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In 2022, petroleum accounted for around ****of all final energy consumption in South Korea, with electricity accounting for nearly another ** percent. According to the source, the share of coal and LNG have both increased compared to the previous year. 

Electricity consumption in South Korea

Electricity made up around ** percent of energy consumption in the country. This is unsurprising as South Korea is renowned for its bright city lights, filled with seemingly never-ending rows of 24-hour cafés and bars on standby for customers seeking anything but sleep. Maintaining this lifestyle, however, demands a constant and reliable source of power as electricity consumption per capita continues to rise. 

System marginal price (SMP) for electricity

Most of the domestic electricity generation in South Korea comes from coal, nuclear, and LNG, much of which is dependent on imports. However, with a high demand for power and a volatile global market, the cost of electricity has started to strain the average household in recent years. As a response, the South Korean government introduced the SMP ceiling system at the end of 2022, limiting the wholesale price at which the Korea Electric Power Corporation (KEPCO) purchases electricity from power generation companies to protect energy consumers when prices fluctuate.