Forecast: Primary Energy Supply in South Korea

Between 2013 and 2023, South Korea's primary energy supply exhibited a generally increasing trend with minor fluctuations. The energy supply increased from 263.84 Million Tonnes of Oil Equivalent (MTOE) in 2013 to 293.34 MTOE in 2023. The year-on-year variations ranged, showing modest growth and slight declines, with significant increases during 2016 (3.56%) and 2021 (5.08%). The Compound Annual Growth Rate (CAGR) over the last five years stands at 0.79%, indicating a gradual and consistent increase in supply.

Notable trends over the last decade include:

• A notable dip in 2020 (-1.42%) possibly linked to global disruptions.
• A recovery in 2021 with the highest year-on-year increase (5.08%).

Looking forward, based on forecast data, South Korea's primary energy supply is expected to continue growing, reaching 306.24 MTOE by 2028 with a forecasted five-year CAGR of 0.67%. This suggests stable, albeit modest, growth in energy supply.

Future trends to watch for include:

• The impact of policy shifts towards renewable energy sources.
• Advancements in energy efficiency and technology.
• Economic and geopolitical influences on energy supply sustainability.