The electricity generation in South Korea showed steady growth from 2013 to 2018, increasing from 537.17 TWh to 592.91 TWh. The growth rates fluctuated, with a peak CAGR of 3.95% in 2013, although there were slight declines in 2019 and 2020. However, since 2021, the trend has reversed with significant increases, reaching 633.94 TWh in 2023.
Year-on-year variation for the last two years showed a 2.2% increase in 2023 after an increase of 3.05% in 2022. The five-year CAGR before 2024 was 1.35%, painting a picture of a gradually recovering growth curve.
Future trends to watch for include:
- A forecasted 5-year CAGR of 1.6%, indicating a stable growth pattern through 2028.
- Continued investments in renewable energy sources and advancements in energy technology are likely to drive further increases in electricity generation.
- Policy changes and initiatives aimed at carbon neutrality could also significantly impact electricity generation trends.