Commodity Market Report
South Korea LNG long-term outlook 2020
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Includes details of the LNG supply-demand balance, regas infrastructure, contract developments, market structure and policy. Key highlights this update : - LNG demand falls towards 38 mmtpa in the early 2020’s due to new coal and nuclear capacity in the power sector - Long-term prospects for demand remain positive with phase of old coal and nuclear power capacity and steady growth from industrial and commercial sectors, but growth will be tempered by slowing macroeconomics, efficiency and rise of new energies like hydrogen - Energy policy is currently in flux with the release of the new 9th Basic Plan underway and announcement of a 2050 carbon neutrality target; this provides the biggest uncertainty to future LNG demand - Competition from independent buyers will increasingly challenge KOGAS’ market share and with KOGAS now approved to negotiate 'individual tariffs' with gas buyers, reducing average cost of supply via new deals and price reviews will be particularly important.
Table of contents
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Recent history
- 2020 and the Covid-19 outbreak
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Short-term outlook (2021-2022)
- Coal to gas switching
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Long-term outlook (2023-2050)
- Power demand
- Non-power demand
- Residential/Commercial
- Industrial
- Contracting trends
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Contract outlook
- Regulatory overview
- Policy overview
- The 13th Long-Term Natural Gas Supply Plan (2018-2031)
Tables and charts
This report includes the following images and tables:
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LNG storage inventoryShort-run coal-to-gas switching curveLong-term LNG supply-demand balance
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Northeast Asia oil indexation contract trendContracted LNG supply by source (mmtpa)Contracts vs. LNG imports (mmtpa)Contracted LNG supply by buyers (mmtpa)Short-term LNG demand (monthly)Power generation mixSouth Korea energy policy targets (2030)
What's included
This report contains:
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