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Ministry of Trade, industry and Energy PRESS CENTER Press Releases

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Power grid industry to rise as Korea’s next energy export growth engine
  • Registration date2024-12-03
  • Attached file

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the launching of a public-private K-Grid Export Alliance (“Alliance”) and its strategy for penetrating global grid markets.


Amid major countries’ efforts to achieve carbon neutrality and the rising power demand fueled by AI and such high-tech industries, the demand for old grid replacement and new grid establishment is expected to sharply increase in the future. Grid establishment projects are long-term projects (app. 10 years) entailing large-scale investments and maintenance work, leading to anticipation of economic spillovers for Korean companies by means of joint entries accompanying nuclear reactor exports.


The Alliance was formed under the aim to promote exports across the entire electrical power industry value chain spanning power generation, transmission, distribution, and ancillary services under a national brand dubbed as “Team Korea,” combining the strengths of public power companies, EPC (engineering, procurement, construction) specialized firms, and grid businesses.


As buyers and developers of materials and equipment, public power companies and large corporations will play the central role of the Alliance, while EPC companies are to focus on utilizing homegrown materials. Meanwhile, Korea Electrotechnology Research Institute (KERI), Korea Trade Insurance Corporation (K-SURE), and Korea Trade-Investment Promotion Agency (KOTRA) are to concentrate on assisting in areas like test certification, financing, and overseas marketing. Major law firms will be supporting Korean companies respond to legal issues in the process of overseas market entry.


At the 32nd Energy Commission meeting following the ceremony, MOTIE proposed 13 project tasks in line with the K-grid global penetration strategy. MOTIE Minister Dukgeun Ahn stated that the ministry will make the utmost effort to support the industry reach USD 15 billion in grid exports and occupy over five percent of the global market by 2030.