower coal and natural gas.

    4. Energy Consumption

    Total energy consumption increased 4.5% y/y in November, driven by oil and nuclear amid continued decline in coal.

    Energy final consumption increased by 2.7% y/y, with gains in all sectors, led by transportation, up 2.7% y/y.

    5. Coal

    Coal consumption fell 2.2% y/y in November, with gains in industry, led by steel, but declined in power generation.

    6. Petroleum

    Oil final consumption rose 1.0% in November, with declines in the industrial sector but gains in transportation and buildings.

    7. Gas

    Gas consumption in November was up 4.7% y/y, driven by the industrial and buildings sectors, excluding power generation.

    8. Electricity

    Electricity consumption rose 1.3% year-over-year in November, with gains across all sectors, including industrial, which rebounded from a decline in the same month last year.

    9. Nuclear

    Nuclear power generation in November increased 12.2% y/y due to higher capacity operation as average daily preventive maintenance decreased.

    10. Heat and Renewable energy

    November heat energy consumption surged across all building sectors due to colder weather, up 21.8% year-over-year.

    Renewable and other energy consumption increased 13.5% y/y, driven by growth in power generation and final consumption.

    11. Industry

    Industrial sector energy consumption increased 1.9% year-over-year in November, with gains in all major energy-intensive sectors.

    12. Transport

    Energy consumption in the transportation sector increased 5.3% y/y in November, driven by lower diesel consumption in the road sector in the same month of 2022.

    13. Buildings

    Building sector consumption rose 3.1% y/y in November, driven by higher heating demand due to temperature effects.

    14. Power Generation

    November electricity generation increased by 3.4% year-on-year (y-o-y), despite lower coal and gas generation, due to higher nuclear, renewables-other generation.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption

    Attachments
  • KEEI Korea Energy Trends, 2024.01
    • Date2024/02/01
    • Author Department of Energy Outlook Research
    • Number of downloads 18

    1. The Economy and the Industry

    October Industrial Production Index rose 0.8% y/y due to increased production of semiconductors, etc. despite production declines in some industries.

    Service sector output index rises modestly as output in other industries increases despite declines in wholesale and retail trade and accommodation and food services.

    2. Energy Prices

    International oil prices fell in October on concerns about prolonged high interest rates in the U.S., but escalating tensions in the Middle East limited the downside.

    In October, gasoline and diesel selling prices at the pump increased 0.4% and 1.4%, respectively, from the previous month due to higher international prices.

    October city gas rates frozen for residential, but up for commercial, business heating, and industrial.

    October electricity rates remain flat for residential, commercial, and industrial due to Q4 seasonal rate adjustment was fixed.

    3. Energy Supply

    October energy imports were up 2.3% year-over-year, with increases in all energy sources except natural gas.

    4. Energy Consumption

    Total energy consumption rose 1.2% y/y in October as oil and nuclear grew amid continued decline in coal.

    Energy final consumption was down 0.7% y/y, with gains in the industrial sector but declines in transportation and buildings.

    5. Coal

    Coal consumption fell 3.8% y/y in October, rebounded by a base effect in industrial use but declined in power generation.

    6. Petroleum

    Petroleum final consumption fell 0.3% in October as gains in the industrial sector were offset by declines in transportation and buildings.

    7. Gas

    October gas consumption remained flat year-over-year, with increases in the industrial sector and decreases in power generation and buildings.

    8. Electricity

    October electricity consumption fell 1.3% year-over-year, driven by declines in the industrial sector despite increase in the building sector.

    9. Nuclear

    Nuclear power generation increased 5.2% y/y in October as capacity factor fell, but installed capacity rose.

    10. Heat and Renewable energy

    Heat energy consumption in October was down 20.1% year-over-year, with declines in all sectors, including household and commercial.

    Renewable and other energy consumption increased by 0.6% y/y, driven by growth in the power generation sector, despite a decline in final consumption.

    11. Industry

    Industrial sector energy consumption increased 2.9% year-over-year in October, with increase in all major energy-intensive sectors.

    12. Transport

    October transportation energy consumption fell across all sectors, down 9.1% y/y.

    13. Buildings

    Building sector consumption fell in October, led by the household sector and city gas due to lower heating demand.

