Hanoi: South Korea's annual electricity demand is projected to rise nearly 30 percent by 2040, the climate ministry announced on Wednesday.
According to Yonhap News Agency, the Ministry of Climate, Energy and Environment has forecasted that annual power consumption will reach between 657.6 terawatt-hour (TWh) and 694.1 TWh by 2040. These projections were presented at a policy forum discussing the 12th basic plan for electricity supply and demand, which outlines the government's strategies for the 2026-2040 period.
The anticipated increase in power consumption represents a 26 percent rise from the 549.8 TWh recorded in 2024. Additionally, peak electricity demand is expected to grow to between 131.8 gigawatts (GW) and 138.2 GW by 2040, up from the current level of 100 GW.
The ministry explained that the forecast is based on two scenarios: one where the existing economic growth trends continue alongside the implementation of the nationally determined contribution (NDC) goal for 2035, and another scenario where faster economic growth occurs. This accelerated growth could be driven by advancements in artificial intelligence (AI), successful economic reforms, and progress toward carbon neutrality.