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Parts and materials technology development
Establishment of stable and efficient energy supply system 2014-12-30

Overview

Policy aims in this field include 1) protect consumer rights and interests by prohibiting the circulation of fake oil and by stockpiling oil for price and supply/demand stabilization; 2) reduce energy costs and increase user convenience by expanding the distribution of city gas; 3) ensure stable management of electric power supply and demand through timely construction of power plants and demand management; and 4) establish a more stable and efficient energy supply system on the basis of uninterrupted production and supply of coal and briquettes.

Policies

Background

A more stable and efficient energy supply system is essential for Korea since the country depends on imports of oil, gas and other resources for 96% of its energy consumption.

Objective

To help build an energy system that has a broader supply base and more efficient supply mechanism and that can be fully trusted by the general public.

Strategies

  • Ensure stable management of demand and supply by expanding storage facilities and by setting up supply plans for each energy source based on mid- to long-term demand forecasts.
  • Increase the added value of the energy industry by, for example, establishing a Northeast Asia oil hub, building smart grids and creating new energy markets.

Laws

  • Petroleum and Petroleum Substitute Fuel Business Act, Urban Gas Business Act, Electric Utility Act, Act on the Use and Promotion of Smart Grid, Act on Compensation and Support for Areas Adjacent to Power Transmission and Transformation Facilities, Coal Industry Act, Special Act on the Assistance to the Development of Abandoned Mine Areas, etc.

Publications

  • Key Statistics of Energy Industry
  • New Business Opportunity in Korea: "Northeast Asia Oil Hub"

Press releases

  • World-class oil hub to make Korea energy and finance leader of Northeast Asia
  • Summertime energy supply/demand forecasts and countermeasures