    14. Power Generation

    In October, electricity generation was down 1.7% year-over-year, with more nuclear and renewable and others, and less coal and gas generation.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption

    Attachments
  • KEEI Korea Energy Trends, 2023.12
    • Date2023/12/29
    • Author Department of Energy Outlook Research
    • Number of downloads 17

    1. The Economy and the Industry

    Gross Domestic Product (GDP) increased by 1.4% year-on-year in 3Q, despite a drop in facility investment, as construction investment and government spending increased.

    The industrial production index was up (2.9%) in September in eight months, as production rebounded in some industries including semiconductor, petrochemical and iron & steel sectors.

    The service production index increased by 2.1% year-on-year in September, despite poor performance of some sectors, as several other service sectors posted increased production.

    2. Energy Prices[1]

    Global oil price increased in September, as Saudi Arabia and Russia extended their voluntary supply cuts, and the U.S. crude inventory decreased.

    The prices of gasoline and diesel at gas stations went up by 3.1% and 5.9% respectively in September in line with rising global prices.

    City gas rates for residential and general use were flat in September, while the rates for office heating and industrial use slightly declined.

    The electric rate for residential use was unchanged in September, while the rates for general and industrial use plunged following the seasonal rate adjustment (spring & autumn).

    3. Energy Supply

    The total energy import volume dropped by 4.4% year-on-year in September, as the import volume of all energy sources declined except crude oil and petroleum products.

    4. Energy Consumption

    Total Primary Energy Demand (TPED) posted a year-on-year growth of 3.1% in September, as the use of all energy sources increased except coal.

    Total Final Consumption (TFC) went up by 3.5% year-on-year in September, as it simultaneously increased in the industrial, transport and building sectors.

    5. Coal

    Coal use dropped by 5.1% year-on-year in September, with the power generation sector leading the downward trend, although it bounced back in the industrial sector due to base effect.

    6. Petroleum

    The final use of petroleum rose by 0.7% year-on-year in September, as industrial petroleum use that had been decreasing started to increase, and in addition, it also increased in the transport and building sectors.

    7. Gas

    Gas use grew by 10.1% year-on-year in September, led by the power generation and industrial sectors, while it declined in the building sector.

    8. Electricity

    Electricity use rose by 6.2% year-on-year in September, as it increased in both the building and industrial sectors.

    9. Nuclear

    The total nuclear generation rose by 6.4% year-on-year in September, as its capacity factor increased due to a drop in daily average preventive maintenance.

    10. Heat and Renewable energy

    Heat energy use declined by 3.4% year-on-year in September, led by a sharp drop in the residential sector, while it grew in the commercial sector.

    Renewable & other energy use increased by 3.4% year-on-year in September, as it has grown in the power generation and end-use sectors for three months in a row.

    11. Industry

    Industrial energy use went up by 3.5% year-on-year in September, as it grew in all large energy consuming-industries.

    12. Transport

    Transport energy use increased by 1.0% year-on-year in September, as it grew in the road transport sector due to base effect.

    13. Buildings

    Energy use in buildings increased by 5.9% year-on-year in September, as it grew in all subsectors, mostly electricity, which was affected by growing air-conditioning demand.

    14. Power Generation

    In September, nuclear, gas and renewable & other energy generation rapidly increased, while coal-fired power generation fell by over 4%.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption



    [1] For recent price trends, please refer to Energy Brief (https://kesis.keei.re.kr/eng).


    Attachments
  • KEEI Korea Energy Trends, 2023.11
    • Date2023/12/01
    • Author Department of Energy Outlook Research
    • Number of downloads 16

    1. The Economy and the Industry

    The industrial production index fell more slowly in August, despite the weak performance of several industries, as the production of semiconductors and automobiles increased.

    The service production index went up by 1.7% year-on-year in August, as the production increased in several service industries except a few.

    2. Energy Prices[1]

    Global oil price increased by 7.5% year-on-year in August partly due to the major OPEC+ nations' decision on supply cuts and a decline in the US crude inventory.

    Gasoline and diesel prices at gas stations went up by 8.3% and 12.7% respectively in August from the previous month in line with the upward trend of the global prices.

