The Wolsong nuclear plant in South Korea. The government has prioritised coal and nuclear power over gas. (KHNP)
Gas demand from South Korea’s power sector is forecast to plummet by 40% by 2029, an outlook that experts have said is driven by contradictory energy policies.
High LNG prices – which are around seven times that of coal – have seen Seoul prioritise coal in the power sector and resulted in falling demand for LNG.
"The government wants power prices to be competitive and so they are promoting coal," Keun Wook Paik, senior research fellow at the Oxford Institute for Energy Studies, told Interfax Natural Gas Daily.
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