Gas consumption in South Korea is expected to decline by 4% this year, assuming average temperatures in the coming winter, and will remain unchanged in 2023.
In a report, the International Energy Agence said this is due to the reduced power sector burn due to additional nuclear and coal-fired plant start-ups, offsetting the increasing gas use in the industrial sector.
The country's gas imports were down 1.6% year-on-year (YoY) in the first half of 2022 as the aggregate import prices nearly doubled.
Despite the nearly 5% YoY decline in gas use for power generation due to higher nuclear and coal-fired output, gas demand increased by 0.1% YoY due to the “healthy growth in the industrial, district heating, and city gas sectors.