    City gas rates for residential and general use were flat in August, while the rates for office heating and industrial use fell by 5.0% and 5.7% respectively on a month-on-month basis.

    Electric rates were kept at the same level in August, after energy charge was adjusted on May 16, and electric rate was raised for the summer season in June.

    3. Energy Supply

    The total energy import volume dropped by 11.1% year-on-year in August, as the import of almost all energy sources decreased except petroleum products.

    4. Energy Consumption

    Total Primary Energy Demand (TPED) fell by 4.0% year-on-year in August, despite the increased use of renewable energy and gas, as coal and petroleum use declined.

    Total Final Consumption (TFC) decreased by 5.0% year-on-year in August, with the industrial and transport sectors leading the downward trend, although buildings' energy use increased.

    5. Coal

    Coal use fell by 5.8% year-on-year in August, with the industrial and power generation sectors leading the downward trend, although the pace of decline slowed.

    6. Petroleum

    The final use of petroleum went down by 8.6% year-on-year in August, as it plunged in the transport sector, although its industrial use fell more slowly.

    7. Gas

    Gas use increased by 8.1% year-on-year in August, led by the power generation and industrial sectors, while it slightly decreased in the building sector.

    8. Electricity

    Electricity use posted a year-on-year growth of 0.8% in August, despite a drop in industrial electricity use, as it increased in the building sector.

    9. Nuclear

    The total nuclear generation dropped by 2.7% year-on-year in August, as its capacity factor decreased due to the growth in the daily average preventive maintenance.

    10. Heat and Renewable energy

    Heat energy use fell by 0.7% year-on-year in August, with the residential sector leading the downward slide, while it increased in the commercial sector.

    Renewable & other energy use went up by 10.8% year-on-year, as it increased in the power generation and end-use sectors all together.

    11. Industry

    Industrial energy use dropped by 2.7% year-on-year in August, as it continued to decrease in the iron & steel and petrochemical sectors.

    12. Transport

    Transport energy use decreased by 18.6% year-on-year in August, as the road transport sector's energy use decreased due to the base effect of the previous year.

    13. Buildings

    Buildings' energy use increased in August, as it grew in all subsectors amid the increased number of cooling degree days and stronger service production.

    14. Power Generation

    The total power generation went up by 2.3% year-on-year in August, with the gas-fired generation leading the growth, as electricity use increased.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption



    [1] For recent price trends, please refer to Energy Brief (https://kesis.keei.re.kr/eng).


    Attachments
  • KEEI Korea Energy Trends, 2023.10
    • Date2023/10/31
    • Author Department of Energy Outlook Research
    • Number of downloads 17

    1. The Economy and the Industry

    The industrial production index dropped by 8.1% year-on-year in July due to weak production in most subsectors except the automobile sector.

    The service production index went up by 1.7% year-on-year in July, despite lower production in some sectors, as it increased in several other sectors.

    2. Energy Prices[1]

    Global oil price surged in July, as major OPEC+ nations agreed on an additional production cut, and there was a growing expectation that the US Federal Reserve might ease its tightening policy.

    Gasoline and diesel prices at gas stations remained flat in July compared to the previous month, affected by their global prices and exchange rates.

    City gas rates for residential and general use remained flat, while the rates for office heating and industrial use increased in July from the previous month.

    Electric rate has remained at the same level in July, after energy charge was adjusted on May 16, and electric rate was raised for the summer season in June.

    3. Energy Supply

    The import volume of all energy sources declined in July, and accordingly, the total energy import volume dropped by 15.5% on a year-on-year basis.

    4. Energy Consumption

    Total Primary Energy Demand (TPED) decreased by 3.9% year-on-year in July, as the use of most energy sources declined except renewable and nuclear energy.

    Total Final Consumption (TFC) decreased by 2.9% year-on-year in July, with the industrial and buildings sectors leading the downward trend, although it slightly increased in the transport sector.

    5. Coal

    Coal use dropped by 11.6% year-on-year in July, as it has steadily decreased in both industrial and power generation sectors.

    6. Petroleum

    The final use of petroleum was down 4.2% year-on-year in July, despite the growth in its use in the transport and buildings sectors, as industrial petroleum use fell sharply.

