Commodity Market Report

South Korea LNG long-term outlook 2020

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16 December 2020

South Korea LNG long-term outlook 2020

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

Tables and charts

This report includes 10 images and tables including:

  • LNG storage inventory
  • Short-run coal-to-gas switching curve
  • Long-term LNG supply-demand balance
  • Northeast Asia oil indexation contract trend
  • Contracted LNG supply by source (mmtpa)
  • Contracts vs. LNG imports (mmtpa)
  • Contracted LNG supply by buyers (mmtpa)
  • Short-term LNG demand (monthly)
  • Power generation mix
  • South Korea energy policy targets (2030)

What's included

This report contains:

  • Document

    01 Southkorea Data 2020

    XLS 580.00 KB

  • Document

    South Korea LNG long-term outlook 2020

    PDF 1.95 MB