Signal KEEI projects Korean electricity demand to grow 1.5 percent a year to 2030, faster in buildings than in industry

Summary

Final electricity demand in Korea is projected to grow by 1.5 percent a year from 2025 to 2030, with buildings outpacing industry. In industry, machinery-related demand linked to the construction of semiconductor plants will lift electricity use. That growth is held back by weakness in petrochemicals and steel, so the industrial increase is not expected to be rapid. In buildings, electricity use rises faster on growth in service output, more data centres, frequent summer heatwaves, a wider range of household appliances as incomes rise and the spread of heat pumps. Electricity demand for transport is also expected to climb quickly as electric vehicles spread.