    7. Gas

    Gas use declined by 3.7% year-on-year in July, as it fell in the industrial, power generation and buildings sectors all together partly due to the economic downturn.

    8. Electricity

    Electricity use dropped by 3.6% year-on-year in July, as it declined in both industrial and buildings sectors, which was affected by the economic slowdown and weather conditions.

    9. Nuclear

    The total nuclear generation went up by 3.0% year-on-year in July, despite a drop in capacity factor, as its installed capacity increased.

    10. Heat and Renewable energy

    Heat energy use went up by 2.8% year-on-year in July, with the residential and commercial sectors leading the growth owing to the construction of new combined heat & power (CHP) plants.

    Renewable & other energy use posted a year-on-year growth of 9.9% in July, as it grew in the power generation and all end-use sectors.

    11. Industry

    Industrial energy use dropped by 4.5% year-on-year in July, with the iron & steel and petrochemical sectors leading the downward trend.

    12. Transport

    In the transport sector, energy use rose by 1.3% year-on-year in July, which was due to growing diesel consumption in the road transport sector.

    13. Buildings

    In the buildings sector, energy use decreased in all subsectors due to temperature effect and a slower growth in service sector.

    14. Power Generation

    The total power generation and fuel input fell by 3.2% and 6.5% respectively in July on a year-on-year basis, as electricity consumption decreased.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption



    [1] For recent price trends, please refer to Energy Brief (https://kesis.keei.re.kr/eng).


    Attachments
  • KEEI Korea Energy Trends, 2023.09
    • Date2023/10/04
    • Author Department of Energy Outlook Research
    • Number of downloads 17

    1. The Economy and the Industry

    Gross domestic product (GDP) increased by 0.9% year-on-year in 2Q, as private spending recovered, and the investment also increased.

    The industrial production index fell by 5.9% year-on-year in June, as production decreased in most manufacturing sectors due to the economic slump.

    The service production index went up by 3.0% year-on-year, as production increased in most sectors except a few sectors.

    2. Energy Prices[1]

    Global oil price (Brent, WTI) slightly decreased in June, despite the extended crude oil production cut in OPEC+ nations, which was owing to the interest rate hikes in the US and UK.

    The prices of gasoline and diesel at gas stations dropped by 3.0% and 5.3% respectively in June than the prior month, which was partly affected by the downward trend in global prices.

    In June, city gas rates for residential and general use remained flat, while the rates for office heating and industrial use decreased compared to the previous month.

    In June, electric rate for residential use was kept unchanged, while the rates for general and industrial use surged from the prior month, as the rates were adjusted for the summer season.

    3. Energy Supply

    The total energy import volume decreased by 1.6% year-on-year in June, led by a drop in coal imports, even though the import volume of most energy sources increased.

    4. Energy Consumption

    Total Primary Energy Demand (TPED) decreased by 3.3% year-on-year in June, as the use of most energy sources declined except renewable energy.

    Total Final Consumption (TFC) dropped by 1.4% year-on-year (in June), with the industrial sector leading the downward trend amid the economic downturn, although energy use rebounded in the transport sector.

    5. Coal

    Coal use went down by 10.1% year-on-year in June, as its industrial use has been down for two consecutive months, and it dropped faster in the power generation sector.

    6. Petroleum

    The final use of petroleum fell by 0.8% year-on-year in June, with the industrial sector leading the downward slide, although the transport sector's petroleum use increased.

    7. Gas

    Gas use decreased by 3.3% year-on-year in June, as it declined in the power generation, industrial and building sectors all together.

    8. Electricity

    Electricity use was up by 0.3% year-on-year in June, led by the building sector, although it declined in the industrial sector.

    9. Nuclear

    The total nuclear generation went down by 3.8% year-on-year in June despite the addition of new installed capacity, as the capacity factor of nuclear generators decreased.

    10. Heat and Renewable energy

    Heat energy use dropped by 1.0% year-on-year in June, led by the residential sector that accounts for a large share of the total heat energy use, which was partly due to a rate hike.

    Renewable & other energy use rose by 9.1%, led by a surge in the power generation sector, although its final use decreased.

    11. Industry

    Industrial energy use dropped by 4.9% year-on-year in June, with the petrochemical sector leading the downward trend amid the worsening economic conditions.

