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Preliminary figures for final energy consumption in South Korea in 2023 amounted to around *** million tons of oil equivalent, a sharp drop from the previous year. Energy consumption two years prior was the highest it had ever been in the past decade, having risen from approximately *** million tons of oil equivalent in 2011. 

Energy supply and fossil fuels

Fossil fuels, like petroleum, coal, and liquefied natural gas (LNG), made up more than ** percent of South Korea’s primary energy supply in 2022. In comparison, renewable energy made up less than ** percent of this supply. Despite consistent gains, inefficiencies within power storage and the high installation cost have kept renewable energy from taking up a larger share of energy consumption in the country.

Overseas energy dependence

South Korea is one of the largest importers of LNG globally. The country’s overseas energy dependence ratio has steadily declined since 2011 in an attempt to reduce its overreliance on imports for energy. However, as the country is naturally resource-poor, the ratio still stands high at over ** percent.