South Korea's Natural Gas Demand Projected to Decline Through 2038

Korea's domestic natural gas demand is projected to decline by an annual average of 0.94% from this year through 2038, according to the Ministry of Trade, Industry and Energy (MOTIE).

The ministry finalized its 16th Long-Term Natural Gas Supply and Demand Plan, which covers natural gas demand forecasts, introduction strategies, supply and demand management, and infrastructure expansion plans for 2026 to 2038.

Natural gas demand is expected to fall from 45.91 million tons this year to 41 million tons in 2038, with city gas demand growing at an annual average of 1.5% and power generation demand declining by 4.51%

However, when the ministry's supply and demand management demand forecast scenario is applied, natural gas demand in 2038 is expected to increase by 0.01% from this year.