    12. Transport

    Transport energy use posted a year-on-year growth of 9.6% in June due to the base effect of a sharp drop during the same month last year and higher mobility demand in the road transport sector.

    13. Buildings

    Energy use in buildings was up 0.7% year-on-year, with the commercial sector driving the growth, although the residential sector consumed less energy.

    14. Power Generation

    The total power generation fell by 1.0% year-on-year in June, as electricity consumption remained flat compared to the same month last year.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption



    [1] For recent price trends, please refer to Energy Brief (https://kesis.keei.re.kr/eng).


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  • KEEI Korea Energy Trends, 2023.08
    • Date2023/08/31
    • Author Department of Energy Outlook Research
    • Number of downloads 19

    1. The Economy and the Industry

    The industrial production index has decreased for eight consecutive months until May due to weak production in most of the subsectors amid a prolonged slump in the manufacturing industry.

    The service production index went up by 1.9% year-on-year, although the growth has been slowing for four straight months, as production declined in some of the sectors.

    2. Energy Prices[1]

    Global oil price decreased by 10.2% in May from the previous month, as difficulties of debt ceiling negotiations triggered concerns about the economic slowdown.

    The prices of gasoline and diesel at gas stations dropped by 0.7% and 4.2% respectively in May than the prior month, reflecting the downward trend in global prices.

    City gas rates for residential and general use increased in May from the previous month, while the rates for office heating and industrial use decreased.

    Electric rates for residential, general and industrial use rose by 4.4%, 8.2% and 6.6% respectively in May compared to the previous month, as energy charge was raised.

    3. Energy Supply

    The total energy import volume declined by 2.1% year-on-year in May, as the import of all energy sources declined except crude oil.

    4. Energy Consumption

    Total Primary Energy Demand (TPED) decreased by 4.9% year-on-year in May, as the demand for all energy sources decreased.

    Total Final Consumption (TFC) decreased by 6.1% year-on-year in May, as energy use declined in the industrial and transport sectors due to the economic recession and higher energy prices.

    5. Coal

    Coal use dropped by 9.5% year-on-year in May, as it started to decline in the industrial sector and fell more sharply in the power generation sector.

    6. Petroleum

    The final use of petroleum went down by 8.4% year-on-year in May, as it decreased in both of the industrial and transport sectors.

    7. Gas

    Gas use declined by 0.3% year-on-year in May, as it steadily declined in the power generation and building sectors, although it rebounded in the industrial sector.

    8. Electricity

    Electricity use dropped by 1.8% year-on-year in May, led by the industrial sector, although it grew in the building sector.

    9. Nuclear

    The total nuclear generation was down 1.0% year-on-year in May despite the growth in nuclear installed capacity, because the average capacity factor decreased.

    10. Heat and Renewable energy

    Heat energy use went up by 1.2% year-on-year in May, led mostly by the commercial sector, although it declined in the residential sector.

    Renewable & other energy use decreased by 5.7% year-on-year in May, as it declined in both of the power generation and end-use sectors.

    11. Industry

    Industrial energy use decreased by 7.0% year-on-year in May, as most of the sectors consumed less energy, except a few sectors.

    12. Transport

    Transport energy use fell by 8.9% year-on-year due to the base effect from the same month last year when energy use surged in the road transport sector.

    13. Buildings

    Energy use in buildings slightly increased in May, as it grew in the residential and public sectors, while it declined in the commercial sector.

    14. Power Generation

    The total power generation and fuel input decreased by 1.4% and 5.2% respectively in May on a year-on-year basis, as electricity use declined.

    Appendix : Major indicators & statistics of energy demand and supply

    Major Statistics & Indicators of the Economy

    The Index of Production & Operating Ratio by Sectors

    International Energy Prices

    Domestic Energy Prices

    Total Primary Energy Demand (TPED) and Share of TPED by Sources

    Total Final Consumption (TFC) and Share of the Total Final Consumption by Sources

    Statistics on Energy Production Facilities and Statistics on Energy Consumption



    [1] This report presents the energy price trend of the month for which energy consumption data is available. For more on the latest price trend, see Energy Supply and Demand Brief.


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